Our story
Our story begins in 1923, when our founders chose the name The Empire Life Insurance Company to convey strength, security and life. Since then, our story has been one of steady growth and innovation.
Today
Today, we are one of the top 10 life insurance companies in Canada*. We manage more than $18 billion in assets and have more than 600,000 customers. We are 100% Canadian and operate only in Canada so our focus is on understanding and meeting the financial needs of Canadians.
Milestones
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2019 – Our new Retirement and Savings Tool goes live, helping Canadians plan and achieve their financial goals 2018 – Launch of No Load Purchase Option, Class Plus 3.0 global funds 2017 – Launch of a new online application for segregated funds 2016 – Our preferred shares are listed on the Toronto Stock Exchange TSX (EML.PR.A) 2015 – Canadians now have the ability to buy term insurance online directly from us at empirelife.ca; our parent company, E-L Financial Corporation Limited increases their ownership share to 98.3%, solidifying their stake in our company 2014 – New online life insurance application with full underwriting goes live 2012 – Empire Life Investments Inc., our wholly owned subsidiary begins selling mutual funds |
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2008 – We introduce Class Plus, a guaranteed minimum withdrawal benefit product offering retirement income for life 2006 – We go back to our roots, changing our marketing name from Empire Financial Group to Empire Life 2002 – Amalgamation with Concordia Life Insurance Company 2000 – Assumption of a block of annuity and registered retirement income fund (RRIF) policies of Coopérants, Mutual Life Insurance Society |
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1997 – We acquire Colonia Life Insurance Company (later renamed Concordia Life Insurance Company) 1995 – Assumption of a block of deferred annuity policies of Allstate Life Insurance Company of Canada 1993 – We acquire the non-participating individual insurance policies of The Citadel Life Assurance Company 1992 – We acquire a block of group business of The Metropolitan Life Insurance Company |
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1987 – E-L Financial Corporation Limited brings together through merger and acquisition activities The Empire Life Insurance Company, The Montreal Life Insurance Company and the life insurance section of The Dominion of Canada General Insurance Company; we adopt the marketing name Empire Financial Group 1970 – Life insurance business in-force grows to $1 billion 1968 – E-L Financial Corporation Limited is formed as holding company of Empire Life 1964 – We begin selling segregated funds 1957 – We begin selling employee benefits plans in Canada |
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1936 – After the merger with Mutual Relief Life Insurance Company, we move our Head Office from Toronto to Kingston, Ontario 1934 – We acquire the insurance portfolio of The Canadian Order of Odd Fellows 1929 – Merger with The Commonwealth Life and Accident Insurance Company 1923 – The Empire Life Insurance Company is founded in Toronto, Ontario |
*Based on total assets as reported in December 31, 2020 OSFI filings