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OCI Orecap Invest Corp

0.06
0.00 (0.00%)
14 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Orecap Invest Corp TSXV:OCI TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.06 0.055 0.06 0.06 0.06 0.06 119,000 17:36:43

E-L Financial Corporation Limited Announces June 30, 2012 Interim Financial Results

09/08/2012 6:25pm

Marketwired Canada


E-L Financial Corporation Limited ("E-L Financial")
(TSX:ELF)(TSX:ELF.PR.F)(TSX:ELF.PR.G)(TSX:ELF.PR.H) today reported that for the
quarter ended June 30, 2012, consolidated net operating income(1) of $49.2
million or $11.48 per share(2) compared with $23.1 million or $5.23 per share in
2011.


The $26.1 million increase in net operating income for the second quarter of
2012 versus 2011 is principally attributable to a $23.9 million increase in net
operating income for the general insurance operation ("The Dominion"). Better
underwriting results driven by favourable prior year claims development recorded
in the second quarter of 2012 for automobile accident benefits claims and lower
claims expense for catastrophe losses contributed to The Dominion's increase.
Net operating income for the life insurance operation ("Empire Life") improved
$2.8 million primarily due to the favourable impact of changes made to the asset
mix to improve the matching of long term liabilities in the Individual Insurance
product line.


Consolidated net operating income for the first six months of 2012 was $94.2
million or $22.28 per share compared with $48.2 million or $10.97 per share for
the same period in 2011. The $46.0 million increase in net operating income was
primarily due to a $35.9 million increase in The Dominion's net operating income
for the reasons noted above, combined with lower weather-related property
losses. Empire Life's net operating income increased $6.8 million primarily due
to the favourable impact of changes made to the asset mix.


Net income (loss)

E-L Financial earned consolidated net income of $28.5 million or $6.21 per share
for the second quarter of 2012 compared with a loss of $11.4 million or $3.53
per share in 2011. Net income was favourably impacted by the increase in net
operating income, described above, and a $19.7 million decline in the Company's
share of losses from associates, partially offset by a $6.0 million increase in
E-L Corporate's fair value through profit or loss ("FVTPL") investment losses.


Consolidated net income for the first six months of 2012 was $184.2 million or
$45.20 per share compared with $38.8 million or $8.58 per share in 2011. The
$145.4 million increase in net income for the period reflects a $58.2 million
increase in net income from E-L Corporate's FVTPL investments resulting from
favourable market returns, a $43.9 million increase in the Company's share of
income from associates and The Dominion's $35.9 million improvement in net
operating income.


Comprehensive income (loss)

E-L Financial earned consolidated comprehensive income of $11.7 million or $1.95
per share for the second quarter of 2012 compared with a loss of $10.8 million
or $3.38 per share in 2011. Consolidated other comprehensive loss ("OCL") was
$16.7 million for the second quarter of 2012 compared with other comprehensive
income ("OCI") of $0.6 million in 2011. The $17.3 million decline in OCI for the
quarter reflected a larger decline in the unrealized fair value of available for
sale investments compared to the prior period.


Consolidated comprehensive income for the first six months of 2012 was $180.3
million or $44.21 per share compared with $35.0 million or $7.62 per share in
2011. Consolidated OCL was $3.9 million for the first six months of 2012
compared with $3.8 million in 2011.


"Macroeconomic headwinds continue to effect the life insurance business, while
our general insurance operation benefits from Ontario auto reforms and this
showed through in our underwriting results. Equity markets got off to a strong
start early in the year but pulled back during the last quarter and dampened
results at the corporate level", said Duncan Jackman, Chairman, President and
CEO of E-L Financial.




CONSOLIDATED SUMMARY OF COMPREHENSIVE INCOME (LOSS)                         
                                                                            
----------------------------------------------------------------------------
                                  Three months ended June 30, 2012          
                       -----------------------------------------------------
(thousands of dollars) E-L Corporate  The Dominion  Empire Life       Total 
----------------------------------------------------------------------------
Net operating income    $      3,463  $     33,013  $    12,738  $   49,214 
Realized gain on                                                            
 available for sale                                                         
 investments including                                                      
 impairment write downs        1,947         8,521        1,208      11,676 
Share of loss of                                                            
 associates                   (4,484)            -            -     (4,484) 
E-L Corporate's fair                                                        
 value change in fair                                                       
 value through profit                                                       
 or loss investments         (27,924)                               (27,924)
----------------------------------------------------------------------------
Net (loss) income            (26,998)       41,534       13,946      28,482 
Other comprehensive                                                         
 loss                         (5,950)       (9,264)      (1,530)    (16,744)
----------------------------------------------------------------------------
Comprehensive (loss)                                                        
 income                 $    (32,948) $     32,270  $    12,416  $   11,738 
                       -----------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                                  Three months ended June 30, 2011          
                       -----------------------------------------------------
(thousands of dollars) E-L Corporate  The Dominion  Empire Life       Total 
----------------------------------------------------------------------------
Net operating income    $      4,036  $      9,090  $     9,970  $   23,096 
Realized gain on                                                            
 available for sale                                                         
 investments including                                                      
 impairment write downs        3,180         5,113        3,283      11,576 
Share of loss of                                                            
 associates                  (24,170)            -            -     (24,170)
E-L Corporate's fair                                                        
 value change in fair                                                       
 value through profit                                                       
 or loss investments         (21,876)                               (21,876)
----------------------------------------------------------------------------
Net (loss) income            (38,830)       14,203       13,253     (11,374)
Other comprehensive                                                         
 (loss) income                   (20)        6,738       (6,120)        598 
----------------------------------------------------------------------------
Comprehensive (loss)                                                        
 income                 $    (38,850) $     20,941  $     7,133  $  (10,776)
                       -----------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                                   Six months ended June 30, 2012           
                       -----------------------------------------------------
(thousands of dollars) E-L Corporate  The Dominion  Empire Life       Total 
----------------------------------------------------------------------------
Net operating income    $     10,690  $     58,335  $    25,131  $   94,156 
Realized gain on                                                            
 available for sale                                                         
 investments including                                                      
 impairment write downs        2,475        15,620        2,693      20,788 
Share of income of                                                          
 associates                   26,886             -            -      26,886 
E-L Corporate's fair                                                        
 value change in fair                                                       
 value through profit                                                       
 or loss investments          42,380                                 42,380 
----------------------------------------------------------------------------
Net income                    82,431        73,955       27,824     184,210 
Other comprehensive                                                         
 income (loss)                 2,486        (3,863)      (2,514)     (3,891)
----------------------------------------------------------------------------
Comprehensive income    $     84,917  $     70,092  $    25,310  $  180,319 
                       -----------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                                   Six months ended June 30, 2011           
                       -----------------------------------------------------
(thousands of dollars) E-L Corporate  The Dominion  Empire Life       Total 
----------------------------------------------------------------------------
Net operating income    $      7,344  $     22,479  $    18,357  $   48,180 
Realized gain on                                                            
 available for sale                                                         
 investments including                                                      
 impairment write downs        4,305        13,140        6,061      23,506 
Share of loss of                                                            
 associates                  (17,028)            -            -     (17,028)
E-L Corporate's fair                                                        
 value change in fair                                                       
 value through profit                                                       
 or loss investments         (15,858)            -            -     (15,858)
----------------------------------------------------------------------------
Net (loss) income            (21,237)       35,619       24,418      38,800 
Other comprehensive                                                         
 (loss) income                (2,607)        1,827       (2,998)     (3,778)
----------------------------------------------------------------------------
Comprehensive (loss)                                                        
 income                 $    (23,844) $     37,446  $    21,420  $   35,022 
                       -----------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                                                                            
(1) Use of non-GAAP measures:                                               
"net operating income" is net income excluding realized gain on available   
for sale investments including impairment write downs, the Company's share  
of income from associates and the fair value change in fair value through   
profit or loss investments in the E-L Corporate portfolio, all net of tax.  
The term net operating income does not have any standardized meaning        
according to GAAP and therefore may not be comparable to similar measures   
presented by other companies.                                               
                                                                            
(2) All earnings per share figures are net of dividends paid on First       
Preference shares.

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