Empire Life has advanced for the second consecutive quarter.
The insurer reported net income attributable to common shareholders of $45 million in the third quarter of 2022, up from $33 million in Q3 2021. This increase of 36.4 per cent or $12 million “was primarily a result of market conditions; positive yield curve impacts offset by poor equity market performance,” says Empire Life.
Premiums
Net premiums were $269 million in Q3 2022 compared with $227 million in Q3 2021. They thus climbed 18.5 per cent or $42 million.
Looking at the results in closer detail, net premiums increased by:
- 207.1 per cent or $29 million in wealth management, to $43 million
- 10.7 per cent or $11 million in group insurance, to $114 million
- 2.7 per cent or $3 million in individual insurance, to $112 million.
Benefits and settlements
Empire Life reported total net benefit payments and settlements of $170 million in the third quarter of 2022 versus $151 million in Q3 2021. This represents an increase of 12.6 per cent or $19 million.
Looking at the results in closer detail, benefits and claims advanced by 14.3 per cent or $6 million in individual insurance, 12.9 per cent or $9 million in group insurance and 10.3 per cent or $4 million in wealth management.
Investment
Empire Life reported investment income of $93 million in the third quarter of 2022, compared with $80 million in Q3 2021. This represents an increase of 16.2 per cent or $13 million.
