E-L Financial (ELF) Q3 2025 earnings summary

Executive summary

• Net equity value per common share rose to $24.86 as of September 30, 2025, up 6% from December 31, 2024, and 10% year-over-year.

• Consolidated shareholder's net income for Q3 2025 was $570 million ($1.68/share), up from $497 million ($1.47/share) in Q3 2024.

• Nine-month net income was $1,021 million ($3.00/share), down from $1,277 million ($3.76/share) in the prior year.

Financial highlights

• E-L Corporate Q3 net income: $477 million, up from $321 million in 2024, driven by higher net investment gains.

• Empire Life Q3 net income: $93 million, down from $176 million in 2024, due to less favorable investment and finance results.

• E-L Corporate nine-month net income: $827 million, down from $1,013 million in 2024, reflecting lower investment gains.

• Empire Life nine-month net income: $194 million, down from $264 million in 2024, impacted by lower investment performance and higher non-insurance expenses.

Outlook and guidance

• Empire Life's Life Insurance Capital Adequacy Test total ratio was 145% at September 30, 2025, well above regulatory and internal targets.