The Empire Life Insurance Company (Empire Life) has reported total revenue of $1.2bn for the full year 2009, an increase of 77.5% compared to $688.3m for the same period last year. Insurance premiums revenue for the year was $539.6m and annuity premiums revenue was $300.3m.
For the full year ended December 31, 2009, the company posted a net income of $64.9m for the full year 2009 which is an increase of 14.3% compared to $45.08m for the year ended December 31, 2008. Shareholders’ net income was $53.8m, up 11.1% from $48.4m in 2008. Policyholders’ net income was $11.1m compared to $3.3m last year.
The wealth management of the company increased 7% compared to 2008 results. The segregated fund sales decreased, however the company did achieve net segregated fund sales of $188m. Employee benefit sales were down 11%, due to the economic challenges facing employers during the year. Sales of risk products declined 15% in 2009.
Les Herr, president and CEO of Empire Life, said: “Empire Life remains strong, with a clear vision, and is committed to meeting the needs of all of our stakeholders-our customers, business partners, employees and shareholders.
“The uncertain economic conditions that we experienced in early 2009 were a concern, but after the first quarter we started to see gradual improvement in our sales results which continued for the rest of the year. During the last quarter, we exceeded prior year fourth quarter sales levels which created exciting momentum heading into 2010.”
The Empire Life Insurance Company, a subsidiary of E-L Financial Corporation Limited, underwrites life and health insurance policies and annuity contracts for individuals and groups.