E-L Financial (ELF) Q1 2026 earnings summary

Executive summary

• Net equity value per common share was $24.48 as of March 31, 2026, down 3.8% from December 31, 2025, but up 10.4% year-over-year from March 31, 2025.

• Consolidated shareholders' net income for Q1 2026 was $32 million ($0.09 per share), down from $86 million ($0.24 per share) in Q1 2025.

Financial highlights

• E-L Corporate reported Q1 2026 net income of $26 million, up from $16 million in Q1 2025, driven by a higher share of income from associates ($56 million vs. $1 million year-over-year).

• Empire Life reported Q1 2026 net income of $6 million, down from $70 million in Q1 2025, mainly due to less favorable market-related impacts.

• E-L Corporate's global investment portfolio had a pre-tax total return of -1% in Q1 2026, compared to 1% in Q1 2025.

Outlook and guidance

• Empire Life's Life Insurance Capital Adequacy Test total ratio was 150% at March 31, 2026, above regulatory and internal minimums.