E-L Financial (ELF) Q3 2024 earnings summary

Executive summary

• Net equity value per common share rose 14.9% since December 31, 2023, and 6.5% since June 30, 2024.

• Consolidated net income for Q3 2024 was $497 million, reversing a net loss of $57 million in Q3 2023.

• Year-to-date net income reached $1,276 million, up from $432 million for the same period in 2023.

• Quarterly dividend of $3.75 per common share declared, payable January 17, 2025.

Financial highlights

• Q3 2024 net income per common share was $146.56, compared to a loss of $17.73 in Q3 2023.

• Nine-month net income per common share was $375.64, up from $121.42 year-over-year.

• E-L Corporate Q3 net income was $321 million, up from a $52 million loss in Q3 2023.

• Empire Life Q3 net income was $176 million, compared to a $5 million loss in Q3 2023.

Outlook and guidance

• Empire Life's LICAT total ratio at 154% as of September 30, 2024, remains well above regulatory and internal targets.