June 30, 2020 -
Ronald Beettam, President and Chief Executive Officer of The Equitable Life Insurance Company of Canada, will retire in June 2021 after 15 years at the helm of Equitable Life.
“After more than 40 years in the Insurance industry and 15 years with Equitable Life, I believe that now is the right time for my family and I to plan for retirement,” Beettam told employees. “Together we have accomplished a lot over these past few years and there remains much to do over the course of the next year to ensure a smooth transition to new leadership. In the meantime, we proceed with continuing to execute the plans we have developed as a team.”
Douglas Alexander, Chair of Equitable Life’s Board of Directors, praised Beettam’s contributions to the company: “I want to express my appreciation for Ron’s leadership and contribution to Equitable Life. With impressive growth and outstanding financial results, he has built Equitable into one of Canada’s leading mutual insurance companies,” he said. “I look forward to working with Ron over the next 12 months and appreciate all of his support as the board goes through a process to select a successor and ensure an effective leadership transition. Ron will be missed, but as we enter the next 100 years I am confident we have the foundation for future success as a strong mutual company and will continue to deliver excellent service to our customers and returns to our policyholders.”
Beettam joined Equitable in 2005 as President and CEO. During his tenure, the Company has experienced tremendous growth in all areas:
- Annual net income increased from $13.48 million in 2005 to a company high of $108.91 million in 2019;
- Assets Under Administration went from $1 billion in 2005 to over $5 billion in 2019;
- Overall Premiums and Deposits grew from $400 million in 2004 to over $1.5 billion in 2019; and
- The Company’s employee base grew from 400 in 2004 to more than 750 in 2019.
“A successful company is more than just the numbers,” said Beettam. “In my view a successful company also demonstrates longevity, as reflected in the celebration of our 100th Anniversary and a strong connection and commitment to the Community, as we have done with over $7.5 million donated in the last 15 years. And, of course, a company’s strength comes from the dedication and commitment of its people. There is an extraordinary team of people at Equitable providing excellent products and services to Canadians, and it has been my honour and privilege to work with all of them.”
About Equitable Life of Canada
Canadians have turned to Equitable Life since 1920 to protect what matters most. We work with independent advisors across Canada to offer individual insurance, savings and retirement, and group benefits solutions to meet your needs.
Equitable Life is not your typical financial services company. We have the knowledge, experience and ability to find solutions that work for you. We’re friendly, caring and interested in helping. The Company is owned by our participating policyholders, not shareholders, allowing us to focus on your needs and on providing you with personalized service, financial protection and peace of mind.
Director, Corporate Communications
Equitable Life of Canada
519 904 8470