Empire Life reports net income of $39 million for Q3 2017By The IJ Staff | October 27 2017 11:30AM
Mark Sylvia | Photo: Réjean Meloche
Empire Life has announced net income of $39.1 million for Q3 2017, compared to $38.1 million for 2016. This is an increase of 2.6 per cent. Year to date net income was $122.6 million compared to $100.2 million in 2016.
In an announcement issued Oct. 26, Empire Life stated that the increase in earnings for Q3 2017 is a result of “improved operating performance in the Employee Benefits product line and lower hedge costs, partially offset by lower gains in the Individual Insurance product lines.”
Return on equity (ROE) was 11.6 per cent for the third quarter of 2017 compared to 12.8 per cent for the same quarter one year earlier. “Despite the higher earnings, ROE was lower for Q3 2017 due to higher levels of common shareholders’ equity on September 30, 2017 compared to September 30, 2016,” said the company.
“We continued to make progress in increasing our earnings while maintaining a strong capital position and high quality mix of assets. We are pleased with the performance of all three of our product lines this quarter,” says Mark Sylvia, Empire Life’s President and CEO. “A stable economy and a positive trend in long-term interest rates will allow Empire Life to continue to offer competitive products and enhanced services to our customers.”