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Empire Life Chief Executive Officer to Step Down May 30, 2014

TORONTO, ONTARIO -- (Marketwired) -- 03/05/14 -- Duncan Jackman, Chairman, Chief Executive Officer and President of E-L Financial Corporation Limited ("E-L") (TSX: ELF) (TSX: ELF.PR.F) (TSX: ELF.PR.G) (TSX: ELF.PR.H) and Chairman of the Board of Directors of The Empire Life Insurance Company (Empire Life) today announced that Leslie C. (Les) Herr will be leaving his position as President and Chief Executive Officer of Empire Life effective May 30, 2014.

Mr. Herr joined Empire Life in 1999 and has served as President and CEO for the past six years.

"Les' record of success is indisputable," said Mr. Jackman, "Through what was the worst economic downturn in decades, he has renewed the company's core capabilities, deepened distribution relationships, and built a strong, capable management team, all resulting in a well-capitalized and financially stable company. On behalf of the Board of Directors, I thank him for his many significant contributions to Empire Life."

"I have enjoyed every day of my 15 years with this great company, and have felt especially proud to serve the last six as CEO," said Mr. Herr, "It's hard to step away when we have just delivered record results, but there is never a perfect time. I believe the company is in great shape for a new leader to build on what my team and I have accomplished and take Empire Life to its next level of success."

The search for a successor is underway and the Empire Life Board expects a smooth transition. Mr. Herr will continue to provide advice to the Board and the new President and CEO following his departure in May. He will also step down from his role as Chairman of the Board for Empire Life Investments Inc., a subsidiary of Empire Life, effective May 30, 2014.

About Empire Life:

A subsidiary of E-L Financial Corporation Limited and in business since 1923, Empire Life helps Canadians build wealth and protect their financial security with competitive individual and group life and health insurance, investment and retirement products. The company's vision is to be known for simplicity, being easy to do business with and having a personal touch.

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