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1. Company Snapshot

1.a. Company Description

E-L Financial Corporation Limited operates as an investment and insurance holding company in Canada.It operates through two segments, E-L Corporate and Empire Life.The company owns investments in equities and fixed income securities directly and indirectly through pooled funds, closed-end investment companies, and other investment companies.


It also underwrites life and health insurance policies, wealth management products, group plans, and financial services, as well as segregated funds, mutual funds, and annuity products to individuals, professionals, and businesses through a network of independent financial advisors, managing general agents, national account firms, mutual fund dealers, and employee benefit brokers and representatives.E-L Financial Corporation Limited was incorporated in 1968 and is headquartered in Toronto, Canada.

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1.b. Last Insights on ELF

E-L Financial Corporation Limited's recent performance was driven by a 19% year-over-year revenue growth to CA$853.4m in Q2 2025. The company's net equity value per common share increased 9.7% to $23.29 as of June 30, 2025, compared to $21.241 a year ago. Additionally, the company declared cash dividends, providing income to shareholders. The strong financial results and dividend payments likely contributed to a positive outlook. E-L Financial's recent earnings release highlighted its solid financial position.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Does E-L Financial’s 27.4% Rally Reflect Its True Value After Recent Insurance Expansion?

Dec -01

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Advice from a Canadian billionaire: 'If you have money, give it away'

Nov -20

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E-L FINANCIAL CORPORATION LIMITED ANNOUNCES SEPTEMBER 30, 2025 FINANCIAL RESULTS

Nov -10

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Empire Life announces 2025 third quarter dividends

Oct -30

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E-L Financial Reports Second Quarter 2025 Earnings

Aug -10

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E-L FINANCIAL CORPORATION LIMITED ANNOUNCES JUNE 30, 2025 FINANCIAL RESULTS

Aug -07

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E-L FINANCIAL CORPORATION LIMITED ANNOUNCES DIVIDENDS

Aug -07

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E-L Financial Corporation Limited's (TSE:ELF) top owners are private companies with 42% stake, while 32% is held by institutions

Jul -07

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.53%)

6. Segments

E-L Corporate

Expected Growth: 8.5%

E-L Corporate's growth is driven by increasing demand for financial services and investment products among corporate clients, coupled with E-L Financial Corporation Limited's strong brand reputation and expanding product offerings.

Empire Life

Expected Growth: 4.5%

Empire Life's growth is driven by increasing demand for insurance and investment products, a growing Canadian population, and the company's diversified product offerings, including individual and group life insurance, as well as wealth management solutions.

7. Detailed Products

Life Insurance

E-L Financial Corporation Limited offers a range of life insurance products that provide financial protection to individuals and families in the event of death or terminal illness.

Investment Funds

The company offers a variety of investment funds that cater to different risk tolerance and investment goals, providing individuals with opportunities to grow their wealth.

Retirement Savings

E-L Financial Corporation Limited provides retirement savings solutions that help individuals plan and save for their retirement goals.

Group Benefits

The company offers group benefits solutions that provide employee benefits, such as health and dental insurance, to businesses and organizations.

Wealth Management

E-L Financial Corporation Limited provides wealth management services that offer personalized investment advice and portfolio management.

8. E-L Financial Corporation Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for E-L Financial Corporation Limited is moderate due to the presence of alternative financial services and products offered by competitors.

Bargaining Power Of Customers

The bargaining power of customers is low due to the lack of concentration of buyers in the financial services industry, giving E-L Financial Corporation Limited an upper hand in negotiations.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate due to the presence of multiple suppliers of financial services and products, giving E-L Financial Corporation Limited some negotiating power.

Threat Of New Entrants

The threat of new entrants is high due to the relatively low barriers to entry in the financial services industry, making it easier for new competitors to enter the market.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of many established players in the financial services industry, leading to intense competition for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 9.35%
Debt Cost 4.11%
Equity Weight 90.65%
Equity Cost 8.12%
WACC 7.74%
Leverage 10.31%

11. Quality Control: E-L Financial Corporation Limited passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
E-L Financial

A-Score: 7.8/10

Value: 6.7

Growth: 6.8

Quality: 8.1

Yield: 10.0

Momentum: 8.0

Volatility: 7.3

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Power Corp

A-Score: 6.9/10

Value: 6.4

Growth: 2.2

Quality: 5.4

Yield: 9.0

Momentum: 8.5

Volatility: 10.0

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Unum

A-Score: 6.8/10

Value: 7.4

Growth: 5.7

Quality: 6.4

Yield: 5.0

Momentum: 8.5

Volatility: 8.0

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CNO Financial Group

A-Score: 6.3/10

Value: 6.7

Growth: 6.4

Quality: 5.1

Yield: 4.0

Momentum: 7.0

Volatility: 8.3

1-Year Total Return ->

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F&G Annuities & Life

A-Score: 5.9/10

Value: 8.4

Growth: 8.4

Quality: 6.2

Yield: 5.0

Momentum: 1.5

Volatility: 6.0

1-Year Total Return ->

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Jackson Financial

A-Score: 5.9/10

Value: 5.3

Growth: 4.3

Quality: 7.1

Yield: 8.0

Momentum: 5.0

Volatility: 5.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

16.5$

Current Price

16.5$

Potential

-0.00%

Expected Cash-Flows