Kingston, Ont.-based Empire Life Insurance Company posted $83 million in net income attributed to common shareholders for its second quarter earnings, up from $32 million in the same quarter last year.
The increase was primarily driven by a stronger net investment and insurance finance result, supported by favourable impacts from interest rate movements and non-fixed income asset performance, the insurer noted.
However, for the year to date, common shareholders’ net income was $89 million, down from $102 million at the same time last year, mainly due to weak first quarter results.
Earnings per share (basic and diluted) amounted to $84.52 in the second quarter, compared to $32.66 a year ago.
“Sales in wealth management products continue to increase, thanks to high customer demand for our new segregated funds,” Mark Sylvia, president and CEO of Empire Life, said in a release. “We also continue to invest in our infrastructure and technology.”
Empire Life’s second quarter net insurance service result totalled $68 million, up from $59 million in the same period of 2025. The gains were mainly driven by more favourable long-term disability experience in group insurance and higher insurance revenues in wealth management from improved contract valuations. This was partly offset by a worse mortality experience in individual insurance.
The insurer reported a net investment and insurance finance result of $88 million in Q2, up from $18 million during the same period last year. The increase was primarily attributed to favourable interest rate movements and non-fixed income asset performance.
Other expenses for the quarter totalled $36 million, compared to $29 million a year earlier. The increase was driven by technology investments.
As of June 30, 2026, Empire Life had $22 billion in assets under management.