KINGSTON, ONTARIO--(Marketwired - March 1, 2016) -


The Empire Life Insurance Company (TSX:EML.PR.A) today announced that in connection with its recently completed Canadian public offering of 5.2 million Non-Cumulative Rate Reset Preferred Shares, Series 1 (the Series 1 Preferred Shares), the underwriters have exercised their option in full to purchase an additional 780,000 Series 1 Preferred Shares at $25 per share. The sale of the additional Series 1 Preferred Shares was completed today and increased the gross proceeds from the public offering by an additional $19.5 million, increasing the total size of the offering to $149.5 million.

The offering was made through a syndicate of underwriters led by Scotia Capital Inc, CIBC World Markets Inc. and TD Securities Inc.

The Series 1 Preferred Shares were issued under a short form prospectus dated February 5, 2016.


The Series 1 Preferred Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered in the United States absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy any of the Series 1 Preferred Shares in the United States or in any other jurisdiction where such offer or solicitation is unlawful. No securities regulatory authority has either approved or disapproved of the contents of this news release.

About Empire Life

Empire Life is a subsidiary of E-L Financial Corporation Limited. Since 1923, Empire Life has provided individual and group life and health insurance, investment and retirement products to Canadians. The company's mission is to make it simple, fast and easy for Canadians to build wealth, generate income and get the insurance and group benefits coverage they need. As of December 31, 2015 Empire Life had total assets under management of $14.5 billion. Follow Empire Life on Twitter @EmpireLife or visit for more information.

Contact Information:

Mary Beth Gauthier
Lead, Communication Services
613 548-1890, ext. 3418