E-L Financial Corporation Limited Announces September 30, 2014 Interim Financial Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 11/10/14 -- E-L Financial Corporation Limited ("E-L Financial") (TSX: ELF) (TSX: ELF.PR.F) (TSX: ELF.PR.G) (TSX: ELF.PR.H) today reported for the quarter ended September 30, 2014, consolidated net operating income(1) of $26.5 million or $5.75 per share(2) compared with $32.7 million or $7.33 per share in 2013. The $6.2 million decrease in net operating income in 2014 versus 2013 is mainly due to a $9.3 million decline in The Empire Life Insurance Company's ("Empire Life") net operating income, resulting primarily from the unfavourable impact of long-term interest rate movements relating to the Individual Insurance product line in 2014 compared to favourable movements in 2013. The decline was partially offset with a $3.0 million increase in E-L Corporate's(3) operating income, reflecting the impact of the purchase of $650 million in equities from the sale of The Dominion of Canada General Insurance Company ("The Dominion").
Consolidated net operating income for the first nine months of 2014 was $96.0 million or $21.46 per share compared with $85.7 million or $18.85 per share for the same period in 2013. The $10.3 million increase in net operating income was due mainly to an increase of $16.2 million in E-L Corporate's net operating income, resulting from increased investment income as previously noted. Empire Life net operating income decreased $6.0 million due to the unfavourable impact of long-term interest rate movements noted above.
Net income
E-L Financial earned consolidated net income of $70.6 million or $17.00 per share for the third quarter of 2014 compared with $63.3 million or $15.13 per share in 2013. The $7.3 million increase in net income is mainly due to discontinued operations that reported a $29.4 million loss during the third quarter of 2013. The overall increase was partially offset by a decline in E-L Corporate's fair value through profit or loss ("FVTPL") investments income from $46.6 million in 2013 to $29.3 million in 2014.
Consolidated net income for the first nine months of 2014 was $252.6 million or $61.34 per share compared with $400.2 million or $98.95 per share in 2013. The $147.6 million decrease in net income for the period is mainly due to the liquidation of The Dominion's common share portfolio in June 2013 which resulted in an $83.1 million realized gain on available for sale ("AFS") investments. In addition, E-L Corporate's income from FVTPL investments decreased from $210.7 million in 2013 to $135.1 million in 2014, reflecting the more favourable impact of global stock market movements in the prior year.
Comprehensive income
E-L Financial earned consolidated comprehensive income of $66.2 million or $15.87 per share for the third quarter of 2014 compared with $68.5 million or $16.45 per share in 2013. Consolidated other comprehensive loss ("OCL") was $4.4 million for the third quarter of 2014 compared to other comprehensive income ("OCI") in $5.2 million in 2013. The $9.6 million decrease in OCI is due to the remeasurement of defined benefit plans combined with a decrease in the unrealized gains on AFS investments.
Consolidated comprehensive income for the first nine months of 2014 was $265.7 million or $64.68 per share compared with $337.0 million or $82.85 per share in 2013. Consolidated OCI was $13.1 million for the first nine months of 2014 compared to OCL of $63.2 million in 2013. The 2013 OCL resulted from the reclassification in 2013 of significant gains relating to The Dominion's liquidation of its common share portfolio.
E-L Financial's net equity value per Common Share(1 ) at September 30, 2014 was $933.42.
Contacts:
E-L Financial Corporation Limited
Mark M. Taylor
Executive Vice-President and Chief Financial Officer
(416) 947-2578
(416) 362-2592 (FAX)
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Datum: 10.11.2014 - 18:40 Uhr
Sprache: Deutsch
News-ID 351214
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