Equitable Life, one of Canada’s largest mutual life insurance companies, had another outstanding year in 2019, driven by strong overall performance of the Company’s investment portfolio, supported by favourable market impacts. The Company finished the year with one of the highest capital ratios in the industry as measured by the Life Insurance Capital Adequacy Test (LICAT). 

The Company reported premiums and deposits of $1.6 billion in 2019, contributing to over $5 billion of assets under administration. Growth was bolstered by strong sales. The Savings and Retirement business delivered another record-setting year with sales exceeding $400 million. The Individual Life and Health insurance business experienced another outstanding year with sales of $130 million. The Group Benefits business delivered $48.4 million in sales in 2019, reflecting a challenging and competitive marketplace.

“This was another very strong year for us, and we are in an extremely good financial position as we enter our 100th year in business,” said Ron Beettam, Equitable Life’s President and Chief Executive Officer. “Two of our lines of business achieved record sales again this year and we exceeded $5 billion in assets under administration. We are very pleased with the results we achieved in the face of a competitive marketplace.”

“We look forward with confidence to 2020 and the next 100 years, as we continue to focus on our commitment to profitable growth and delivering against company goals,” added Beettam. “Of course, we will also be taking some time out in 2020 to celebrate Equitable Life’s 100th Anniversary. This is a significant milestone for us, and we’re looking forward to celebrating it with everyone who has made our success possible: the clients we have the privilege of serving; the network of advisors and wholesalers who help us deliver on our promises to Canadians; and our employees past and present.”


2020 Financial Highlights

  • Net income of $153 million, for a return on policyholders' equity of 16%
  • Capital strength, as measured by the LICAT ratio, ended the year at 166%
  • Participating policyholders' equity surpassed $1 billion
  • Premiums and deposits increased by 6.8% to $1.7 billion
  • Sales of $149 million in Individual Insurance, $401 million in Savings and Retirement, and $46 million in Group Benefits
  • Assets under administration grew 17.6% to $6 billion
  • Benefits and payments to policyholders of $820 million
  • Dividends to participating policyholders increased by 24% to $61 million