In the second quarter of 2024, Empire Life Insurance Company reported common shareholders’ net income of $35 million. This marks a significant turnaround from the $1 million loss for the same period of 2023. 

The company attributes this positive result to improved “net insurance service result over the prior year related to the Wealth Management product line, along with net investment gains from non-fixed income assets in 2024 relative to the first half of 2023.” 

Mark Sylvia, Empire Life’s President and CEO, highlighted that Morningstar DBRS assigned “an improved trend on our credit rating this quarter.”  

Investment income 

The net investment result, excluding segregated fund account balances, generated net income of $70 million in Q2 2024, compared to $82 million in the same quarter of 2023. 

The investment and insurance finance result in the individual insurance segment showed significant progress, with net income of $35 million in Q2 2024, a sharp contrast to the net loss of $15 million recorded for the same period last year. 

Insurance results 

The net insurance service result stood at $43 million in Q2 2024, up from $30 million for the same period in 2023. 

More specifically, for Q2 2024, Empire Life reported a net insurance service result of $27 million in wealth management and $17 million in individual insurance, while group insurance posted a net loss of $1 million. 

As of June 30, 2024, Empire Life’s assets under management totalled $18.6 billion, an increase of $560 million compared to the $18 billion reported as of June 30, 2023.