The Empire Life Insurance Co. reported common shareholders’ net income of $93 million in the third quarter, down by $84 million from $177 million in the same quarter in 2024.
The main driver of the decrease was interest rate movements; in last year’s third quarter they drove larger net investment and insurance finance gains than in the same period this year.
Net insurance service result fell by $19 million from last year’s third quarter, primarily from unfavourable impact assumption updates individual insurance had this quarter compared with the favourable impact of assumption updates in group solutions in the same period of 2024.
Total “other” expenses increased to $25 million in the third quarter from $23 million in the same period last year. The $2-million change came from an increase in non-insurance expenses, primarily related to investments in information systems and process efficiency, and higher activity in non-insurance distribution channels.