NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES


E-L Financial Corporation Limited (the "Corporation")
(TSX:ELF)(TSX:ELF.PR.F)(TSX:ELF.PR.G) announced today that it has entered into
an agreement with Scotia Capital Inc. and TD Securities Inc., on behalf of a
syndicate of underwriters, under which the underwriters have agreed to buy, on a
bought deal basis, 4,000,000 First Preference Shares, Series 3 (the "Series 3
Preference Shares"). The total gross proceeds of the financing will be $100.0
million. 


The Series 3 Preference Shares will be priced at $25.00 per share and will pay
non-cumulative quarterly dividends that will yield 5.50% per annum. The net
proceeds of the offering will be added to the Corporation's capital base to
supplement the Corporation's financial resources and used for general corporate
purposes. The transaction is subject to the receipt of all necessary regulatory
and stock exchange approvals. The offering is expected to close on or about
April 2, 2012.


The Preference Shares being offered have not been and will not be registered
under the U.S. Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or an applicable exemption from
the registration requirements. This media release does not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be any offer,
solicitation or sale of the securities in the United States or any state thereof
or in any province or territory of Canada in which such offer, solicitation or
sale would be unlawful.
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