03:20 PM EST, 11/08/2024 (MT Newswires) -- E-L Financial ( ELFIF ) said Friday afternoon that it had swung to a third-quarter profit.

The investment and insurance holding company said it earned $497 million, or $146.56 per share for the quarter ended September 30, 2024, compared with a loss of $57 million, or $17.73 per share, in the year-ago quarter.

Both of the company's operating segments, E-L Corporate and Empire Life, swung to profit during the quarter. The increase in E-L Corporate's earnings was driven by a net gain on investments and a rise in the share of associates income and investment and other income. Empire Life's higher earnings were due to gains in the net investment and insurance finance result, the company said.

The company declared a quarterly dividend of $3.75 per common share, the same as the previous quarter. It is payable on Jan. 17 with a record date of Dec. 31.

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