Main Content

Our customers

  • We serve more than:
  • 445,000 individual customers
  • 7,300 group employer customers with over 160,000 group life and health plan members
  • 800 group retirement plans

Our people

We have more than:

  • 820 employees across Canada
  • 630 employees at our corporate head office in Kingston, Ontario
  • 29,000 partnerships with professional financial advisors, brokers, managing general agents, group producers and mutual fund dealers

Our financials

Here are our financials as of December 31, 2017:

Total assets including general and segregated funds: $17.3 billion
Net premium revenue from external customers: $1 billion
Total investment income: $281 million
Total revenue: $1.6 billion
Policy dividends: $30 million
Net benefits and claims: $560 million

Strength of our capital base (LICAT)

177% as of March 31, 2018, well above the requirements set by the Office of the Superintendent of Financial Institutions Canada (OSFI) and Empire Life’s minimum internal targets.

Note: On April 26, 2018, Empire Life announced its intention to redeem all of the outstanding $300 million 2.870% unsecured subordinated debentures on May 31, 2018 at a redemption price equal to the principal amount together with accrued and unpaid interest to that date. The pro-forma LICAT ratio reflecting this redemption would be 162% as of March 31, 2018.

What is LICAT?

The Life Insurance Capital Adequacy Test (LICAT) measures a company’s ability to meet obligations to its policyholders. Effective January 1, 2018, LICAT replaced the Minimum Continuing Capital and Surplus Requirements (MCCSR) ratio, which was previously used for this purpose. The LICAT is intended to improve the quality of a company’s available capital and better align risk measures with the long-term economics of the life insurance business. The LICAT responds differently than the MCCSR under various economic scenarios, so the two cannot be compared.

OSFI requires life insurance companies to maintain a LICAT ratio of at least 90% and expects their internal targets to be at least 100%.


Empire Life is a member of Assuris. Assuris is the not for profit organization that protects Canadian policyholders in the event their life insurance company fails. Details about Assuris’ protection are available at or by calling the Assuris Information Centre at 1-866-878-1225.