E-L Financial (ELF) investor relations material

Executive summary

• Q3 2026 consolidated net income was $199 million, or $0.58 per common share, versus $570 million, or $1.68, in Q3 2025; nine-month income rose to $1,243 million from $1,021 million.

• Net equity value per common share was $27.89 at September 30, up 1.9% QoQ and 9.6% from year-end 2025.

Financial highlights

• E-L Corporate Q3 net income was $222 million versus $477 million; nine-month net income rose to $1,177 million from $827 million.

• E-L Corporate investment gains were $207 million in Q3 versus $581 million, and $1,216 million for nine months versus $884 million.

• Empire Life's Q3 common-shareholder result was a $23 million loss versus $93 million income; nine-month income was $66 million versus $195 million.

Segment performance

• Empire Life's Q3 net insurance service result rose to $56 million from $43 million; its net investment and insurance finance result fell $158 million to a $44 million loss, with strategic initiative expenses also weighing on results.

• Wealth Management segregated-fund AUM rose 9% YoY to $10.9 billion; nine-month gross sales increased 50%, while fixed-annuity AUM declined 5% amid negative net sales and lower demand.

• Group Solutions insurance revenue increased 2% in Q3 and 4% year to date; annualized premium sales decreased 24% and 12%, respectively, versus 2025.

• Algoma and Economic contributed $125 million of associate income year to date, including a $36 million impairment reversal for Algoma.