Empire Life announces two new funds available in Class Plus™ to help Canadians reach their retirement goals

July 14, 2010 - Kingston, Ontario - 

The Empire Life Insurance Company (Empire Life) today announced two new segregated funds available in Class Plus, its guaranteed minimum withdrawal benefit feature within its Empire Class Segregated Funds product.  

The new balanced funds combine an Empire Life flagship equity fund with core fixed income exposure for diversification. The Empire Life Dividend Balanced Fund is comprised of 80% Empire Life Dividend Growth Fund and 20% Empire Life Bond Fund. The Empire Life Elite Balanced Fund is comprised of 80% Empire Life Elite Equity Fund and 20% Empire Life Bond Fund.

Both new balanced funds will be managed by the Empire Life investment team, led by Chief Investment Officer, Gaelen Morphet, using a value-oriented, disciplined investment approach.

Empire Life releases 2009 year-end financial results

March 16, 2010 - Kingston, Ontario - 

The Empire Life Insurance Company (Empire Life) has released its 2009 year-end financial results.  

The Company’s assets under management increased 23% over 2008 results to reach $8.7 billion. Shareholders’ net income rose to $53.8 million from $48.4 million in 2008. Increases in assets and income are both partly attributable to increases in stock market values. 2009 shareholders’ net income had both favourable and unfavourable non-recurring items that largely offset each other, and a solid improvement in both Wealth Management and Employee Benefits profits. The Company’s risk-based capital ratio, as measured by Minimum Continuing Capital and Surplus Requirements (MCCSR), was 266% at the end of the year, well above minimum requirements.

“Empire Life remains strong, with a clear vision, and is committed to meeting the needs of all of our stakeholders—our customers, business partners, employees and shareholders,” said Les Herr, President and Chief Executive Officer.

Wealth Management sales were 7% higher than 2008 results, largely driven by sales of guaranteed interest products. Segregated fund sales were lower than 2008, however the Company did achieve net segregated fund sales of $188 million. Employee benefit sales were down 11% from 2008, mainly due to the economic challenges facing employers during the year. Sales of risk products declined 15% in 2009.

“The uncertain economic conditions that we experienced in early 2009 were a concern, but after the first quarter we started to see gradual improvement in our sales results which continued for the rest of the year,“ added Mr. Herr. “During the last quarter, we exceeded prior year fourth quarter sales levels which created exciting momentum heading into 2010.”

Empire Life announces dividend

March 12, 2010 - Kingston, Ontario - 

On February 25, 2010, the Board of Directors of The Empire Life Insurance Company (Empire Life) declared the payment of an annual cash dividend for 2010 on Empire Life issued and outstanding common shares, in the amount of $15.2273 per share, payable March 15, 2010 to shareholders of record February 25, 2010.

This dividend is an increase from the 2009 dividend amount as Empire Life did not pay a dividend in 2009. Empire Life advises that the above referenced dividend is an eligible dividend for the purposes of the Income Tax Act, Canada and any similar provincial tax legislation.

About Empire Life

A subsidiary of E-L Financial Corporation Limited and in business since 1923, Empire Life helps Canadians build wealth and protect their financial security with competitive individual and group life and health insurance, investment and retirement products. The Company’s vision is to be the leading independently-owned Canadian financial services company committed to simplicity, being easy to do business with and having a personal touch.

Empire Life launches a new group product designed to provide financial assistance to employees coping with serious illness

February 02, 2010 - Kingston, Ontario - 

The Empire Life Insurance Company (Empire Life) today introduced Vital Assist Health Benefit^TM, a product that provides financial assistance to group plan members to help with additional medical expenses upon diagnosis of a serious illness.

Vital Assist Health Benefit is an optional component offered through 20Plus, the Company’s group benefits product designed for employers with 20 or more employees. If a plan member is diagnosed with one of four defined medical conditions, they receive a $5,000 lump-sum payment and are eligible for reimbursement of additional medical expenses up to $5,000 over the following 12 months.

“This is something we’re really excited about. It’s an innovative, cost-effective way employers can ease the financial pressures their employees face when recovering from a serious illness,” says Steve Pong, Senior Vice-President, Group Products. “And I’m very excited that we are offering both the lump sum payment and the added medical expense benefit to help employees and their families pay for additional medical costs which we all know can be a great burden.”

Upon eligible claim, employees who are diagnosed with cancer, heart attack or stroke or who undergo coronary artery bypass surgery can receive the Vital Assist Health Benefit. With a simplified approach to underwriting, employers can provide the Vital Assist Health Benefit option through their 20Plus plan. Employees in the group plan do not have to provide medical information to qualify for coverage and there are no exclusions for pre-existing medical conditions.

Empire Life group life and health coverage includes life insurance, disability insurance, extended health and dental care benefits for small and medium sized businesses across Canada.  

About Empire Life

A subsidiary of E-L Financial Corporation Limited and in business since 1923, Empire Life helps Canadians build wealth and protect their financial security with competitive individual and group life and health insurance, investment and retirement products. The Company’s vision is to be the leading independently-owned Canadian financial services company committed to simplicity, being easy to do business with and having a personal touch.

Empire Life announces portfolio management changes

January 25, 2010 - Kingston, Ontario - 

The Empire Life Insurance Company (Empire Life) today announced changes to realign portfolio management responsibilities on a number of its Funds. The investment objectives of the Funds remain the same.

The changes are as follows:

• Empire Dividend Growth Fund – Lieh Wang, Lead Manager plus the Empire Life Investment Team
• Empire Elite Equity Fund – Gaelen Morphet and Lieh Wang, Co-managers plus the Empire Life Investment Team
• Empire Asset Allocation Fund – Gaelen Morphet and Nessim Mansoor, Co-managers plus the Empire Life Investment Team
• Empire Global Dividend Growth Fund – Jane Halliday, Lead Manager and Amber Sinha, Co-manager plus the Empire Life Investment Team
• Empire Balanced Fund, Empire Global Balanced Fund, Empire Income Fund and all Portfolio Funds are managed by the Empire Life Investment Team

“I am confident that the changes we’ve made will allow us to best capitalize on the collective strengths and expertise of every member of the Empire Life Investment Team,” says Gaelen Morphet, Senior Vice-President and Chief Investment Officer. Ms. Morphet joined Empire Life in November 2009.

The Empire Life Investment Team will continue to use and build upon the disciplined, value-oriented and conservative philosophy and approach which the Company has followed for more than 40 years. 

The Empire Life Investment Team manages more than $8.5 billion in assets on behalf of Empire Life (both segregated funds and general fund assets).

About Empire Life

A subsidiary of E-L Financial Corporation Limited and in business since 1923, Empire Life helps Canadians build wealth and protect their financial security with competitive individual and group life and health insurance, investment and retirement products. The Company’s vision is to be the leading independently-owned Canadian financial services company committed to simplicity, being easy to do business with and having a personal touch.

Forward-looking Statements
This news release may contain forward-looking statements about certain Empire Life current plans, goals and expectations. Statements containing the words: “expect”, “continue”, “anticipate”, “may”, “will”, “could”, “should”, “would”, “intend”, “plan”, “believe” and any other words of similar meaning are forward-looking. All forward-looking statements involve risk and uncertainty because they relate to future events and circumstances beyond the control of Empire Life. By their very nature, forward-looking statements involve numerous assumptions. The Company will not undertake any obligation to update any of the forward-looking statements in this news release or any other forward-looking statements that it may make.

Empire Life employees raise funds for Haiti earthquake relief

January 20, 2010 - Kingston, Ontario - 

In the few days following last week’s devastating earthquake in Haiti, Empire Life employees reached into their pockets and raised more than $5,500 for the Canadian Red Cross Haiti Earthquake Relief effort. The funds will be matched by Empire Life, bringing the initial donation to $11,000. The Company has also announced it will match employee donations to any registered aid agency providing earthquake relief in Haiti.

The federal government will also match personal donations to Haiti relief, meaning that every dollar donated by Empire Life employees becomes three dollars of support.

“Our employees have always been incredibly generous when they see people in need — whether it is here at home or abroad in regions that have suffered terrible tragedies, like what is happening in Haiti ” says Les Herr, President and Chief Executive Officer. “We’re proud to stand behind our employees and their efforts to give a helping hand to those who need it most right now.”

Empire Life employees recently raised more than $210,000 in the Company’s annual United Way campaign, $184,000 of which stays in the Greater Kingston area to support local programs and services.

About Empire Life

A subsidiary of E-L Financial Corporation Limited, and in business since 1923, The Empire Life Insurance Company (Empire Life) helps Canadians build wealth and protect their financial security. 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 announces enhancements to Class Plus

January 14, 2010 - Kingston, ON - 

The Empire Life Insurance Company (Empire Life) today announced two enhancements to its Guaranteed Minimum Withdrawal Benefit product, Class Plus, to help Canadians live more comfortably in retirement.

Now, clients will receive the 5% annual Income Base Bonus each year if no withdrawals are made in that year. Previously, the bonus was only available for the first 15 years. This means that clients have the potential to increase their guaranteed lifetime withdrawal amount in the future. In addition, clients are now eligible to receive their guaranteed lifetime withdrawal amount a year earlier, at age 65.

“We’re very pleased to be able to offer these enhancements as a way to bring Canadians one step closer to a worry-free financial retirement,” said Julie Yoshikuni, Vice-President, Retail Wealth Marketing. “Specifically, the enhancements offer clients greater potential to increase their guaranteed retirement income and the option to begin receiving their guaranteed lifetime withdrawal amount a year earlier. These enhancements, along with the recent appointment of Gaelen Morphet as Chief Investment Officer, demonstrate our continuing commitment to Empire Life clients.”

Empire Life launched Class Plus in October 2008 to meet the growing demand for a solution that provides growth potential and guaranteed retirement income. Class Plus offers a 100% Death Benefit Guarantee, triennial resets on the Income Base, the Bonus Base, and the Death Benefit Guarantee (with the final Death Benefit Guarantee reset at age 80) and a high net worth option with lower management fees.

About Empire Life

A subsidiary of E-L Financial Corporation Limited and in business since 1923, Empire Life helps Canadians build wealth and protect their financial security with competitive individual and group life and health insurance, investment and retirement products. The Company’s vision is to be the leading independently-owned Canadian financial services company committed to simplicity, being easy to do business with and having a personal touch.

Empire Life United Way campaign raises a record-breaking $195,546

October 26, 2009 - Kingston, ON - 

Empire Life employees and retirees have much to celebrate today after raising $195,546 for United Way/Centraides across the country. This is the highest amount the Company has ever achieved in its annual fundraising effort, which includes a corporate match of all employee donations and special events proceeds. More than $177,000 of the total raised will benefit the United Way serving Kingston, Frontenac, Lennox and Addington.

“The United Way organizations across Canada are an essential part of the social safety net and support network in many communities,” says Les Herr, President and Chief Executive Officer. “Our employees and retirees understand the needs of their communities and know that this past year has been challenging for many people, making it even more important to give and they did—big time. I’m so proud to be a part of this company of generous and caring individuals,” he adds.

The three-week campaign, which wrapped up on Friday, October 23, focuses on increasing awareness of the work of United Way and encouraging donors to make a commitment through payroll deduction. The Campaign committee volunteers also use creativity to inject fun and enthusiasm into the campaign. This year’s theme of “Go for the Gold” featured Winter Olympic-inspired events like the “Buy-athlon” silent auction and bake sale, the Olympic Village international pot luck and of course, opening and closing ceremonies complete with a torch run. New events this year were a live auction with Adam Gordon from Gordon’s Estate Services and a trivia night at the Kingston Brewing Company.

“Congratulations to the employees of Empire Life for their incredible achievement. As one of the largest workplace contributors to the United Way campaign, their generosity and commitment are outstanding, benefiting thousands of people in the local community,” says Bhavana Varma, President of United Way serving Kingston, Frontenac, Lennox and Addington. “On behalf of all the children, seniors and individuals who benefit from their support, I’d like to extend my deepest gratitude,” she adds.

Empire Life has held a United Way campaign for many years; in the last six years alone the Company, its employees and retirees have contributed more than $1 million to United Way/Centraides across Canada. Other United Way/Centraides benefiting from the total raised this year include those in the Toronto, Hamilton, London, Regina, Calgary, Winnipeg 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) helps Canadians build wealth and protect their financial security. 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 appoints new Chief Investment Officer and Portfolio Managers

October 26, 2009 - Kingston, ON - 

The Empire Life Insurance Company (Empire Life) today announced the appointments of Gaelen Morphet, CFA as Senior Vice-President and Chief Investment Officer, Lieh Wang, CFA as Senior Portfolio Manager, and Nessim Mansoor, CA, CFA as Portfolio Manager.

All three individuals come to Empire Life with impressive qualifications and experience from well-known investment firms. Ms. Morphet has proven herself as a superior investment professional and team-builder throughout her 25-year career in the industry. All three will help form a key cornerstone of the Company’s investment management team, having worked together for over five years at one of Canada’s largest investment management firms. Together they have delivered superior investment returns across a multitude of investment strategies including Canadian equities, Canadian balanced, dividend income, and income trust. Employing a disciplined investment process and approach, Gaelen and her team have helped clients build wealth in good markets and, more important, helped preserve capital in bad and uncertain times.

“We are extremely pleased to announce these appointments,” said Drew Wallace, Executive Vice-President, Retail, “Under Gaelen’s leadership, and with the strong addition of Lieh and Nessim, the Empire Life Investment Management team will continue to work closely and conscientiously to manage our investments as it has throughout our more than 40-year investment management history; using a conservative, value-oriented philosophy and focus on capital preservation in the best interests of our customers and shareholders.”

As Chief Investment Officer, Ms. Morphet will be responsible for the Empire Life segregated fund and general fund portfolios. She will also be responsible for managing selected assets of Empire’s sister company, The Dominion of Canada General Insurance Company. Ms. Morphet will be a member of the Empire Life Executive Leadership Team and will be based in the Company’s Investment Management offices in downtown Toronto, Ontario.

About Empire Life

A subsidiary of E-L Financial Corporation Limited, and in business since 1923, The Empire Life Insurance Company (Empire Life) helps Canadians build wealth and protect their financial security. The Company’s success comes from a commitment to being approachable and responsive to the needs of its customers and business partners, consistently solid investment performance and faith in its employees as future leaders.