DBRS Assigns Ratings to Empire Life

• Press Release
• Source: The Empire Life Insurance Company, E-L Financial Corporation Limited
• On 12:17 pm EDT, Tuesday May 5, 2009

KINGSTON, ONTARIO--(Marketwire - May 5, 2009) - The Empire Life Insurance Company (Empire Life) and E-L Financial Corporation Limited (E-L Financial) (TSX:ELF - News; TSX:ELF.PR.F - News; TSX:ELF.PR.G - News) today announced new ratings by DBRS Limited (formerly Dominion Bond Rating Service) for Empire Life. DBRS is assigning Empire Life an Issuer Rating of A, a Subordinated Debt Rating of A (low), and a Claims Paying Rating of IC-2. All ratings have a Stable trend.

Related Quotes

Symbol	Price	Change
ELF.TO	465.00	-5.00

{"s" : "elf.to","k" : "c10,l10,p20,t10","o" : "","j" : ""}

This is the first time DBRS has rated Empire Life. In explaining the rationale for the ratings, DBRS noted that the Company's focus on relationship marketing and superior customer service aimed at specific markets and distribution channels helped offset challenges presented by being a smaller company in an industry dominated by larger competitors.

"This strong rating demonstrates the strength of Empire Life as the eighth largest player in the life insurance industry in Canada and allows us to manage our capital ratio and continue to grow," says Mr. Les Herr, President and Chief Executive Officer, Empire Life.

The press release is available from DBRS at www.dbrs.com under "Press Releases".

About Empire Life

A subsidiary of E-L Financial Corporation Limited and in business since 1923, Empire Life provides financial security and wealth management solutions for the changing needs of Canadians. The Company's financial strength is rated A (Excellent) by A.M. Best Company, Inc., as at June 2, 2008 and reflects excellent capitalization, continued strong growth in segregated fund assets, consistent profitability and expanding distribution. The success of Empire Life comes from a commitment to being approachable and responsive to the needs of its clients and business partners, consistently solid investment performance and faith in its employees as future leaders.

Julie Tompkins
The Empire Life Insurance Company
Director, Corporate Communications
613-548-1890 or 1-877-548-1881, ext. 3301
julie.tompkins@empire.ca

Mark Taylor
E-L Financial Corporation Limited
Executive Vice-President and Chief Financial Officer
416-947-2578
taylorm@e-lfinancial.com