Investment losses took their toll as E-L Financial Corp. reported a decline in net income for the six months ended June 30. The company said total net income was $18.1 million ($4.72 per share) vs $30.1 million ($7.85) last year.

The Toronto-based life insurer said earned net operating income for the period was $29.5 million ($7.67) vs $14.1 million ($3.66) for the comparable period last year.

The company did not break out results for the three months ended June 30.

The company said that during the second quarter it realized an undisclosed pre-tax loss on the sale of investments from the repositioning of the insurance operation’s investment stock portfolio.

“There is an unusually high degree of uncertainty around both the capital markets and the political environment in which our operating subsidiaries do business,” chairman and president Duncan Jackman said in a statement. “We feel we are more than adequately capitalized to serve our clients.”