E-L Financial Corporation Limited Announces March 31, 2013 Interim Financial Results

E-L Financial Corporation Limited ("E-L Financial")
(TSX:ELF)(TSX:ELF.PR.F)(TSX:ELF.PR.G)(TSX:ELF.PR.H) today reported for the
quarter ended March 31, 2013, consolidated net operating income(1) of $21.4
million or $4.47 per share(2) compared with $45.1 million or $10.83 per share in
2012. 


The $23.7 million decrease in net operating income in 2013 versus 2012 is
principally attributable to the general insurance operation ("The Dominion")
which reported a $17.4 million decrease in net operating income in the first
quarter resulting mainly from higher claims expense for automobile and
weather-related personal property losses, partly offset by lower claims expense
for commercial property. The life insurance operation's ("Empire Life") net
operating income decreased $4.4 million due to the unfavourable impact of
long-term interest rate movements on the Individual Insurance product line in
2013 compared to a favourable impact in 2012.


Net income

E-L Financial earned consolidated net income of $146.0 million or $36.20 per
share for the first three months of 2013 compared with $155.9 million or $39.02
per share in 2012. 


In addition to the decrease in net operating income described above, income from
associates decreased $28.6 million, as income from United Corporations Limited
("United") in 2013 is now reported on a consolidated basis versus as income from
associates in 2012. Offsetting the declines for the period, fair value through
profit or loss ("FVTPL") investments held at E-L Corporate increased $113.6
million compared to $70.3 million in 2012 reflecting an increase of $43.9
million in United's investments. 


Comprehensive income

E-L Financial earned consolidated comprehensive income of $197.5 million or
$49.30 per share for the first three months of 2013 compared to $165.7 million
or $41.51 per share in 2012. Consolidated other comprehensive income ("OCI") was
$51.4 million or $13.10 per share compared with $9.8 million or $2.49 per share
in 2012. The improvement in OCI for the quarter reflected a larger unrealized
fair value increase on available for sale investments compared to the prior
period.


E-L Financial's net equity value per Common Share (1) at March 31, 2013 was $790.90.

"The first quarter reflected insurance operation results that were lower
relative to the same period in the prior year, offset by an increase in the
investment portfolio primarily driven by continued momentum in global equity
markets," said Duncan Jackman, Chairman, President and CEO of E-L Financial.


CONSOLIDATED SUMMARY OF COMPREHENSIVE INCOME



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                                       Period ended March 31, 2013          
                            ------------------------------------------------
                                                                            
                                     E-L         The      Empire            
(thousands of dollars)         Corporate    Dominion        Life       Total
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Net operating income         $     5,426 $     8,061 $     7,948 $    21,435
Realized gain on available                                                  
 for sale investments                                                       
 including impairment write                                                 
 downs                             2,286       5,684         219       8,189
Share of income of                                                          
 associates                        2,803           -           -       2,803
E-L Corporate's fair value                                                  
 change in fair value                                                       
 through profit or loss                                                     
 investments                     113,611                             113,611
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Net income                       124,126      13,745       8,167     146,038
Other comprehensive income        13,137      33,628       4,673      51,438
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Comprehensive income         $   137,263 $    47,373 $    12,840 $   197,476
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Restated (3)                            Period ended March 31, 2012         
                            ------------------------------------------------
                                                                            
                                     E-L         The      Empire            
(thousands of dollars)         Corporate    Dominion        Life       Total
----------------------------------------------------------------------------
                                                                            
Net operating income         $     7,241 $    25,491 $    12,342 $    45,074
Realized gain on available                                                  
 for sale investments                                                       
 including impairment write                                                 
 downs                               528       7,099       1,485       9,112
Share of income of                                                          
 associates                       31,370           -           -      31,370
E-L Corporate's fair value                                                  
 change in fair value                                                       
 through profit or loss                                                     
 investments                      70,304                              70,304
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Net income                       109,443      32,590      13,827     155,860
Other comprehensive income                                                  
 (loss)                            8,072       4,110     (2,378)       9,804
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Comprehensive income         $   117,515 $    36,700 $    11,449 $   165,664
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(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.                                               
                                                                            
"net equity value per Common Share" provides an indication of the           
accumulated shareholder value, adjusting shareholders' equity to reflect    
investments in associates at fair value, net of tax, as opposed to their    
carrying value.                                                             
                                                                            
(2) All earnings per share figures are net of dividends paid on First       
Preference shares.                                                          
                                                                            
(3) Net operating income and other comprehensive income for March 31, 2012  
have been restated to reflect the impact of the prior period adjustment     
related to the remeasurement of defined benefit plans resulting in a $132   
increase in net operating income and a $3,049 decrease in other             
comprehensive income for the first quarter of 2012.                         



FOR FURTHER INFORMATION PLEASE CONTACT: 
E-L Financial Corporation Limited
Mark M. Taylor
Executive Vice-President and Chief Financial Officer
[phone]
[phone] (FAX)