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

life insurance Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death ...

and

financial services Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...

company headquartered in

Kingston Kingston may refer to: Places * List of places called Kingston, including the five most populated: ** Kingston, Jamaica ** Kingston upon Hull, England ** City of Kingston, Victoria, Australia ** Kingston, Ontario, Canada ** Kingston upon Thames, ...

, Ontario. It was incorporated in 1923 and is a

subsidiary A subsidiary, subsidiary company or daughter company is a company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that either belong to the same parent company or having a s ...

of E-L Financial Corporation Limited of Toronto, Ontario, 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 companies, other business organizations, or their operating units are transferred to or consolidated with another company or business organization. As an aspect ...

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 The Dominion of Canada General Insurance Company, operating as The Dominion, was a Canadian general insurance company in operation from 1887 to 2013. The Dominion’s head office was in Toronto and the company had various offices across Can ...

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

Corporate management

* Mark Sylvia, FCIP, FLMI, president and chief executive officer * Richard Carty, MBA, general counsel and senior vice-president * Edward Gibson, FSA, FCIA, senior vice-president and chief actuary * Paul Holba, CFA, senior vice-president and chief investment officer * Michael Perry, BA, senior vice-president, group solutions * Steve Pong, BSc, senior vice-president, retail * Mark Rogers, CA, senior vice-president, corporate development * Rebecca Rycroft, FSA, FCIA, senior vice-president and

chief financial officer The chief financial officer (CFO) is an officer of a company or organization that is assigned the primary responsibility for managing the company's finances, including financial planning, management of financial risks, record-keeping, and financ ...

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

Board of directors

Chairman of the board The chairperson, also chairman, chairwoman or chair, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the grou ...

: Duncan N.R. Jackman * Directors:

Stephanie Bowman Stephanie Bowman is a Canadian politician, who was elected to the Legislative Assembly of Ontario in the 2022 provincial election. She represents the riding of Don Valley West as a member of the Ontario Liberal Party The Ontario Liberal Part ...

, John F. Brierley, Scott F. Ewert, Mark J. Fuller, Edward Iacobucci, Clive P. Rowe, Mark A. Sylvia, Jacques Tremblay, Patricia M. Volker * Honorary chairman: 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