In the first quarter of 2024, Empire Life Insurance Company reported net income attributable to common shareholders of $52 million, unchanged from the first quarter of 2023.
According to the company's press release, “favourable market-related movements in the period were offset by mortality experience in our individual insurance products.”
President and CEO Mark Sylvia notes that market conditions had a positive impact on earnings and increased the company's contractual service margin balance, "outweighing some unfavorable mortality trends".
Investment income
The net insurance investment and finance result, excluding segregated funds, resulted in a loss of $98 million in the first quarter of 2024, compared with net income of $310 million in the same quarter of 2023.
The company's MD&A does not provide any information to explain this difference. The difference is mainly attributable to investment income in the Individual Insurance segment, which went from a net income of $250 million last year to a net loss of $100 million in 2024.
Insurance income
The net insurance service result amounted to $39 million in the first quarter of 2024, compared with $44 million for the same period in 2023.
In more detail for the first quarter of 2024, Empire Life reported a net insurance service result of $27 million in Wealth Management, $1 million in Group Solutions and $11 million in Individual Insurance.
At March 31, 2024, Empire Life's assets under management totaled $18.7 billion. This is an increase of $74 million compared with reported assets under management at March 31, 2023.
The insurer’s total Life Insurance Company Capital Adequacy Test (LICAT) ratio reached 157% at March 31, 2024, compared with 155% a year earlier.