The Empire Life Insurance Company has released its earnings report for the fourth quarter and full-year 2023.
Here’s how the insurer performed in the periods:
|
Metric |
Q4 2023 |
Q4 2022 (restated) |
FY 2023 |
FY 2022 (restated) |
|---|---|---|---|---|
|
Net insurance service result |
$48 million |
$58 million |
$181 million |
$193 million |
|
Net income after taxes |
$138 million |
$13 million |
$190 million |
$59 million |
|
Common shareholders’ net income |
$111 million |
$5 million |
$156 million |
$55 million |
The company noted: “Empire Life reported fourth-quarter common shareholders’ net income of $111 million for 2023, compared to net income of $5 million for the fourth quarter of 2022.
The increase in the fourth quarter compared to the prior year was primarily due to higher net investment and insurance finance results driven by a more favourable economic environment from interest rate movements and positive equity returns.
“Net insurance service result decreased $10 million in the fourth quarter compared to the same period in 2022, primarily due to higher expenses in our wealth management product line.”
Commenting on the past year’s trading, president and chief executive Mark Sylvia said: “During 2023, we focussed on expanding our suite of investment solutions to provide our clients with choice and diversification opportunities. This included two growth-focused segregated funds to help Canadians achieve their financial goals.
“Additionally, the current market environment has resulted in sales trending toward our short-term investment products and has yielded positive investment results for the year.”
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