The Empire Life Insurance Company released its quarterly results for the third quarter ended September 30, showing lower net income relative to third quarter 2020 results, but higher year-over-year net income figures.
The company reported common shareholders’ net income of $33-million for the third quarter of 2021, down from $51-million reported during the same period in 2020. Year-to-date common shareholders’ net income, on the other hand, came in at $222-million by the end of September 2021, compared to $67-million year-to-date in 2020.
The company says the decrease in third quarter earnings was primarily due to lower net income from its individual insurance line and losses in its capital and surplus business segment. Year-to-date common shareholders’ net income was higher primarily due to the release of segregated fund guarantee reserves in the first quarter of 2021.
“Sales in all three of our business lines are strong,” Mark Sylvia, president and CEO said in a statement October 28. “We are pleased with our overall results and the continued trend of growth in our premium and fee income.”
The company’s Life Insurance Capital Adequacy Test (LICAT) total ratio was 150 per cent as of September 30, 2021, compared to 136 per cent at December 31, 2020. The company’s LICAT ratio in the third quarter of 2020 was 143 per cent.
The company’s board of directors has also declared a cash dividend of $14.21 per common share for shareholders of record as of November 12, 2021. Dividends will be payable December 7, 2021. Preferred share dividends of $0.30625 will be payable January 17, 2022 to unitholders of record as of December 17, 2021.
