01:09 PM EDT, 05/08/2024 (MT Newswires) -- E-L Financial ( ELFIF ) , an investment and insurance holding company, on Wednesday said its first-quarter profit rose 79% on investment gains.

The company which operates E-L Corporate and Empire Life, reported consolidated net income of $547 million or $161.41 per share, for the period, up from $305 million or $86.96, in the year-prior quarter.

While earnings from Empire Life were unchanged at $52-million, its E-L Corporate unit contributed C$495 million , up from C$253 million.

"The increase in earnings was due to a net gain on investments of $629 million in 2024 compared to $323 million in 2023," the company said.

The board declared a quarterly dividend of $3.75 per share payable on July 17 to shareholders of record on June 28.

E-L shares were last seen up C$12.00 to C$1,120.00 on the Toronto Stock Exchange.

Price: 1120.00, Change: +12.00, Percent Change: +1.08