Empire Life posted net income of $43 million for the first quarter of 2019, up from $39 million in 2018.
In a May 2 statement, the insurer said the earnings increase was primarily due to higher income from the Individual Insurance, Wealth Management and Capital and Surplus product lines, partially offset by lower income from Employee Benefits.
The company reported a return on common shareholder’s equity (ROE) of 11.2% for the quarter, an increase from 10.8% for the same quarter of 2018.
Empire Life’s Life Insurance Capital Adequacy Test (LICAT) Total Ratio was 150% at March 31, 2019.
“All three of our product lines have performed well with net premiums higher than those in Q1 2018,” said Mark Sylvia, President and CEO of Empire Life. “First quarter return on shareholders’ equity was also higher than the same period in 2018. Our capital position, as measured by LICAT, continues to be very strong—above both supervisory and internal targets.”