Company Announcements

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./

KINGSTON, ON , Dec. 4, 2025 /CNW/ - The Empire Life Insurance Company ("Empire Life" or the "Company") announced today that it intends to issue in Canada, by way of private placement, $200 million of Non-Cumulative 5-Year Fixed Rate Reset Preferred Shares, Series 6 (the "Preferred Shares").

The offering is expected to close December 11, 2025. The Company intends to use the net proceeds of the sale of the Preferred Shares for general corporate purposes, which may include the repurchase of the outstanding 4,000,000 Non-Cumulative Rate Reset Preferred Shares, Series 3 of the Company, subject to obtaining applicable regulatory approval.

The Preferred Shares will be issued at a price of $1,000 per share and will pay fixed rate non-cumulative preferential cash dividends, as and when declared by the board of directors of the Company, subject to the provisions of the Insurance Companies Act (Canada) at an initial annual fixed dividend rate of 6.00%, payable semi-annually on the 17th day of April and October in each year for the initial period ending on, but excluding April 17, 2031. Thereafter, the dividend rate of the Preferred Shares will reset every five years at a rate per annum equal to the 5-year Government of Canada Yield, plus 310.3 bps. The Preferred Shares have been assigned a provisional rating of "Pfd-2(high)" with a stable trend by DBRS Limited (Morningstar DBRS).

The issue will be offered on an agency basis by a syndicate of dealers, led by RBC Capital Markets and Scotiabank, and which includes BMO Capital Markets, CIBC Capital Markets, National Bank Capital Markets and TD Securities.

Notice
The Preferred Shares have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws of any of the United States, and may not be offered, or sold or delivered directly or indirectly within the United States of America, or to or for the account of U.S. persons (as such terms are defined in Regulation S under the U.S. Securities Act). This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.

Forward-Looking Statements
This news release may contain forward-looking statements and information within the meaning of securities laws including those relating to the proposed issuance of the Preferred Shares and the potential repurchase of the outstanding 4,000,000 Non-Cumulative Rate Reset Preferred Shares, Series 3 of the Company which are forward-looking statements and information within the meaning of securities laws. The words "may", "will", "would", "should", "could", "expects", "plans", "intends", "trends", "indications", "anticipates", "believes", "estimates", "predicts", "likely" or "potential" or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements and information. Although management believes that the expectations and assumptions on which these forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because there can be no assurance that they will prove to be correct. By their nature, forward-looking statements and information are subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. When relying on Empire Life's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors, assumptions and other uncertainties and potential events. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof or the date indicated, and not to use this forward-looking information for anything other than its intended purpose. Empire Life undertakes no obligation to update publicly or revise any forward-looking statements and information, whether as a result of new information, future events or otherwise after the date of this document, except as required by law. Readers are also cautioned that such information is not exhaustive.

About Empire Life
Established in 1923 and a subsidiary of E-L Financial Corporation Limited, Empire Life provides individual and group life and health insurance, investment and retirement products. The Company's mission is to provide expertise and intelligent solutions to help Canadians navigate life with confidence. As of September 30, 2025, Empire Life had total assets under management of $20.5 billion. Follow us on social media @EmpireLife or visit empire.ca for more information.

SOURCE The Empire Life Insurance Company