Empire Life
 | |
| Subsidiary | |
| Traded as |
TSX: ELF TSX: ELF.PR.F TSX: ELF.PR.G |
| Industry | Insurance |
| Founded | Toronto, Ontario, Canada, 1923 |
| Headquarters | Kingston, Ontario, Canada |
Key people |
Mark Sylvia, President and CEO Duncan N.R. Jackman, Chairman of the Board of Directors |
| Products | Insurance, Investment |
Number of employees | 840 |
| Parent | E-L Financial Corporation |
| Subsidiaries | Empire Life Investments Inc. |
| Website | http://www.empire.ca/ |
The Empire Life Insurance Company (Empire Life or Empire Vie) is a Canadian life insurance and financial services company with its headquarters in Kingston, Ontario, Canada. It was incorporated in 1923 and is a subsidiary of E-L Financial Corporation Limited of Toronto, Ontario, Canada. The company provides individual life, health and investment products as well as group life and health products through independent distribution partners including financial advisors, management general agents, national account firms and employee benefit producers. Empire Life is the parent company of Empire Life Investments Inc, a Canadian investment management company launched in 2011.
History and ownership
Founded in 1923 by Milton Palmer Langstaff, The Empire Life Insurance Company has grown to become one of the top 10 life insurance companies in Canada.[1]
In 1929, Empire Life merged with The Commonwealth Life and Accident Insurance Company. This merger was followed by the acquisition of The Canadian Order of Odd Fellows insurance portfolio in 1934, and a subsequent merger with the Mutual Relief Life Insurance Company in 1936. Following the acquisition of the Mutual Relief Life Insurance Company, the company's head office moved from Toronto, Ontario to Kingston, Ontario.
In 1968, E-L Financial Corporation Limited [2] acquired 94% of the outstanding shares of Empire Life. In 1987, E-L Financial acquired The Montreal Life Insurance Company, as well as the life insurance operations of The Dominion of Canada General Insurance Company, and adopted the marketing name of Empire Financial Group.
As part of this acquisition, Empire Life became a subsidiary of the holding company, E-L Financial Services Limited which owns 98.3% of the company. The remaining 1.7% of Empire Life common shares are widely held by various individual shareholders. E-L Financial Services Limited is 81% owned by E-L Financial Corporation Limited and 19% owned by Guardian Assurance plc.[3]
In 1992, Empire Life acquired a block of group insurance business from the Metropolitan Life Insurance Company, and in 1993 acquired the non-participating individual insurance policies of The Citadel Life Assurance Company. In 1995, Empire Life agreed to administer and assume a block of deferred annuity and Registered Retirement Income Fund (RRIF) policies of Confederation Life Insurance Company. In 1997, Empire Life assumed a block of deferred annuity policies from Allstate Life Insurance Company of Canada. In 2000, Empire Life assumed a block of annuity and RRIF policies from Coopérants, Mutual Life Insurance Society.
On December 31, 1997, Empire Life acquired all the shares of Colonia Life Insurance Company and subsequently changed the name of the company to Concordia Life Insurance Company a year later. On January 1, 2002, Empire Life and Concordia amalgamated as one company under the name of The Empire Life Insurance Company (or L'Empire, Compagnie d'Assurance-Vie). From 1987 to 2005, Empire Life used the marketing name of Empire Financial Group but re-branded as Empire Life in 2006.[4]
Products
Individual Insurance Universal life insurance, Term life insurance, Permanent life insurance and Critical illness insurance
Wealth Management Segregated funds, Portfolio funds, Guaranteed Interest Options (GIOs), Registered Retirement Income Fund including a Guaranteed Minimum Withdrawal Benefit (GMWB) product, Group Registered Retirement Savings Plan
Group Benefits Small business group life and health insurance plans, group life and health insurance plans for 20+ employees, Administrative Services Only (ASO) contracts, cost plus arrangements and disability management
Sponsorships and philanthropy
- Empire Life invests at least 1% of annual pre-tax profits in communities across the country through charitable donations, employee volunteer hours, in-kind contributions and community sponsorships.
- Empire Life boosts Sports & Entertainment Centre Fund [5]
- Empire Life Invests $250,000 in Pathways to Education's Graduation Nation Initiative[6]
Corporate management
Mark Sylvia, President and Chief Executive Officer
Gary McCabe, CA, Senior Vice-President & Chief Financial Officer
Richard Cleaver, Senior Vice-President, Information Technology
Steve Pong, B.A.Sc., Senior Vice-President, Group Solutions
Anne Butler, BA, LLB, Senior Vice-President, Human Resources, Communications & Legal Services
Edward Gibson, FSA, FCIA, Senior Vice-President, Strategy and Chief Actuary
Gaelen Morphet, CFA, Senior Vice-President and Chief Investment Officer
Sean Kilburn, BSc, FSA, FCIA, Senior Vice-President, Retail
Board of directors
Chairman of the Board: Duncan N.R. Jackman
Directors: Andrew S. Birrell, John F. Brierley, Mark J. Fuller, Harold W. Hillier, Edward M. Iacobucci, Richard E. Rooney, Clive P. Rowe, Stephen J.R. Smith, Mark A. Sylvia, Mark M. Taylor, Douglas C. Townsend, Jacques Tremblay, Jonathan J. Yates
Honorary Chairman: The Honourable Henry N. R. Jackman
Honorary Director: Rt. Hon John N. Turner
External links
- Empire Life web site
- Guardian Assurance plc
- E-L Financial Corporation Limited (E-L)
- Business Week Companies