E-L Financial Corporation Limited
TSX : ELF
TSX : ELF.PR.F
TSX : ELF.PR.A

E-L Financial Corporation Limited

February 24, 2005 17:38 ET

E-L Financial Corporation Limited: Report To The Shareholders


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: E-L FINANCIAL CORPORATION

TSX SYMBOL: ELF
TSX SYMBOL: ELF.PR.F

FEBRUARY 24, 2005 - 17:38 ET

E-L Financial Corporation Limited: Report To The
Shareholders

TORONTO, ONTARIO--(CCNMatthews - Feb. 24, 2005) - For the year ended
December 31, 2004, E-L Financial Corporation Limited (TSX:ELF) had net
operating income(1) of $94.8 million or $23.18 per share, compared with
$42.9 million or $10.67 per share (restated for the May, 2004 stock
dividend) in 2003.

Total net income, including net investment gains, for the year was
$129.9 million or $31.91 per share, compared with $46.9 million or
$11.66 per share (restated for the May, 2004 stock dividend) in 2003.



DUNCAN N.R. JACKMAN
Chairman and Chief Executive Officer


SEGMENTED INFORMATION 2004
(thousands of dollars)
-----------------------------------------------------
Portfolio General Life
investments insurance insurance Total
-----------------------------------------------------

Revenues $ 23,989 $ 1,158,616 $ 710,514 $ 1,893,119
-----------------------------------------------------
-----------------------------------------------------

Net income:
Income excluding
the undernoted $ 17,161 $ 71,465 6,164 $ 94,790
Amortization of
investment gains - - 21,751 21,751
Gain on sale of
investments 1,119 12,226 - 13,345
-----------------------------------------------------
$ 18,280 $ 83,691 $ 27,915 $ 129,886
-----------------------------------------------------
-----------------------------------------------------

2003
(thousands of dollars)
-----------------------------------------------------
Portfolio General Life
investments insurance insurance Total
-----------------------------------------------------

Revenues $ 21,164 $ 962,898 $ 668,889 $ 1,652,951
-----------------------------------------------------
-----------------------------------------------------

Net income:
Income (loss)
excluding the
undernoted $ 10,307 $ 33,610 (1,014) $ 42,903
Amortization of
investment gains - - 15,151 15,151
Gain (loss) on sale
of investments 2,154 (13,338) - (11,184)
-----------------------------------------------------
$ 12,461 $ 20,272 $ 14,137 $ 46,870
-----------------------------------------------------
-----------------------------------------------------

(1) Net operating income is before amortization of investment gains
and gain (loss) on sale of investments.


E-L FINANCIAL CORPORATION LIMITED

CONSOLIDATED STATEMENT OF EARNINGS
For the year ended December 31
(thousands of dollars except per share amounts)

2004 2003
-----------------------------
REVENUES

Insurance premiums $ 1,453,014 $ 1,252,182
Annuity premiums 90,072 105,937
Investment and other income 289,048 275,564
Amortization of realized investment gains 26,912 21,831
Amortization of unrealized investment gains 17,060 10,831
Gain (loss) on sale of investments 17,013 (13,394)
-----------------------------
1,893,119 1,652,951
-----------------------------

EXPENSES
Claims and policy benefits 1,219,167 1,155,977
Commissions 286,082 244,676
Operating 161,103 153,263
-----------------------------
1,666,352 1,553,916
-----------------------------

Income before the undernoted Items 226,767 99,035
-----------------------------

Taxes
- income 42,431 10,671
- premium 42,532 38,053
- investment and capital 2,792 2,670
-----------------------------
87,755 51,394
-----------------------------
Income before policyholders' and
minority shareholders' interest 139,012 47,641

Policyholders' and minority shareholders'
portion of income 9,126 771
-----------------------------

NET INCOME $ 129,886 $ 46,870
-----------------------------
-----------------------------

NET INCOME PER SHARE $ 31.91 $ 11.66
-----------------------------
-----------------------------

TOTAL ASSETS (including segregated funds) $ 8,279,929 $ 7,312,269

CAPITAL AND SURPLUS $ 1,682,143 $ 1,375,394


CAPITAL STOCK OF THE COMPANY CONSISTS OF:
258 Series "A" Convertible Preference Shares $ 1
4,000,000 First Preference Shares, Series 1 100,000
4,019,409 (2003 - 3,840,248) Common Shares 72,387
-----------------------------

$ 172,388
-----------------------------
-----------------------------


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    E-L Financial Corporation
    Mark M. Taylor
    Executive Vice-President and Chief Financial Officer
    (416) 947-2578