KINGSTON, ON, April 16, 2026 /CNW/ - The Empire Life Insurance Company (Empire Life) today announced the interest rate for its Limited Recourse Capital Notes, Series 1 (Subordinated Indebtedness) "Notes") for the five-year period commencing April 17, 2026.

In accordance with the terms of the trust indenture dated February 17, 2021 ("Indenture"), the interest rate on the Notes for the period from and including April 17, 2026, to but excluding April 17, 2031, will be 6.177% per annum.

The interest rate was calculated as the sum of the Government of Canada Yield (as defined in the Indenture) determined as at April 16, 2026, plus 3.082%. Interest on the Notes will continue to be payable semi-annually in arrears on April 17 and October 17 of each year, with the first such payment occurring on October 17, 2026.

The Notes were issued under a final short form prospectus dated February 9, 2021 and are scheduled to mature on April 17, 2081. In connection with the issuance of the Notes, Empire Life issued Non-Cumulative 5-Year Fixed Rate Reset Preferred Shares, Series 5 ("Preferred Shares Series 5") held by Computershare Trust Company of Canada as trustee ("Limited Recourse Trust"). In case of non-payment of interest on or principal of the Notes when due, the recourse of each Note holder will be limited to that holder's proportionate share of the Limited Recourse Trust's assets, which consists of the Preferred Shares Series 5 except in limited circumstances.

Empire Life may redeem the Notes during the period from March 17 to and including April 17, 2031 and every five years thereafter, only upon the redemption by Empire Life of the Preferred Shares Series 5 held in the Limited Recourse Trust, in accordance with the terms of such shares and with the prior written approval of the Superintendent of Financial Institutions (Canada), in whole but not in part, on not less than 15 nor more than 60 days' prior notice.

For more information, the final short form prospectus dated February 9, 2021 is available on Empire Life's SEDAR+ profile at www.sedarplus.ca.

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 December 31, 2025, Empire Life had total assets under management of $20.8 billion. Follow us on social media @EmpireLife or visit empire.ca for more information.

SOURCE The Empire Life Insurance Company