Empire Life

Empire Life

April 05, 2006 17:04 ET

Empire Announces 2005 Year-End Results; Total Assets Under Administration Grow by 15%

TORONTO, ONTARIO--(CCNMatthews - April 5, 2006) - The Empire Life Insurance Company (Empire) reported year-end results that include a 15% increase in total assets under administration over last year at the Company's annual general meeting held today in Toronto.

"This past year has been one of exciting growth of our Company," says Doug Hogeboom, President and Chief Executive Officer. "We achieved record levels in segregated fund net sales, and in sales of our individual life insurance and small group benefit products. Once again, we believe that our reputation for service response and strong business relationships with our distribution partners have been key factors in this success," he adds.

Total assets under administration grew to $5.8 billion, from $5 billion in 2004. For the third consecutive year, segregated fund assets experienced double-digit growth, increasing by 29%. General fund assets increased 5% due to continued growth of the individual life insurance product line.

Despite total premium revenue rising by 14% over 2004, overall net income from the Company's three major product lines of Wealth Management, Individual Insurance and Employee Benefits declined relative to 2004. This was due to higher reserve strengthening in the Individual Insurance product line and increased new business strain in both the Individual Insurance and Wealth Management product lines. As a result, shareholders' net income was $30.6 million in 2005, compared with $35.1 million in 2004.

The Company's corporate annual report is available for viewing and download at www.empire.ca.

About Empire

The mission of The Empire Life Insurance Company (Empire) is to provide solutions for the changing financial security and wealth management needs of Canadians. Under the marketing identity of Empire Financial Group, and through a nationwide network of professional financial advisors, managing general agents, brokers and group producers, Empire offers competitive individual and group life and health insurance, investment products and segregated funds. The Company's success is based on a commitment to being approachable and responsive to the needs of its clients and distribution partners, on consistently solid investment performance, and on faith in its employees as future leaders of the Company.

Contact Information

  • The Empire Life Insurance Company
    Julie Tompkins
    Manager, Corporate Communications
    (613) 548-1890, ext: 3301