Empire Life

Empire Life

May 02, 2007 16:01 ET

Empire Life Announces 2006 Year-End Results; Total Assets Under Administration Increase 22% to Reach Record High of $7.1 Billion

TORONTO, ONTARIO--(CCNMatthews - May 2, 2007) - The Empire Life Insurance Company (Empire Life) reported year-end results, including a record high of $7.1 billion in assets under administration, at the Company's annual general meeting held today in Toronto. As well as the 22% increase in assets, shareholders' net income increased from $30.6 million in 2005 to $57.5 million in 2006.

"Our efforts during 2006 continued to focus on the organic growth of our individual Wealth Management sales, as well as overall premium growth in our Individual Insurance and Employee Benefits product lines," says Doug Hogeboom, President and Chief Executive Officer of Empire Life. "It was a year in which the significant investments we have made over the years in the Company's technology and organizational depth resulted in solid business results," he adds.

Contributing to the increase in assets were positive net sales and continued positive performance of Empire Life segregated funds, which experienced overall asset growth of 34% in 2006, the fourth consecutive year for double-digit growth. General fund assets increased by 10% due primarily to continued growth in the individual insurance product line.

The increase in shareholders' net income is attributed to improved overall net income from the Company's three major product lines and increased Capital and Surplus earnings from rising domestic equity markets. Improved claims experience and lower reserve strengthening in the Individual Insurance product line, and higher profits from a larger in-force base in all product lines, were factors contributing to the improved overall net income result.

Other notable results included overall Wealth Management product sales exceeding $1 billion for the first time in the Company's history. Premium revenue was up 12% from the previous year, resulting from strong sales and retention of in-force business.

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

About Empire Life

A subsidiary of E-L Financial Corporation Limited, and in business since 1923, The Empire Life Insurance Company (Empire Life) provides financial security and wealth management solutions for the changing needs of Canadians. The Company's success comes from a commitment to being approachable and responsive to the needs of its clients and business partners, consistently solid investment performance and faith in its employees as future leaders.

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