The Empire Life Insurance Co. is reporting improved profit for 2003. The company said shareholders’ net income was $17.7 million in 2003 compared to $14.6 million in 2002.

Empire presented its year-end results at its annual general meeting held today in Toronto.

The employee benefits line of business posted a record net profit of $11 million, which contributed to overall earnings.

Net income from the individual insurance line of business was down in 2003 due to the significant impact of changes in reserve assumptions and increased new business sales strain.

Capital and surplus earnings were up over last year due to a rebound in domestic and international stock markets.

“Our efforts in 2003 continued to focus on the growth of our individual life insurance sales as well as the growth of our employee benefits business through new sales and the retention of existing business,” sayid Doug Hogeboom, president and CEO, in a news release.

Growth in individual insurance sales were up 28% over 2002 and sales in employee benefits business were up 32%.