TORONTO, ONTARIO — (Marketwire) — 11/03/11 — E-L Financial Corporation Limited (“E-L Financial”) (TSX: ELF)(TSX: ELF.PR.F)(TSX: ELF.PR.G) today reported that for the quarter ended September 30, 2011, it earned net consolidated operating income(1)of $2.5 million or $nil per share(2) compared with $15.6 million or $3.33 per share for the comparable period in 2010. On a year to date basis, E-L Financial earned consolidated net operating income of $50.7 million or $10.98 per share compared with $35.8 million or $7.16 per share for the comparable period in 2010. “The results of E-L Financial continue to be affected by volatile stock markets and historically low interest rates” says Duncan Jackman, Chairman, President and CEO of E-L Financial.
Net income (loss)
For the three months ended September 30, 2011, E-L Financial incurred a consolidated net loss of $94.7 million or $24.71 per share compared with net income of $84.5 million or $20.83 per share in 2010. On a year to date basis, E-L Financial incurred a consolidated net loss of $55.9 million or $16.12 per share compared with net income of $65.2 million or $14.63 per share in 2010.
Comprehensive income (loss)
For the three months ended September 30, 2011, E-L Financial had a consolidated comprehensive loss of $108.4 million or $28.19 per share compared with income of $129.7 million or $32.29 per share for the comparable period in 2010. Other comprehensive loss (“OCL”) was $13.7 million or $3.48 per share compared with other comprehensive income (“OCI”) of $45.1 million or $11.46 per share for the comparable period in 2010.
On a year to date basis, E-L Financial incurred a consolidated comprehensive loss of $73.4 million or $20.56 per share compared with income of $103.9 million or $24.45 per share for the comparable period in 2010. Consolidated OCL was $17.5 million or $4.44 per share compared with OCI of $38.7 million or $9.82 per share for the comparable period in 2010.
(1)Use of non-GAAP measures:
“net operating income (loss)” is net income excluding realized gain (loss) on AFS investments including impairment write downs, the Company-s share of income (loss) from associates and the fair value change in FVTPL investments in the E -L Corporate portfolio, all net of tax. The term net operating income (loss) does not have any standardized meaning according to GAAP and therefore may not be comparable to similar measures presented by other companies.
(2)All per share figures are net of dividends paid on First Preference shares.
Contacts:
E-L Financial Corporation Limited
Mark M. Taylor
Executive Vice-President and Chief Financial Officer
(416) 947-2578
(416) 362-2592 (FAX)