E-L Financial Corporation Ltd. booked a 2011 net loss of $44.7 million amid tough economic conditions.

The Toronto-based insurance and investment company (TSX:ELF) said Monday the loss amounted to $13.93 per share, reversing a net profit of $182 million, or $43.80 per share in 2010.

Consolidated net operating income was $30.3 million, or $5.15 per share, last year, a steep drop from $90.3 million, or $20.36 per share a year earlier.

“Our overall results for 2011 reflected challenging market conditions that included a low interest rate environment and increased equity market volatility as a result of global economic uncertainty”, said chairman, president and CEO Duncan Jackman in a release.

E-L owns property and casualty insurer Dominion of Canada General Insurance Co. and a controlling sake in E-L Financial Services Ltd., which in turn owns a controlling position in life and health insurance firm Empire Life Insurance Co.