E-L Financial (ELF) Q4 2025 earnings summary

Executive summary

• Net equity value per common share rose to $25.45 as of December 31, 2025, up 9% year-over-year and 2% sequentially from September 30, 2025.

• Consolidated shareholders' net income for 2025 was $1,234 million ($3.62 per share), down from $1,563 million ($4.60 per share) in 2024.

• Fourth quarter 2025 net income was $213 million ($0.62 per share), compared to $287 million ($0.84 per share) in Q4 2024.

• A quarterly dividend of $0.04 per common share was declared, payable April 17, 2026.

• A special dividend was declared in early 2026 in recognition of strong calendar-year performance.

Financial highlights

• Net equity value per common share achieved a 11.1% compounded annual growth rate over ten years, including dividends.

• E-L Corporate's global investment portfolio delivered a 19% pre-tax total return in 2025, compared to 26% in 2024.

• Empire Life's assets under management reached $21 billion as of December 31, 2025.

Outlook and guidance

• Management highlighted robust performance across a diversified portfolio and expects continued stability from the life insurance business.