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(Kingston, ON – February 26, 2020) – The Board of Directors of The Empire Life Insurance Company (Empire Life) (TSX: EML.PR.A) today declared the following cash dividends:

Class

Record Date

Payable Date

Amount of Dividend

Common Shares

March 16, 2020

April 8, 2020

$113.435853

Non-Cumulative Rate Reset Preferred Shares, Series 1 

March 18, 2020

April 17, 2020

$0.359375

Non-Cumulative Rate Reset Preferred Shares, Series 3 

March 18, 2020

April 17, 2020

$0.30625

The $113.435853 dividend includes a quarterly dividend of $22.0724 and an additional dividend of $91.363453 per Common Share which is enabled by the strong capital position of the Company at December 31, 2019.

Empire Life advises that the above referenced dividends are eligible dividends for the purposes of the Income Tax Act, Canada and any similar provincial tax legislation.

About Empire Life

Established in 1923, Empire Life is a subsidiary of E-L Financial Corporation Limited. The company’s mission is to make it simple, fast and easy for Canadians to get the investment, insurance and group benefits coverage they need to build wealth, generate income, and achieve financial security. As of December 31, 2019, Empire Life had total assets under management of $18.1 billion. Follow on Twitter @EmpireLife or visit www.empire.ca for more information.

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Contact: Julie Tompkins
Vice-President, Corporate Services & Chief Communications Officer
613 548-1890, ext. 3301         julie.tompkins@empire.ca
www.empire.ca