E-L Financial (ELF) Q1 2025 earnings summary

Executive summary

• Net equity value per common share was $2,216.91 as of March 31, 2025, down 5.1% from December 31, 2024, but up 4.4% year-over-year.

• Consolidated net income for Q1 2025 was $86 million ($24.35 per share), down from $547 million ($161.41 per share) in Q1 2024.

Financial highlights

• E-L Corporate reported net income of $16 million in Q1 2025, a sharp decline from $495 million in Q1 2024, mainly due to a $70 million net loss on investments versus a $629 million gain last year.

• Empire Life reported net income of $70 million in Q1 2025, up from $52 million in Q1 2024, driven by favorable interest rate changes and improved insurance service results.

• Empire Life's assets under management reached $20 billion as of March 31, 2025.

Segment performance

• E-L Corporate's global investment portfolio had a pre-tax total return of 1% in Q1 2025, compared to 11% in Q1 2024.

• Empire Life saw improved net insurance service and investment results, with net insurance service result at $50 million and net investment and insurance finance result at $80 million for Q1 2025.