TORONTO, Aug. 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 $2,123.79 as at June 30, 2024, an increase of 7.9% compared to $1,968.17 as at December 31, 2023. For the second quarter ended June 30, 2024, E-L Financial reported a consolidated shareholder's net income of $232 million or $67.66 per common share compared to $184 million or $52.07 per common share for the same period in 2023. For the first six months ended June 30, 2024, E-L Financial reported a consolidated shareholder's net income of $779 million or $229.08 per common share compared to $489 million or $139.08 per common share for the same period in 2023. Today the Board of Directors of E-L Financial declared a quarterly dividend of $3.75 per common share payable on October 17, 2024, with a record date of September 27, 2024. E-L Corporate E-L Corporate reported net income of $197 million for the second quarter of 2024 compared to $185 million for the comparative period in 2023. The increase in earnings was due to an increase in E-L Corporate's share of associates income combined with an increase in investment and other income. E-L Corporate's global investment portfolio had a pre-tax total return, including dividend income, of 4% in 2024 compared to a pre-tax total return of 4% in the prior year. E-L Corporate reported net income of $692 million for the first six months of 2024 compared to $438 million for the comparative period in 2023. The increase in earnings was due to a net gain on investments of $843 million in 2024 compared to $535 million in 2023. E-L Corporate's global investment portfolio had a pre-tax total return, including dividend income, of 16% in the first six months of 2024 compared to a pre-tax total return of 11% for the same period in the prior year. Empire Life Empire Life reported a net income of $35 million for the second quarter of 2024 compared to a net loss of $1 million in 2023. The increase in earnings in the second quarter of 2024 was mainly due to an improved net insurance service result over the prior year related to the Wealth Management product line, along with net investment gains from non-fixed income assets in 2024 relative to the first half of 2023. Empire Life reported a net income of $87 million for the first six months of 2024 compared to $51 million for the comparable period in 2023. The increase over prior year was primarily due to higher net investment and insurance finance results driven by gains from non-fixed income assets and interest rate movements in 2024 relative to the comparative period in 2023. Empire Life's Life Insurance Capital Adequacy Test ("LICAT") total ratio was 152% at June 30, 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 Second quarter Year to date (millions of dollars) 2024 2023 2024 2023 Contribution to net income E-L Corporate(1) $            197 $            185