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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 September 30, 2012 Interim Financial Results

07/11/2012 7:06pm

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 September 30, 2012, consolidated net operating income(1) of $11.8
million or $2.01 per share(2) for the third quarter of 2012 compared with $2.5
million or $nil per share in 2011.


The $9.3 million increase in net operating income for the third quarter of 2012
versus 2011 is due to a $16.6 million increase in the life insurance operation
("Empire Life") and a $5.7 million increase in E-L Corporate. Empire Life's
increase resulted from primarily improved individual insurance product line
results as long-term interest rate volatility and stock market conditions during
the quarter improved from last year's unfavourable conditions. These increases
were partially offset by the general insurance operation's ("The Dominion")
$13.1 million decrease in operating income resulting from an increase in the
automobile loss ratio mainly for increases for prior year claims ceded to the
Facility Association's Risk Share Pools and for bodily injury claims, higher
weather-related claims and higher commission and operating expenses, partly
offset by favourable claims development recorded in the third quarter of 2012
versus unfavourable claims development recorded in the third quarter of 2011.


Consolidated net operating income for the first nine months of 2012 was $105.9
million or $24.29 per share compared with $50.7 million or $10.98 per share in
2011. The $55.2 million increase in net operating income was due to improvements
in both The Dominion and Empire Life. The $22.8 million increase in The
Dominion's year to date net operating income reflects favourable prior year
claims development recorded in 2012 mainly for Ontario automobile accident
benefits claims, in contrast to unfavourable development recorded in the same
period in the prior year (mainly for Ontario bodily injury claims) and lower
claims expense for weather-related property losses, partly offset by higher
commission and operating expenses. Empire Life's year to date net operating
income increased $23.4 million primarily due to the above mentioned long-term
interest rate and stock market conditions.


Net income (loss)

E-L Financial earned consolidated net income of $47.5 million or $11.11 per
share for the third quarter of 2012 compared with a loss of $94.7 million or
$24.71 per share in 2011. The $142.2 million increase in net income for the
period reflects a $91.0 million increase in E-L Corporate's fair value through
profit or loss ("FVTPL") investments resulting from favourable market returns
and a $28.4 million increase in the Company's share of income from associates.


Consolidated net income for the first nine months of 2012 was $231.7 million or
$56.30 per share compared with a loss of $55.9 million or $16.12 per share in
2011. The $287.6 million increase in net income for the period reflects
primarily a $149.3 million increase in E-L Corporate's fair value change in
FVTPL investments, a $72.3 million increase in the Company's share of income
from associates and a $55.2 million improvement in net operating income.


Comprehensive income (loss)

E-L Financial earned consolidated comprehensive income of $68.4 million or
$16.42 per share for the third quarter of 2012 compared with a loss of $108.4
million or $28.19 per share in 2011. Consolidated other comprehensive income
("OCI") was $20.9 million for the third quarter of 2012 compared with other
comprehensive loss ("OCL") of $13.7 million in 2011. The $34.6 million increase
in OCI for the quarter reflected an increase in the unrealized fair value of
available for sale investments compared to a loss in the third quarter of 2011.


Consolidated comprehensive income for the first nine months of 2012 was $248.7
million or $60.62 per share compared with a loss of $73.4 million or $20.56 per
share in 2011. Consolidated OCI was $17.0 million for the first nine months of
2012 compared with OCL of $17.5 million in 2011.


"Our third quarter results showed improvement over the prior year, primarily
driven by favourable market conditions that had a positive impact at the
corporate level and on our insurance operations," said Duncan Jackman, Chairman,
President and CEO of E-L Financial.


CONSOLIDATED SUMMARY OF COMPREHENSIVE INCOME (LOSS)



----------------------------------------------------------------------------
                               Three months ended September 30, 2012        
                       -----------------------------------------------------
                                                                            
(thousands of                    E-L          The       Empire              
 dollars)                  Corporate     Dominion         Life        Total 
----------------------------------------------------------------------------
                                                                            
Net operating income                                                        
 (loss)                $       5,079   $   (8,928)  $   15,640   $   11,791 
Realized gain on                                                            
 available for sale                                                         
 investments                                                                
 including                                                                  
 impairment write                                                           
 downs                         1,272        5,231          536        7,039 
Share of income of                                                          
 associates                   11,715            -            -       11,715 
E-L Corporate's fair                                                        
 value change in                                                            
 fair value through                                                         
 profit or loss                                                             
 investments                                                                
                                                                            
                              16,972                                 16,972 
----------------------------------------------------------------------------
Net income (loss)             35,038       (3,697)      16,176       47,517 
Other comprehensive                                                         
 income                          743       14,130        5,994       20,867 
----------------------------------------------------------------------------
Comprehensive income   $      35,781   $   10,433   $   22,170   $   68,384 
-----------------------=====================================================
                                                                            
----------------------------------------------------------------------------
                               Three months ended September 30, 2011        
                       -----------------------------------------------------
                                                                            
(thousands of                    E-L          The       Empire              
 dollars)                  Corporate     Dominion         Life        Total 
----------------------------------------------------------------------------
                                                                            
Net operating (loss)                                                        
 income                $        (650)  $    4,134   $     (952)  $    2,532 
Realized loss on                                                            
 available for sale                                                         
 investments                                                                
 including                                                                  
 impairment write                                                           
 downs                          (309)      (1,867)      (4,269)      (6,445)
Share of loss of                                                            
 associates                  (16,693)           -            -      (16,693)
E-L Corporate's fair                                                        
 value change in                                                            
 fair value through                                                         
 profit or loss                                                             
 investments                 (74,067)                               (74,067)
----------------------------------------------------------------------------
Net (loss) income            (91,719)       2,267       (5,221)     (94,673)
Other comprehensive                                                         
 loss                           (377)      (6,872)      (6,452)     (13,701)
----------------------------------------------------------------------------
Comprehensive loss     $     (92,096)  $   (4,605)  $  (11,673)  $ (108,374)
-----------------------=====================================================
----------------------------------------------------------------------------
                               Nine months ended September 30, 2012         
                       -----------------------------------------------------
                                                                            
(thousands of                    E-L          The       Empire              
 dollars)                  Corporate     Dominion         Life        Total 
                       -----------------------------------------------------
                                                                            
Net operating income   $      15,769   $   49,407   $   40,771   $  105,947 
Realized gain on                                                            
 available for sale                                                         
 investments                                                                
 including                                                                  
 impairment write                                                           
 downs                         3,747       20,851        3,229       27,827 
Share of income of                                                          
 associates                   38,601            -            -       38,601 
E-L Corporate's fair                                                        
 value change in                                                            
 fair value through                                                         
 profit or loss                                                             
 investments                  59,352                                 59,352 
----------------------------------------------------------------------------
Net income                   117,469       70,258       44,000      231,727 
Other comprehensive                                                         
 income                        3,229       10,267        3,480       16,976 
----------------------------------------------------------------------------
Comprehensive income   $     120,698   $   80,525   $   47,480   $  248,703 
-----------------------=====================================================
                                                                            
----------------------------------------------------------------------------
                                Nine months ended September 30, 2011        
                       -----------------------------------------------------
                                                                            
(thousands of                    E-L          The       Empire              
 dollars)                  Corporate     Dominion         Life        Total 
----------------------------------------------------------------------------
                                                                            
Net operating income   $       6,694   $   26,613   $   17,405   $   50,712 
Realized gain on                                                            
 available for sale                                                         
 investments                                                                
 including                                                                  
 impairment write                                                           
 downs                         3,996       11,273        1,792       17,061 
Share of loss of                                                            
 associates                  (33,721)           -            -      (33,721)
E-L Corporate's fair                                                        
 value change in                                                            
 fair value through                                                         
 profit or loss                                                             
 investments                 (89,925)                               (89,925)
----------------------------------------------------------------------------
Net (loss) income           (112,956)      37,886       19,197      (55,873)
Other comprehensive                                                         
 loss                         (2,984)      (5,045)      (9,450)     (17,479)
----------------------------------------------------------------------------
Comprehensive (loss)                                                        
 income                $    (115,940)  $   32,841   $    9,747   $  (73,352)
-----------------------=====================================================
                                                                            
(1) U se 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.                                                          



FOR FURTHER INFORMATION PLEASE CONTACT: 
E-L Financial Corporation Limited
Mark M. Taylor
Executive Vice-President and Chief Financial Officer
(416) 947-2578
(416) 362-2592 (FAX)

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