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Empire Life announces redemption of $200 million 3.664% Subordinated Debentures

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Tue, 02/07/2023 - 13:31


(Kingston, ON – February 7, 2023) – The Empire Life Insurance Company (“Empire Life”) announced today that it intends to redeem, on March 15, 2023 (the “Redemption Date”), all of its outstanding CDN$200 million 3.664% Unsecured Subordinated Debentures, Series 2017-1 due March 15, 2028 (the “Notes”), at a redemption price of 100% of the principal amount, together with any accrued and unpaid interest to, but excluding, the Redemption Date. Notice will be delivered to the Note holders in accordance with the terms and conditions set forth in the related trust indenture. Interest on the Notes will cease to accrue from and after the Redemption Date.

The redemption has been approved by the Office of the Superintendent of Financial Institutions.

Forward-Looking Statements

This news release may contain forward-looking statements and information within the meaning of securities laws including those relating to the proposed redemption of the Notes. The words “may”, “will”, “would”, “should”, “could”, “expects”, “plans”, “intends”, “trends”, “indications”, “anticipates”, “believes”, “estimates”, “predicts”, “likely” or “potential” or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements and information. Although management believes that the expectations and assumptions on which these forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because there can be no assurance that they will prove to be correct. By their nature, forward-looking statements and information are subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. When relying on Empire Life’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors, assumptions and other uncertainties and potential events. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof or the date indicated, and not to use this forward-looking information for anything other than its intended purpose. Empire Life undertakes no obligation to update publicly or revise any forward-looking statements and information, whether as a result of new information, future events or otherwise after the date of this document, except as required by law. Readers are also cautioned that such additional information is not exhaustive.

About Empire Life

Established in 1923 and a subsidiary of E-L Financial Corporation Limited, Empire Life provides individual and group life and health insurance, investment and retirement products. The Company’s mission is to make it simple, fast and easy for Canadians to get the products and services they need to build wealth, generate income and achieve financial security. As of September 30, 2022, Empire Life had total assets under management of $17.0 billion. Follow us on social media @EmpireLife or visit for more information.



Karen Smith
Director, Communication Services
613 548-1890, ext. 3387