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Donnerstag,
27.10.2022 14:37
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PR Newswire
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Empire Life announces third quarter earnings; solid results and continued strong LICAT position
pixabay.com
Canada NewsWire
KINGSTON, ON, Oct. 27, 2022
Q3 2022 highlights (compared to Q3 2021)
- Common shareholders' net income of $45 million compared to $33 million
- Earnings per share (basic and diluted) of $45.27 compared to $33.78
KINGSTON, ON, Oct. 27, 2022 /CNW/ - Empire Life reported third quarter common shareholders' net income of $45 million for 2022, compared to a net income of $33 million for the third quarter of 2021. The increase in third quarter earnings was primarily a result of market conditions; positive yield curve impacts offset by poor equity market performance. Year-to-date common shareholders net income was $117 million compared to $222 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.
"Third quarter financial results unfolded as we expected, and sales were slightly under plan but solid," said Mark Sylvia, President and Chief Executive Officer. "We remain focused on adjusting our business and workforce models in light of the challenges brought about by the pandemic. During times of uncertainty the advice that our distribution partners provide to their clients is of great importance. We will continue to support our independent advisors and their clients with the superior customer service they rely on from Empire Life."
Financial highlights
| | Third quarter | Year to date | ||
| (in millions of dollars except per share amounts) ARIVA.DE Börsen-Geflüster | 2022 | 2021 | 2022 | 2021 |
| Common shareholders' net income | $ 45 | $ 33 | $ 117 | $ 222 |
| Earnings per share - basic and diluted | $ 45.27 | $ 33.78 | $ 118.39 | $ 225.70 |
| Sep 30 | Jun 30 | Mar 31 | Dec 31 | |
| Other Financial Highlights | 2022 | 2022 | 2022 | 2021 |
| Return on common shareholders' equity (trailing four quarters)¹ | 7.6 % | 7.0 % | 6.7 % | 13.8 % |
| LICAT total ratio | 137 % | 139 % | 142 % | 144 % |
| 1 See non-IFRS Measures |
The following table provides a breakdown of the sources of earnings by line of business for the third quarter and year to date.
| Source of Earnings | Third Quarter | Year to date | ||
| (in millions of dollars) | 2022 | 2021 | 2022 | 2021 |
| Expected profit on in-force business | $ 53 | $ 50 | $ 161 | $ 148 |
| Impact of new business | 2 | (9) | (2) | (16) |
| Experience gains (losses) | (16) | (2) | (54) | 144 |
| Management actions and changes in assumptions | 37 | 2 | 55 | 17 |
| Earnings on operations before income taxes | 76 | 41 | 160 | 293 |
| Earnings on surplus | (15) | 4 | (4) | 7 |
| Income before income tax | 61 | 45 | 156 | 300 |
| Income taxes | 14 | 10 | 35 | 72 |
| Shareholders' net income | 47 | 35 | 121 | 228 |
| Dividends on preferred shares | (2) Werbung Mehr Nachrichten kostenlos abonnieren
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