Agreement to purchase shares from Guardian Assurance
(Toronto, ON – December 11, 2015) – E-L Financial Corporation Limited (E-L Financial) (TSX:ELF) (TSX:ELF.PR.F) (TSX:ELF.PR.G) (TSX:ELF.PR.H) has agreed to purchase Guardian Assurance Limited's (Guardian) 19% share of holding company E-L Financial Services Limited (ELFS). As a result of this agreement, E-L Financial will own 100% of ELFS, which owns 98.3% of The Empire Life Insurance Company (Empire Life).
The transaction will close next week, at a purchase price of approximately book value, or $200 million (CDN).
"For years, Empire Life has been an important long-term investment for E-L Financial,” said Mr. Duncan Jackman, Chairman and Chief Executive Officer of E-L Financial, “We are very excited about being able to increase our stake in this great company and reinforce our continued commitment to its ongoing success.” Mr. Jackman also acknowledged Guardian's strong contribution to Empire Life.
About E-L Financial
E-L Financial operates as an investment and insurance holding company. In managing its operations, E-L Financial distinguishes between two operating segments, E-L Corporate and Empire Life.
E-L Corporate represents investments in stocks and fixed income securities held directly and indirectly through pooled funds, closed-end investment companies and other investment companies.
About Empire Life
Since 1923, Empire Life has provided individual and group life and health insurance, investment and retirement products to Canadians. The company’s mission is to make it simple, fast and easy for Canadians to build wealth, generate income and get the insurance and group benefits coverage they need. As of September 30, 2015 Empire Life had total assets under management of $14.2 billion. Follow Empire Life on Twitter @EmpireLife or visit www.empire.cafor more information.
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Richard B. Carty
Vice-President, General Counsel and Corporate Secretary
E-L Financial Corporation Limited
Vice-President, Human Resources and Communication Services
613 548-1890, ext. 3301