Empire Life Insurance

What Empire Life Insurance does

Empire Life Insurance Company (legal name: The Empire Life Insurance Company) is a Canadian-domiciled life and health insurer headquartered in Kingston, Ontario, founded in 1923 and operating as a majority-owned subsidiary of E-L Financial Corporation Limited (TSX-listed). The company is among the top 10 life insurers in Canada, managing over $18.6 billion in assets as of June 2024 (rising to $19.6 billion by 2025) and serving more than 610,000 individual customers plus 150,000 group benefits plan members. Its product portfolio spans individual life insurance (term, permanent, permanent participating, guaranteed-issue), living benefits (critical illness and disability), investment products (guaranteed investment funds, multi-strategy GIFs, Emblem Portfolios, GICs, annuities), registered accounts (RRSP, TFSA, FHSA, RDSP, RRIF), group benefits, and group retirement savings — including the market-exclusive Class Plus 3.0 guaranteed lifetime withdrawal benefit product.

The company operates a multi-channel distribution model combining licensed retail advisors, group plan advisors, and direct-to-consumer digital sales through empire.ca, supported by self-service portals including MyEmpire, eClaim, and the Group Retirement Savings platform launched nationally in October 2025. Underwriting and policy administration are enabled by digital tools (eVision illustrator, online Rapide & Complet life insurance application, needs calculators) but no proprietary AI capabilities are disclosed. The company has recently deepened its group benefits value proposition through dual partnerships with Teladoc Health Canada (myStrength mental health platform from December 2025 and Caregiver Support Program from March 2026) and acquired Specialty Life Inc. as a subsidiary in December 2025.

Revenue is generated through recurring insurance premiums across individual and group lines, investment income on the general fund, and fee income from segregated funds and managed assets. Wholly-owned subsidiaries include Empire Life Investments Inc. (investment products) and Trustone Financial Inc. (financial services), with minority stakes in EXOS Wealth Systems, Assistance mondiale Trident, and The Gryphin Advantage. The company completed a $200 million preferred shares offering in December 2025 and reported full-year 2025 net income of $201 million (down from $281 million in 2024), with Q1 2026 net income of $6 million reflecting significant market-driven volatility in insurance contract liabilities.

Name

Empire Life Insurance

Legal name

The Empire Life Insurance Company

Website

https://empire.ca

Company type

Public

Founded year

1923

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Empire Life Insurance is a top-10 Canadian life and health insurer (founded 1923, headquartered in Kingston, Ontario) offering individual insurance, living benefits, segregated funds, group benefits, and group retirement savings to over 760,000 Canadians through advisors and digital channels, managing $18.6B+ in assets.

Ownership category

akta.pro rank

Product category

Life Insurance

NAICS

Direct Life, Health, and Medical Insurance Carriers (52411), Direct Health and Medical Insurance Carriers (524114), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Life Insurance (6311), Accident & Health Insurance (6321), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Participating (Dividend) Whole Life Insurance (FSAIABAI)

akta.pro secondary industries

Level Term Life Insurance (FSAIAAAA), Basic Group Term Life (Employer-Paid) (FSAIADAA), Universal Life (UL) Insurance (FSAIABAB)

Keywords

• Life insurance
• Group benefits
• Investment products
• Retirement savings
• Wealth management

Headquarters

HQ city

Kingston

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Individual Life Insurance Premiums: Revenue from term life, permanent life, and guaranteed life insurance policies sold to individuals and families, generating recurring premium income
2. Living Benefits Insurance Premiums: Revenue from critical illness and disability insurance products providing coverage for health-related life events
3. Group Benefits Premiums: Revenue from employer-sponsored group insurance plans including health, dental, life, and disability coverage for employees
4. Investment Products and Segregated Funds: Revenue from guaranteed investment funds, multi-strategy GIFs, annuities, and retirement products including management fees and investment income
5. Group Retirement Savings: Revenue from group retirement savings plans including administration fees and investment management charges

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Empire Life Insurance is a Canadian life and health insurance company that sells individual life insurance (term, permanent, guaranteed), living benefits (critical illness and disability), investment products (segregated funds, annuities, GICs, Class Plus 3.0), registered accounts (RRSP, TFSA, FHSA, RDSP, RRIF), and employer-sponsored group benefits and group retirement savings plans. Products are distributed through licensed financial advisors, group plan advisors, and direct-to-consumer digital channels to individual Canadians, families, and small-to-medium-sized businesses across Canada.

Product overview

Empire Life Insurance is a Canadian life and health insurance, investment, and group benefits company offering a comprehensive portfolio of products through a platform-plus-modules architecture. The core insurance offerings include term life, permanent life, and guaranteed life insurance, supplemented by living benefits such as critical illness and disability insurance. Investment solutions span guaranteed investment funds (GIFs), multi-strategy GIFs, Emblem Portfolios, annuities, and registered accounts including RRSP, TFSA, FHSA, RDSP, and RRIF, with Class Plus 3.0 providing guaranteed lifetime retirement income. Group benefits include health, dental, mental health solutions (myStrength), and caregiver support programs (Teladoc Health Caregiver Program). Digital services include online quote and purchase capabilities, eClaims submission, and customer/advisor portals. The company primarily serves individual Canadians, families, business owners, and small-to-midsize businesses through advisors and digital channels.

Differentiator

Problem solved

Functional benefit

Brands

• myStrength by Teladoc Health Canada: Digital mental health platform offering 24/7 access to evidence-based mental health activities and tools for group benefits plan members.
• Teladoc Health Caregiver Program
• Emblem Portfolios
• Class Plus 3.0
• myEmpire
• Life & Money Matters

Products and services

• Term Life Insurance Term life insurance providing coverage for a specific period (10, 20, or 30 years) at affordable rates for Canadian individuals and families.
• Permanent Life Insurance Lifelong life insurance coverage with level premiums and cash value accumulation that grows over time, for Canadian individuals.
• Permanent Participating Life Insurance Whole life insurance with potential for dividends and participation in company profits, for Canadian individuals.
• Guaranteed Life Protect (No Medical Life Insurance) Life insurance coverage available without medical exams, with guaranteed acceptance regardless of health status.
• Basic Critical Illness Insurance (CI Protect) Critical illness insurance providing lump-sum payment upon diagnosis of covered conditions such as cancer, heart attack, or stroke.
• Comprehensive Critical Illness Insurance (CI Protect Plus) Extended critical illness coverage with additional conditions and return of premium options.
• Disability Insurance (Disability Credit Protect) Income protection insurance replacing a portion of earnings if the policyholder becomes disabled.
• Guaranteed Investment Funds (GIFs) Segregated funds with principal protection guarantees, offering growth potential with downside protection.
• Empire Life Multi-Strategy GIFs Multi-strategy segregated funds combining multiple investment approaches within a single product.
• Emblem GIF Portfolios Pre-built portfolio solutions of segregated funds designed for different risk tolerances and investment goals.
• Option Plus RSP Group RSP product with flexible contribution options and investment choices.
• Guaranteed Interest Contract (GIC) Principal-guaranteed investment product with competitive fixed interest rates.
• Empire Life Canoe Portfolio GIFs Segregated fund portfolios developed in partnership with Canoe Financial for Canadian investors.
• Class Plus 3.0 Guaranteed lifetime withdrawal benefit (GLWB) product providing guaranteed retirement income for life, converting RRSP to RRIF.
• Annuities Insurance products providing regular income payments, either immediately or deferred, in exchange for a lump sum or series of payments.
• Registered Disability Savings Plan (RDSP) Tax-advantaged savings plan for individuals with disabilities, with matching grants and bonds from the government.
• First Home Savings Account (FHSA) Tax-free savings account for first-time homebuyers in Canada, combining savings benefits with home purchase flexibility.
• Registered Retirement Savings Plan (RRSP) Tax-deferred retirement savings account with contribution limits and tax-deductible contributions.
• Tax Free Savings Account (TFSA) Flexible savings account allowing tax-free growth and withdrawals for any purpose.
• Registered Retirement Income Fund (RRIF) Retirement income vehicle converting RRSP savings into regular withdrawals with tax deferral benefits.
• Group Retirement Savings (GRS) Employer-sponsored retirement savings plan with digital platform for small and medium-sized businesses, featuring quick setup and flexible plan design.
• Group Benefits Employee benefit programs including health, dental, vision, mental health, and disability coverage for employers.
• myStrength by Teladoc Health Canada Digital mental health platform integrated into group benefits, offering 24/7 access to over 1,100 evidence-based mental health activities and tools.
• Teladoc Health Caregiver Program Caregiver support program connecting caregivers with specialized nurses and social workers offering mental health screenings, personalized caregiving plans, and navigation assistance.

Quantifiable outcome

• 600,000+ satisfied individual customers served
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Three partnerships are on record, tiered core.

• Teladoc HealthcoreStrategic or Co-development Partner · 1 March 2026Teladoc Health Caregiver Program launched March 1, 2026, integrating caregiver support services into existing extended health benefit plans at no additional cost. The program connects caregivers with specialized nurses and social workers offering mental health screenings, personalized caregiving plans, and navigation assistance for financial and legal considerations. Nearly one in four Canadians are unpaid caregivers.
• Teladoc Health CanadacoreStrategic or Co-development Partner · 1 December 2025myStrength by Teladoc Health Canada digital mental health platform available to group benefits plan members starting December 1, 2025. The platform offers 24/7 access to over 1,100 evidence-based mental health activities and tools with high member satisfaction rates, expanding Empire Life's mental health support offerings.
• Specialty Life Inc.coreOthers · 1 December 2025Specialty Life Inc. became an Empire Life subsidiary in December 2025. The Ontario-based intermediary was fined $800,000 by FSRA for placing 6,500 fraudulent life insurance applications with insurers between 2019 and 2023, requiring an independent compliance review as a condition for licensing.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Market position

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/EmpireLife
• LinkedInlinkedin.com/company/empire-life
• Instagraminstagram.com/empirelife
• Xx.com/EmpireLife

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Empire Life Insurance