Q1 2024 highlights (compared to Q1 2023) Common shareholders' net income of $52 million (compared to net income of $52 million) Earnings per share (basic and diluted) of $52.86 (compared to $52.66) KINGSTON, ON, May 3, 2024 /CNW/ - The Empire Life Insurance Company (Empire Life) reported first quarter common shareholders' net income of $52 million for 2024, which is consistent with the same quarter in  2023. Favourable market-related movements in the period were offset by mortality experience in our individual insurance products. "Market conditions in the first quarter of 2024 had a positive impact on our earnings and increased our contractual service margin (CSM) balance, outweighing some unfavourable mortality trends," said Mark Sylvia, President and Chief Executive Officer. "Due to our strong capital and liquidity position, I'm pleased to announce the declaration of an additional dividend of $50.76 per common share, in addition to our usual quarterly dividend." Financial highlights First Quarter (in millions of dollars except per share amounts) 2024 2023 Common shareholders' net income (loss) $                                52 $                                52 Earnings per share - basic and diluted $                           52.86 $                           52.66   Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 Other Financial Highlights 2024 2023 2023 2023 2023 Return on common shareholders' equity(1) 10.4 % 10.5 % 3.9 % 6.6 % 4.4 % LICAT total ratio 157 % 155 % 152 % 151 % 152 % (1)  See Non-GAAP Measures section. The following table provides a summary of Empire Life results for the three months ended March 31, 2024 and 2023.