The Empire Life Insurance Company reported net income attributable to common shareholders of $201 million for the full year 2025, compared with $281 million for the previous fiscal year. This represents a 28 per cent decline in the company’s profit over a 12-month period.

“The decrease over prior year was primarily driven by less favourable net investment and insurance finance results and a rise in total other expenses. This was partially offset by improved net insurance service results,” the company says in its management report.

President and Chief Executive Officer Mark Sylvia highlights the success of the new Registered Disability Savings Plan, the first offered by a Canadian insurer, as well as the expansion of the Group Retirement Savings program and the addition of new segregated funds by the company. “These product innovations help us build wealth and security for our customers and drive long-term results,” he says.

Investment income

For the full 2025 fiscal year, insurance investment and financing activities, excluding segregated funds, posted net income of $236 million, compared with net income of $489 million in 2024.

“This decrease is mainly attributable to the impact of updates to assumptions on insurance contract liabilities in 2024; these significantly increased the results of the previous fiscal year and were not repeated in 2025,” the company says in its release published on February 26, 2026.

Insurance result

For the full fiscal year, the net insurance service result stood at $198 million in 2025, compared with $176 million in 2024. This represents an increase of 13 per cent.

“This increase was primarily driven by favourable mortality experience in the individual insurance segment,” the company specifies in its management report.

In more detail for the full 2025 fiscal year, the company reports a net insurance result of $105 million in 2025, compared with $104 million in 2024.

In individual insurance, the insurance result reached $79 million in 2025, whereas it was $57 million one year earlier.

In group insurance, the insurance result totalled $14 million in 2025, compared with $15 million in 2024.

Assets under management reached $20.8 billion as at December 31, 2025, compared with $19.7 billion one year earlier.

The Life Insurance Capital Adequacy Test ratio reached 153 per cent as at December 31, 2025, compared with 151 per cent one year earlier.