The Empire Life Insurance Company reported a second-quarter net income of$32 million, down $3 millioncompared to the same quarter in 2024, the insurer said in a release Wednesday.
The decrease in net income was driven by an investment loss of $69 million and a drop in fee and other income.
These decreases were slightly offset by a net insurance service result that increased by$16 millionin the second quarter compared to the same period last year. The change was primarily related to improved mortality experience in individual insurance segment and more favourable long-term disability claims experience in group insurance.
The net investment and insurance finance result fell by$10 milliondue to the unfavourable effect of interest rates compared to interest rate movements in the second quarter in 2024.
The company reported a life Insurance capital adequacy test total ratio of 142%.