E-L Financial Corporation Limited Announces March 31, 2015 Interim Financial Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 05/12/15 -- 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 March 31, 2015, consolidated net income of $262.1 million or $65.75 per share(1) compared with $104.8 million or $25.69 per share in 2014. E-L Financial's net equity value per Common Share(2) increased to $1,042.50 at March 31, 2015 from $970.65 as of December 31, 2014.
The $157.3 million increase in net income is mainly due to the positive impact of E-L Corporate's(3) global equities during the first quarter of 2015. E-L Corporate's net income increased $150.9 million during the first quarter of 2015 compared to net income of $90.6 million during the first quarter of 2014. The increase is mainly due to net gains on investments of $345.9 million compared to $121.7 million in the prior year.
Empire Life's net contribution to E-L Financial is $20.6 million in the first quarter of 2015 compared to $14.2 million in the first quarter of 2014. The $6.4 million increase in net income is primarily attributable to growth in profits from the Wealth Management business. Empire Life's total revenue increased $119.1 million primarily due to investment gains on bonds from lower interest rates during 2015. This was largely offset by a $112.7 million increase in expenses caused mostly by the impact of changes in interest rates on insurance liabilities.
E-L Financial earned consolidated comprehensive income of $288.4 million or $72.43 per share for the first quarter of 2015 compared with $123.2 million or $30.40 per share in 2014. Consolidated other comprehensive income was $26.3 million for the first quarter of 2015 compared to $18.5 million in 2014. The $7.8 million increase in other comprehensive income is mainly due to an increase in the unrealized gains on investments.
Contacts:
E-L Financial Corporation Limited
Scott F. Ewert
Vice President and Chief Financial Officer
(416) 947-2578
(416) 362-0792 (FAX)
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Datum: 12.05.2015 - 15:11 Uhr
Sprache: Deutsch
News-ID 392687
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TORONTO, ONTARIO
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Investment Opinion
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