The Empire Life Insurance Company, operating as Empire Life (), is a Canadian

life insurance Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typical ...

and

financial services Financial services are service (economics), economic services tied to finance provided by financial institutions. Financial services encompass a broad range of tertiary sector of the economy, service sector activities, especially as concerns finan ...

company headquartered in Kingston,

Ontario Ontario is the southernmost Provinces and territories of Canada, province of Canada. Located in Central Canada, Ontario is the Population of Canada by province and territory, country's most populous province. As of the 2021 Canadian census, it ...

. It was incorporated in 1923 and is a

subsidiary A subsidiary, subsidiary company, or daughter company is a company (law), company completely or partially owned or controlled by another company, called the parent company or holding company, which has legal and financial control over the subsidia ...

of E-L Financial Corporation Limited of

Toronto Toronto ( , locally pronounced or ) is the List of the largest municipalities in Canada by population, most populous city in Canada. It is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a p ...

, 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. Empire Life has grown to become one of the top 10 life insurance companies in Canada and one of Canada's best employers.

History and ownership

Empire Life was founded in 1923 by Milton Palmer Langstaff. In 1929, Empire Life merged with The Commonwealth Life and Accident Insurance Company. This

merger Mergers and acquisitions (M&A) are business transactions in which the ownership of a company, business organization, or one of their operating units is transferred to or consolidated with another entity. They may happen through direct absorpt ...

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 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 now 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 100% owned by E-L Financial Corporation Limited. 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 In investment, an annuity is a series of payments made at equal intervals based on a contract with a lump sum of money. Insurance companies are common annuity providers and are used by clients for things like retirement or death benefits. Examples ...

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.

Products

Individual 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,

Mutual Funds A mutual fund is an investment fund that pools money from many investors to purchase securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV in Europe ('investmen ...

through Empire Life Investments Inc. Group Benefits Small and medium 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 in communities across the country through charitable donations, employee volunteer hours, in-kind contributions and community

sponsorships Sponsoring something (or someone) is the act of supporting an event, activity, person, or organization financially or through the provision of products or services. The individual or group that provides the support, similar to a benefactor, is k ...

. * Empire Life Invests $250,000 in Pathways to Education's ''Graduation Nation'' Initiative

Corporate management

* Mark Sylvia, FCIP, FLMI, president and

chief executive officer A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

* Richard Carty, MBA, senior vice-president * Paul Holba, CFA, senior vice-president and chief investment officer * Erik Kalin, MBA, senior vice-president, operations, retail and group solutions * Steve Pong, BSc, senior vice-president and

chief operating officer A chief operating officer (COO), also called chief operations officer, is an executive in charge of the daily operations of an organization (i.e. personnel, resources, and logistics). COOs are usually second-in-command immediately after the C ...

, insurance and investments * Mark Rogers, CA, senior vice-president, corporate development * Rebecca Rycroft, FSA, FCIA, senior vice-president and

chief financial officer A chief financial officer (CFO) is an officer of a company or organization who is assigned the primary responsibility for making decisions for the company for projects and its finances; i.a.: financial planning, management of financial risks, ...

* Kathy Thompson, FSA, FCIA, senior vice-president and chief risk officer * Chris Volk, BSc (Hons), senior vice-president and chief technology officer

Board of directors

* Chair of the board: Duncan N.R. Jackman * Directors: Stephanie Bowman, John F. Brierley (honorary), Scott F. Ewert, Mark J. Fuller, Edward Iacobucci, Peter Levitt, Clive P. Rowe, Mark A. Sylvia, Jacques Tremblay, Patricia M. Volker * Honorary chair: The Honourable Henry N. R. Jackman

External links

Empire Life web site

E-L Financial Corporation Limited (E-L)

Empire Life Investments Inc

Bloomberg Businessweek Companies

References

{{Reflist Companies based in Kingston, Ontario Companies listed on the Toronto Stock Exchange Financial services companies established in 1923 Life insurance companies of Canada 1923 establishments in Ontario Canadian companies established in 1923