E-L Financial Corporation Limited Announces June 30, 2008 Interim Financial Results

TORONTO, ONTARIO, Aug 05 (MARKET WIRE) --
E-L Financial Corporation Limited ("E-L Financial") (TSX: ELF) (TSX:
ELF.PR.F) (TSX: ELF.PR.G) today reported that for the quarter ended June
30, 2008, it earned net operating income(1) of $39.1 million or $11.00
per share compared with $37.5 million or $10.51 per share for the
comparable period last year. On a year to date basis, E-L Financial
earned net operating income of $33.5 million or $8.56 per share compared
with $47.8 million or $12.84 per share in 2007.

Total net income for the quarter was $38.8 million or $10.91 per share
compared with $53.4 million or $15.30 per share for the comparable period
last year. On a year to date basis, E-L Financial earned net income of
$17.5 million or $3.74 per share compared with $84.0 million or $23.73
per share in 2007.

Each of the segments was negatively impacted by the decline in global
stock markets, as realized gains on available for sale investments, after
tax, decreased from $29.1 million in the first six months of 2007 to $0.5
million for the first six months of 2008. Corporate Investment's equity
method investment, United Corporations Limited, decreased in value by
$16.6 million, after tax, compared to an increase of $7.1 million for the
same period last year due to negative global stock markets. The increase
in net operating income in the Life Insurance segment was primarily due
to improved investment spreads in both the Wealth Management and
Individual Insurance lines. The decline in net operating income for the
General Insurance segment was mainly due to changes in the claims
discount rates and weather related losses.

Six months ended June 30, 2008
(thousands of dollars)
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Corporate General Life
Investments Insurance Insurance Total
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Revenue $ (11,679) $ 561,750 $ 413,272 $ 963,343
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Net income (loss):
Operating income $ 9,150 $ 9,793 $ 14,575 $ 33,518
Realized gain
(loss) on
available
for sale
investments (3,754) 5,148 (842) 552
Income (loss)
from equity
method investment (16,612) - - (16,612)
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$ (11,216) $ 14,941 $ 13,733 $ 17,458
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--------------------------------------------------------------------------

Six months ended June 30, 2007
(thousands of dollars)
--------------------------------------------------------------------------
Corporate General Life
Investments Insurance Insurance Total
--------------------------------------------------------------------------
Revenue $ 23,645 $ 567,682 $ 336,511 $ 927,838
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Net income:
Operating income $ 9,413 $ 34,923 $ 3,419 $ 47,755
Realized gain on
available for
sale investments 1,788 19,223 8,132 29,143
Income from
equity method
investment 7,117 - - 7,117
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$ 18,318 $ 54,146 $ 11,551 $ 84,015
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(1)Use of non-GAAP measures

"net operating income (loss)" is net income excluding realized gain on
available for sale investments and income (loss) from the equity method
investment, both net of tax. The term net operating income (loss) does
not have any standardized meaning according to GAAP and therefore may not
be comparable to similar measures presented by other companies. We
believe this measure provides information useful to shareholders in
evaluating the Company's results.

Contacts:
E-L Financial Corporation Limited
Mark M. Taylor
Executive Vice-President and Chief Financial Officer
(416) 947-2578
(416) 362-0792 (FAX)

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