E-L Financial Corporation Limited
(TSX:ELF)(TSX:ELF.PR.F)(TSX:ELF.PR.G)(TSX:ELF.PR.H) today announced that it has
completed the previously-announced sale of its wholly-owned subsidiary The
Dominion of Canada General Insurance Company to The Travelers Companies, Inc.
(NYSE:TRV) for $1.07 billion in cash, subject to certain post-closing
adjustments. E-L Financial plans to allocate the proceeds of the sale to a range
of investment opportunities, including global equities.


E-L Financial operates as an investment and insurance holding company. Among its
other assets, E-L Financial owns 80% of The Empire Life Insurance Company, which
underwrites life and health insurance policies and provides segregated funds,
mutual funds and annuity products. E-L Financial remains committed to Empire
Life and the life insurance industry in Canada. 


McCarthy Tetrault LLP and Scotiabank acted as advisors to E-L Financial.

Caution Concerning Forward-Looking Statements

Certain statements made in this news release, including, but not limited to,
statements relating to the use of proceeds in respect of the sale of The
Dominion of Canada General Insurance, are forward looking.


Forward-looking statements, by their very nature, are subject to inherent risks
and uncertainties and are based on several assumptions which give rise to the
possibility that actual results or events could differ materially from our
expectations expressed in or implied by such forward-looking statements. As a
result, we cannot guarantee that any forward-looking statement will materialize
and you are cautioned not to place undue reliance on these forward-looking
statements. The forward-looking statements contained in this news release
describe our expectations at the date of this news release and, accordingly, are
subject to change after such date. Except as may be required by Canadian
securities laws, we do not undertake any obligation to update or revise any
forward-looking statements contained in this news release, whether as a result
of new information, future events or otherwise. Forward-looking statements are
provided herein for the purpose of giving information about the transaction
referred to above. Readers are cautioned that such information may not be
appropriate for other purposes.


FOR FURTHER INFORMATION PLEASE CONTACT: 
E-L Financial Corporation Limited
Mark M. Taylor
Executive Vice President and Chief Financial Officer
(416) 947-2583
(416) 362-2592 (FAX)
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