E-L Financial Corporation Limited Announces March 31, 2014 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, 2014,
consolidated net operating income(1) of $23.8 million or $5.06 per share(2) for
the first three months of 2014 compared with $13.4 million or $2.42 per share in
2013.


The $10.4 million increase in net operating income in 2014 versus 2013 is
principally due to increased dividend income in E-L Corporate resulting from the
additional $650 million capital employed from the sale of the general insurance
operation (The Dominion), as well as the life insurance operation's (Empire
Life) growth in segregated fund fees due to strong segregated fund sales
combined with the positive impact of favourable stock market conditions on
management fees earned.


Net income

E-L Financial earned consolidated net income of $104.8 million or $25.69 per
share for the first three months of 2014 compared with $146.0 million or $36.20
per share in 2013.


The $41.2 million decline in net income is primarily due to an $83.6 million
increase in E-L Corporate fair value through profit or loss investments compared
to $113.6 million in 2013 resulting from stronger markets during the first
quarter of 2013 compared to 2014.


Comprehensive income

E-L Financial earned consolidated comprehensive income of $123.2 million or
$30.40 per share for the first three months of 2014 compared to $197.5 million
or $49.30 per share in 2013. Consolidated other comprehensive income ("OCI") was
$18.5 million or $4.71 per share compared with $51.4 million or $13.20 per share
in 2013. The decrease in OCI for the quarter is primarily due to $33.6 million
in income in 2013 from discontinued operations.


E-L Financial's net equity value per Common Share(1) at March 31, 2014 was $902.34.

CONSOLIDATED SUMMARY OF COMPREHENSIVE INCOME



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                                                    March 31, 2014          
                                         -----------------------------------
                                                           Empire           
(thousands of dollars)                   E-L Corporate       Life     Total 
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Net operating income                      $     10,813  $  12,939 $  23,752 
Realized gain on available for sale                                         
 investments including impairment write                                     
 downs                                           1,140      1,223     2,363 
Share of loss of associates                     (4,941)         -    (4,941)
E-L Corporate's fair value change in fair                                   
 value through profit or loss investments       83,587               83,587 
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Net income                                      90,599     14,162   104,761 
Other comprehensive income ("OCI")               9,501      8,985    18,486 
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Comprehensive income                      $    100,100  $  23,147 $ 123,247 
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CONSOLIDATED SUMMARY OF COMPREHENSIVE INCOME (continued)



----------------------------------------------------------------------------
                                                   March 31, 2013           
----------------------------------------------------------------------------
                                                 E-L                        
(thousands of dollars)                     Corporate Empire Life       Total
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Net operating income                     $     5,426  $    7,948  $   13,374
Realized gain on available for sale                                         
 investments including impairment write                                     
 downs                                         2,286         219       2,505
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 from continuing operations        124,126       8,167     132,293
Net income from discontinued operations                               13,745
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Net income                                   124,126       8,167     146,038
OCI from continuing operations                13,137       4,673      17,810
OCI from discontinued operations                                      33,628
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Total OCI                                     13,137       4,673      51,438
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Comprehensive income                     $   137,263  $   12,840  $  197,476
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(1) Use of non-GAAP measures:

"net operating income" is net income from continuing operations 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.


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