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Empire Life News Archive - 2008
Empire Life accepting applications for Tax-Free Savings Accounts
December 03, 2008
- Kingston, ON - > The Empire Life Insurance Company (Empire Life) is accepting applications for Tax-Free Savings Accounts (TFSAs) now so clients can start making contributions on January 1, 2009 when the new savings vehicle is officially open to Canadians.
“We think we will see a significant amount of interest in TFSAs in the next two to three months,” says Jim Gibson, Director, Retail Wealth Marketing. “The TFSA is the ultimate piggy bank, with tax-free earnings, tax-free withdrawals and total flexibility in how clients use the money,” says Gibson who recommends Canadians should set up a TFSA as soon as possible and keep it as long as possible to benefit from tax-free compound growth.
While Gibson predicts TFSAs will be popular with pre-retirees who are looking to supplement their Registered Retirement Savings Plans (RRSPs), he is hoping advisors and clients will explore the many uses of TFSAs.
For instance, the TFSA is a great way for parents to continue to save for their child’s education beyond age 17, after Registered Education Savings Plans (RESP) grants have been maximized. Young Canadians over the age of 18 who are in a low income tax bracket can use a TFSA to help them save for short-term needs like education and trips. As they advance in their careers and move into higher tax brackets, they can withdraw the money from the TFSA and invest it into their RRSP, using any tax refund to reinvest back into the TFSA.
“The biggest challenge is education,” says Gibson, who cites two recent surveys1 indicating that 40-45% of Canadians still don’t know much about Tax-Free Savings Accounts. “Our goal is to put as much information in the hands of our advisors and clients now so that our clients understand the many benefits of these accounts and will invest early.”
1 Harris Decima Research Survey, August 2008 and TD Canada Trust/Angus Reid Strategies Survey, October 2008
About Empire Life
A subsidiary of E-L Financial Corporation Limited, and in business since 1923, The Empire Life Insurance Company (Empire Life) provides financial security and wealth management solutions for the changing needs of Canadians. The Company’s financial strength is rated A (Excellent) by A.M. Best Company, Inc., as at June 2, 2008 and reflects excellent capitalization, continued strong growth in segregated fund assets, consistent profitability and expanding distribution. The Company’s success comes from a commitment to being approachable and responsive to the needs of its clients and business partners, consistently solid investment performance and faith in its employees as future leaders. Empire Life is celebrating its 85th anniversary in 2008.
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Empire Life campaign raises $185,000 for United Way/Centraide across the country—a new record!
November 20, 2008
- Kingston, Ontario - > Empire Life employees and retirees have raised a record-setting $185,908 for United Way/Centraides across the country. More than $164,000 of the total will benefit the United Way serving Kingston, Frontenac, Lennox and Addington.
“I applaud the great teamwork that went into this campaign which resulted in raising so much money,” says Les Herr, President and Chief Executive Officer. “I’m so proud of this company and the people who work here who make a difference not only for our customers every day, but for the people in our communities who most need our help,” he adds.
The three-week campaign, which wrapped up October 31, focuses on increasing awareness of United Way/Centraide, planning fun events and encouraging employees and retirees to make a donation or a commitment to donate through payroll deduction. The campaign theme of “Get Real for United Way” used reality TV shows as inspiration. Memorable events included the management challenge based on “So You Think You Can Dance?”, a “Sole Survivor” draw, “Hell’s Kitchen” International pot luck lunch, and other traditional fundraisers including a silent auction, casual days and a bake sale.
“Thanks to the commitment of management, committee volunteers and the strong support from employees and retirees, the Empire Life campaign has once again broken records,” says Bhavana Varma, President of United Way serving Kingston, Frontenac, Lennox and Addington. “I continue to be amazed by the generosity and caring demonstrated by Empire Life employees and retirees,” she adds.
The total amount raised through the Empire Life campaign includes a corporate match of all pledges, contributions and special event proceeds. Other United Way/Centraides benefiting from the total include those in the Toronto, Hamilton, London, Vancouver, Calgary, and Montréal areas. Of the Company’s 750 employees nationwide, 550 work at the head office in downtown Kingston.
About Empire Life
A subsidiary of E-L Financial Corporation Limited, and in business since 1923, The Empire Life Insurance Company (Empire Life) provides financial security and wealth management solutions for the changing needs of Canadians. The Company’s financial strength is rated A (Excellent) by A.M. Best Company, Inc., as at June 2, 2008 and reflects excellent capitalization, continued strong growth in segregated fund assets, consistent profitability and expanding distribution. The Company’s success comes from a commitment to being approachable and responsive to the needs of its clients and business partners, consistently solid investment performance and faith in its employees as future leaders. Empire Life is celebrating its 85th anniversary in 2008.
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Empire Life introduces Class Plus now with a Guaranteed Minimum Withdrawal Benefit
October 16, 2008
- Kingston, ON - > The Empire Life Insurance Company (Empire Life) today announced the launch of “Class Plus” the newest enhancement to its Empire Class Segregated Funds product now with a Guaranteed Minimum Withdrawal Benefit. Class Plus will be available for sale starting October 20, 2008.
Class Plus offers investors the opportunity to benefit from the upside potential of the markets by investing in selected Empire Life segregated funds, while protecting them from downside risks by providing guaranteed income for life.
“Canadians are embracing these types of products because they allow investors who are approaching retirement or who are retired to benefit from the upside potential of the markets, and at the same time provide guaranteed income for life” says Jim Gibson, Director, Retail Wealth Marketing. “With the turmoil in the markets we’ve seen in the past months, it’s no wonder investors are turning to investments with built-in guarantees like Class Plus”, he adds.
With a 5% annual Income Base Bonus for each of the first 15 years of the policy in any year the client doesn’t make a withdrawal, triennial resets, and guaranteed income for life after age 65, Class Plus was designed to be competitive with similar products in the Canadian marketplace so advisors and clients will be familiar with its features, but with some enhancements. Some of these include a lower Deferred Sales Charge schedule, a high net worth class with lower management fees for deposits starting at $250,000, and the ability to reset the Income Base, Bonus Base and Death Benefit Guarantee independently, which could mean more income for the client for life.
“Having a solid product is important, but it’s even more important to know you're investing your money—especially your retirement savings—with a Company that's a prudent fund manager,” says Mr. Gibson. “Our conservative, value-oriented investment style and philosophy has served our segregated fund clients well over the past 40 years, protecting our clients in down markets, so this product is a natural fit for us.” About Empire Life
A subsidiary of E-L Financial Corporation Limited, and in business since 1923, The Empire Life Insurance Company (Empire Life) provides financial security and wealth management solutions for the changing needs of Canadians. The Company’s financial strength is rated A (Excellent) by A.M. Best Company, Inc., as at June 2, 2008 and reflects excellent capitalization, continued strong growth in segregated fund assets, consistent profitability and expanding distribution. The Company’s success comes from a commitment to being approachable and responsive to the needs of its clients and business partners, consistently solid investment performance and faith in its employees as future leaders. Empire Life is celebrating its 85th anniversary in 2008.
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Empire Life and E-L Financial announce completion of private placement debenture financing
September 30, 2008
- Kingston, ON - > The Empire Life Insurance Company (Empire Life) and E-L Financial Corporation Limited (E-L Financial)
(TSX: ELF, ELF.PR.F, ELF.PR.G) today announced completion of a private debenture financing arrangement between the two companies.
Empire Life plans to use the C$125 million provided by E-L Financial as additional capital to enable the company to continue the significant growth experienced in recent years.
The transaction was approved by the Office of the Superintendent of Financial Institutions Canada (OSFI).
About Empire Life
A subsidiary of E-L Financial and in business since 1923, Empire Life provides financial security and wealth management solutions for the changing needs of Canadians. The Company’s financial strength is rated A (Excellent) by A.M. Best Company, Inc., as at June 2, 2008 and reflects excellent capitalization, continued strong growth in segregated fund assets, consistent profitability and expanding distribution. The success of Empire Life comes from a commitment to being approachable and responsive to the needs of its clients and business partners, consistently solid investment performance and faith in its employees as future leaders.
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Empire Life appoints Executive Vice-President and new Chief Financial Officer
May 13, 2008
- Kingston, Ontario - > Leslie C. Herr, MBA, CFP, CLU, CH.F.C., President and Chief Executive Officer of The Empire Life Insurance Company (Empire Life) has appointed Michael C. Schneider, FSA, FCIA, as Executive Vice-President, Finance, effective June 1, 2008.
Mr. Schneider joined Empire Life in 1977 as an actuarial student. He has served on the company’s executive team for the past 20 years and as Chief Financial Officer since 1997. He plans to retire March 31, 2009 and will lead the company’s capital management activities until that time.
Gary J. McCabe, CA, succeeds Mr. Schneider as Senior Vice-President and Chief Financial Officer, effective June 1, 2008. Mr. McCabe joined Empire Life as Corporate Controller in 1993 and was named Vice-President and Controller in 2003.
“Mike and Gary have proven themselves as tremendous leaders,” said Mr. Herr, “Their extensive financial knowledge and experience has helped steer Empire Life to new levels of growth and achievement and I am confident will continue to do so in their new roles.”
About Empire Life
A subsidiary of E-L Financial Corporation Limited, and in business since 1923, The Empire Life Insurance Company (Empire Life) provides financial security and wealth management solutions for the changing needs of Canadians. The Company’s success comes from a commitment to being approachable and responsive to the needs of its clients and business partners, consistently solid investment performance and faith in its employees as future leaders. Empire Life is celebrating its 85th anniversary in 2008.
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Empire Life issues 2007 Annual Report; Total assets under administration grow 19% to reach $8.4 billion
April 14, 2008
- Kingston, Ontario - > The Empire Life Insurance Company (Empire Life) has issued its 2007 annual report which is now available for viewing and download at www.empire.ca. Highlights of 2007 year-end results include reaching a record $8.4 billion in assets under administration and strong sales results reported from all three major product lines: individual insurance, wealth management and employee benefits.
“We have consistently focused on organic growth for the past number of years at Empire Life, and it is continuing to create record levels of sales and premium revenue,” said Les Herr, President and Chief Executive Officer. Mr. Herr became the 11th President and CEO of Empire Life on April 1, 2008, following the retirement of Mr. Douglas Hogeboom.
Total assets under administration grew by 19% in 2007 and segregated fund assets also grew by 19%, the fifth consecutive year of double-digit growth for segregated funds. Sales of employee benefits products grew by 10% and premium income by 12%. It was a record year in individual insurance sales which grew by 19% over 2006 results, primarily due to increased investment deposits in universal life products. The sales increase contributed to higher new business strain expenses, which had an impact on net income in this product line.
Shareholders’ net income decreased from $57.5 million in 2006 to $54.7 million in 2007. The decrease is attributed to reduced overall net income from the Company’s three major product lines as a result of increased new business strain and less favourable experience gains in the Individual Insurance product line. The Company adopted financial instruments accounting principles in 2007, which had an impact on the comparability of some measures to prior year results.
The Empire Life annual general meeting will be held Tuesday, April 29 in Toronto, Ontario. The management proxy information circular and annual report has been mailed to shareholders and participating policyholders who requested notice of the meeting.
About Empire Life
A subsidiary of E-L Financial Corporation Limited, and in business since 1923, The Empire Life Insurance Company (Empire Life) provides financial security and wealth management solutions for the changing needs of Canadians. The Company’s success comes from a commitment to being approachable and responsive to the needs of its clients and business partners, consistently solid investment performance and faith in its employees as future leaders. Empire Life is celebrating its 85th anniversary in 2008.
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