E-L Financial (ELF) Q2 2024 earnings summary

Executive summary

• Net equity value per common share rose 7.9% to $2,123.79 as of June 30, 2024, from $1,968.17 at December 31, 2023.

• Consolidated shareholder's net income for Q2 2024 was $232 million ($67.66/share), up from $184 million ($52.07/share) in Q2 2023.

• Six-month net income reached $779 million ($229.08/share), compared to $489 million ($139.08/share) for the same period in 2023.

Financial highlights

• E-L Corporate net income for Q2 2024 was $197 million, up from $185 million in Q2 2023.

• Empire Life reported Q2 2024 net income of $35 million, reversing a $1 million loss in Q2 2023.

• E-L Corporate's global investment portfolio delivered a 4% pre-tax total return in Q2 2024, matching the prior year.

• For the first six months, E-L Corporate net income was $692 million, up from $438 million in 2023.

• Empire Life six-month net income was $87 million, up from $51 million in 2023.

Outlook and guidance

• Quarterly dividend of $3.75 per common share declared, payable October 17, 2024, with a record date of September 27, 2024.