DBRS Finalizes Provisional Pfd-2 Rating on Empire Life’s Preferred Shares, Stable Trend

DBRS Limited (DBRS) has today finalized the provisional rating on The Empire Life Insurance Company’s (Empire Life or the Company) Non-Cumulative Rate Reset Preferred Shares, Series 1 (Series 1 Preferred Shares) at Pfd-2 with a Stable trend.

DBRS’s assigned Preferred Shares rating is in accordance with Empire Life’s Financial Strength Rating of “A.”

Empire Life intends to use the net proceeds from the sale of the Series 1 Preferred Shares for regulatory capital and general corporate purposes.

The rating is consistent with DBRS’s criteria titled, “Preferred Share and Hybrid Criteria for Corporate Issuers.”

Notes:
All figures are in Canadian dollars unless otherwise noted.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

The applicable methodologies are Global Methodology for Rating Life and P&C Insurance Companies and Insurance Organizations (December 2015) and Preferred Share and Hybrid Criteria for Corporate Issuers (January 2016), which can be found on our website under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.