Financial strength and growth momentum – delivering for clients

Equitable ended 2024 with a 169% LICAT (Life Insurance Capital Adequacy Test) ratio. This strong ratio, which well exceeds the Office of the Superintendent of Financial Institutions (OSFI) target of 100% and is one of the highest in the industry, affirms that we are well capitalized to deliver on our promises to clients today and into the future. During 2024, Equitable paid close to $1.4 billion in claims and benefits to our clients and paid $137 million in dividends to clients with Participating Whole Life insurance contracts.

In 2024, growth momentum continued across all three lines of business. Total premiums and deposits reached $3.4 billion, an increase of 29% over the previous year. The Individual Insurance sales exceeded $200 million for the first time and the Individual Wealth sales exceeded $1 billion. Total assets reached $10.2 billion.

Our commitment to offering valued, simple, and comprehensive solutions was reflected in the continuous product enhancements that were delivered throughout 2024. These included repricing term insurance solutions and introducing new features to the Participating Whole Life insurance portfolio, providing additional flexibility and payment options for clients. We also enhanced our Daily Interest Account and Guaranteed Interest Accounts to offer a fresh client-focused approach supported by our highly rated digital application. And we introduced a national biosimilar switching program to help Group benefit clients manage the escalating costs of pharmaceutical benefits.