Empire Life: Everything you need to know
Corporate headquarters: Kingston, ON
Net premium and fee income (as of Dec. 31, 2018): $1,137.5 billion
The Empire Life Insurance Company is a Canadian insurance and investment firm. On the insurance side, Empire Life offers life insurance, critical illness insurance, and group benefits. The company is a subsidiary of E-L Financial Corporation Limited, which trades on the Toronto Stock Exchange, and manages over $17.8 billion in assets for more than 600,000 customers.
Empire Life also has its own subsidiary, called Empire Life Investments Inc. (ELII), which offers a family of mutual funds and is a discretionary investment manager and advisor of Empire Life segregated funds.
Empire Life in the news
March 2017: Empire Life, Symbility Health to offer stop loss insurance to employers
June 2017: Empire Life launches international business travel product
June 2019: Ratings firm confirms credit ratings of Empire Life
November 2019: Empire Life, Magik-Net develop platform for group benefits administrators
December 2019: Empire Life named Life and Health Insurer of the Year for the second year in a row
Key people as of 2020
Mark Sylvia – President and CEO
Sylvia came onboard at Empire Life as president and chief executive officer in June 2014. He also sits on the board of directors for Empire Life Investments as its chair. To these roles, Sylvia brings almost four decades of experience in the financial services industry, many years of which he has spent in leadership positions. =
Before coming over to Empire Life, Sylvia was the president of the insurance consultancy firm Clarity Underwriting Managers, which he founded in 2010. From 1999 to 2010, he was CEO of Echelon General Insurance Company, as well as president and CEO of Trent Health Insurance Service and Canadian Insurance Marketing. All of these firms were affiliated companies of EGI Financial Holdings. Prior to 1999, Sylvia was president and CEO of Hartford Life Insurance Company of Canada, where he came into the role in 1988.
Beyond his role at Empire Life, Sylvia is a Fellow, Chartered Insurance Professional (FCIP) of the Insurance Institute of Canada and a Fellow of the Life Management Institute (FLMI) of the Life Office Management Association. He is also a member of the American Society of Safety Engineers and the Society for Risk Analysis, as well as serving as chair of the board of directors of the Canadian Life and Health Insurance Association.
Outside of the office, Empire Life is focused on its communities. In November 2019, the annual Empire Life United Way campaign raised $273,000 (above its $270,000 goal) to benefit United Ways across the country. The firm also matched employee and retiree pledges, up to $125,000.
“We chose the theme Working Wonders Together for our campaign this year because community is extremely important to us at Empire Life,” said campaign co-chair Karen Swain in a press release. “Each year, our wonderful employees and retirees work wonders together to help us reach our goal, whether it’s making items for bake sales, potlucks, our popular online silent auction, or participating in events and donating their hard-earned money. Seeing the difference the United Way makes in people’s lives makes it all worthwhile.”
Campaign teams across Empire Life offices put on events to raise pledges for the United Way. These included an international potluck, a silent auction, and a pyjama day, among others.
This is far from the first year that Empire Life has participated in fundraising. In fact, in 2018, Empire Life, alongside its employees and retirees, crossed the $4-million mark in total campaign donations over the years.