Empire Life has reported second quarter common shareholders' net income of $34 million for 2022, compared to a net income of $32 million for the second quarter of 2021.
The increase in the second quarter came as the result of market conditions – positive yield curve impacts offset by poor equity market performance.
Year-to-date common shareholders net income was $72 million compared to $189 million in 2021, primarily due to the non-recurring release of segregated fund guarantee related policy liabilities which occurred in the first quarter of 2021.
"We are living in unusual times and circumstances," said Mark Sylvia, President and Chief Executive Officer. "The lingering COVID pandemic, geopolitical conflicts and, more recently, rising inflation all impact both consumers and businesses. While we are not immune to the effects of these impacts, Empire Life continues to hold strong earnings and capital positions, well above what is required to meet our obligations to our customers. We also continue to demonstrate our commitment to the independent advice channel which is critical for Canadians to be able to access the professional advice and counsel they need to build wealth and achieve financial security."
During the second quarter of this year, Empire Life invested as a minority shareholder in EXOS Wealth Systems, Inc. This was preceded by the company's creation, from a number of acquired financial services firms, of TruStone Financial Inc. earlier this year, and its 2019 minority shareholder investment in The Gryphin Advantage.
