Equitable releases 2025 financial results, marking a year of continued strategic progress and extraordinary growth

February 20, 2026 – Equitable^® ended 2025 with financial results that reflect a year of continued strategic progress and extraordinary growth.

“Throughout 2025, Equitable delivered on its commitments to our clients, our partners, our communities and each other in measurable and meaningful ways,” said Fabien Jeudy, President and CEO. “We launched a new website that provides a clean and consistent experience that better reflects our refreshed brand. We completed the third year of our five-year strategic journey with continued emphasis on simplification and on making it even easier to do business with Equitable. And for the third consecutive year, we’ve experienced tremendous growth across the organization.”

Equitable’s financial strength and growth momentum – delivering for clients

Equitable ended the year with a 159% LICAT (Life Insurance Capital Adequacy Test) ratio. This strong ratio, which well exceeds OSFI’s target of 100% and is one of the highest in the industry, affirms that Equitable is well capitalized to deliver on its promises today and well into the future. During 2025, Equitable paid $176 million in dividends to clients with participating whole life contracts. This is 28% higher than the previous year, reflecting Equitable’s strong financial results.

In 2025, growth momentum continued across all three lines of business for Equitable. Total premiums and deposits reached $4.3 billion, an increase of 27% over the previous year. Total assets increased by 24%, reaching $12.7 billion.

“Our growth reflects the trust that our clients place in us. It signals that every day, more and more Canadians are turning to Equitable to protect their financial security,” said Jeudy. “The momentum we’ve experienced over the past three years lets us continue investing our profits to better our organization for our clients, partners, our people and our communities.”

Equitable’s commitment to offering valued, simple and comprehensive solutions was demonstrated in 2025 through continuous improvements to the products they offer and the introduction of new products. This included the launch of the new Equitable Guaranteed Investment Funds^™, the launch of the ExtraBenefits^™ digital platform for voluntary benefits, and the introduction of a new Equitable Health Digital Dashboard for group benefit clients and members.

Investing in people

In 2025, Equitable formalized its commitment to pay a living wage, garnering certification as a Living Wage Champion. Equitable is purpose driven by people who are caring, passionate and curious. To reinforce their culture, Equitable reframed their rewards and recognition programs to acknowledge and celebrate employees who exemplify these values.

Strategic progress – setting the foundation for a strong and lasting future

Equitable has completed the third year of its five-year strategic journey. During that time, there has been significant effort spent on simplification. In 2025, simplification efforts included developing tools and templates for clearer communications and launching new digital forms, tools and transactions for advisors and clients. Equitable also launched a new group benefits dashboard, new illustrations and digital change forms over the past year, all with a goal of delivering a simple, safe and positive experience for everyone who interacts with the organization.

As part of its enhanced focus on charitable giving, the company launched The Equitable Foundation, a separate charitable foundation with a focus on supporting organizations that are addressing the pressing issue of food insecurity. This was funded through a donation of $5 million from Equitable. The Equitable Foundation donated $125,000 to each of the Cambridge Food Bank and the Food Bank of Waterloo Region, and the Foundation will continue to work with these organizations to identify further ways that they can support food banks and provide additional funding as they respond to the rapidly growing number of people accessing their services.

Leadership changes

In 2025, there were some leadership changes at Equitable. They welcomed Eugene Lundrigan in the role of Executive Vice-President, Chief Investment Officer following Tara Proper’s retirement from this position after 28 years with Equitable. They also welcomed Adrian Basaraba and Douglas MacKenzie to the Board of Directors as Craig Richardson, Laura Formusa, Les Dakens and Neil Parkinson retired from their positions on the Board in 2025.

“Equitable is built on more than 100 years of serving clients with excellence,” said Jeudy. “Our five-year strategic journey is about preparing ourselves for the next 100 years. As a mutual, we’re focused only on our clients. Our aim is to provide long-term financial security and stability, powered by our awesome employees, technology, and financial strength. We take great pride in what we have accomplished together in 2025 and thank our clients for their continued confidence in us.”

2025 Financial highlights

• Claims and benefits paid to policyholders of $1.6 billion, an increase of 19% over the previous year.
• Dividends paid to participating policyholders of $176 million, an increase of 28% over the previous year.
• Policyholders’ equity reached $1.7 billion, an increase of 12% over 2025.
• Return on policyholders’ equity of 11%.
• Sales of $307 million in insurance, $1.8 billion in investments and $111 million in group benefits.
• Premiums and deposits of $4.3 billion.
• Assets under administration of $12.7 billion, a 24% increase over the previous year.
• Net income of $180 million with a further $26 million added to the Contractual Service Margin, a measure of future profit.
• Capital strength, as measured by the LICAT ratio, ended the year at 159%.