E-L Financial (ELF) Q2 2025 earnings summary

Executive summary

• Net equity value per common share was $23.29 as of June 30, 2025, down 0.3% from December 31, 2024, but up 9.7% year-over-year from June 30, 2024.

• Consolidated shareholder's net income for Q2 2025 was $365 million ($1.07 per share), up from $232 million ($0.68 per share) in Q2 2024.

• Net income for the first six months of 2025 was $451 million ($1.32 per share), down from $779 million ($2.29 per share) in the same period of 2024.

Financial highlights

• E-L Corporate Q2 2025 net income was $333 million, up from $197 million in Q2 2024, driven by higher net gains on investments.

• Empire Life Q2 2025 net income was $32 million, down from $35 million in Q2 2024, due to lower investment and insurance finance results and decreased fee income.

• Empire Life's net income for the first six months of 2025 was $102 million, up from $87 million in 2024, mainly due to improved insurance service results.

Outlook and guidance

• Empire Life's Life Insurance Capital Adequacy Test total ratio was 142% at June 30, 2025, well above regulatory and internal targets.