TORONTO, May 8, 2024 /CNW/ - E-L Financial Corporation Limited ("E-L Financial" or the "Company") (TSX:ELF) (TSX:ELF) (TSX:ELF) (TSX:ELF) today reported a net equity value per common share of $2,124.20 as at March 31, 2024, an increase of 7.9% compared to $1,968.17 as at December 31, 2023. For the three months ended March 31, 2024, E-L Financial reported a consolidated net income of $547 million or $161.41 per common share compared to $305 million or $86.96 per common share in 2023. Today the Board of Directors of E-L Financial declared a quarterly dividend of $3.75 per common share payable on July 17, 2024, with a record date of June 28, 2024. E-L Corporate For the first quarter of 2024, E-L Corporate reported net income of $495 million compared to $253 million in 2023. The increase in earnings was due to a net gain on investments of $629 million in 2024 compared to $323 million in 2023. E-L Corporate's global investment portfolio had a pre-tax total return, including dividend income, of 11% in 2024 compared to a pre-tax total return of 8% for the prior year. Empire Life Empire Life reported net income of $52 million for the first quarter of 2024 compared to $52 million in 2023. The earnings in 2024 were impacted by favourable market-related movements which was offset by mortality experience from Individual Insurance products. Empire Life's Life Insurance Capital Adequacy Test ("LICAT") total ratio was 157% at March 31, 2024 compared to 155% at December 31, 2023, well above the requirements set by the Office of the Superintendent of Financial Institutions Canada as well as Empire Life's minimum internal targets. CONSOLIDATED SUMMARY OF NET INCOME (UNAUDITED) E-L Financial Consolidated First quarter (millions of dollars) 2024 2023 Contribution to net income E-L Corporate(1) $            495 $            253 Empire Life(1) 52 52 Net income