February 15, 2023 -

Equitable Life of Canada reported 2022 earnings of $156 million and a return on policyholders’ equity of 12.0%. This represents the second highest earnings result in Company history, driven by continued growth and investment portfolio performance.  

The Company reported premiums and deposits of $2.2 billion in 2022. Assets under administration were $6.9 billion, up from the prior year despite challenging market conditions, reflecting a three-year compound annual growth rate of 11%. Benefits, payments, and dividends to policyholders totalled $1.1 billion. Dividends to participating policyholders were $100 million, an increase of 27% from the prior year.

“At Equitable Life, being a mutual company means we provide financial security differently, by focusing exclusively on our clients. Together with our clients, our purpose is protecting today and preparing tomorrow,” said Fabien Jeudy, President and Chief Executive Officer. “Throughout 2022, we were able to deliver on our purpose. Our success is evident in the new solutions and enhanced experiences we were able to deliver, and in the growth that we experienced across all lines of business.”

The Individual Insurance business reported 2022 sales of $148 million, driven by participating whole life sales and positive momentum from its Equitable GenerationsTM universal life insurance product launch. Savings and Retirement reported sales of $547 million, primarily from segregated fund sales, which included the introduction of several new fund offerings in the year. Group Benefits delivered sales of $51 million, as Equitable Life continues to support small Canadian businesses.

Equitable Life closed out 2022 in a position of financial strength, with one of the strongest capital ratios in the industry of 150% as measured by the Life Insurance Capital Adequacy Test (LICAT). This is significantly above the regulatory target, demonstrating that Equitable Life is well-positioned to meet current and future commitments to clients. In addition, DBRS Morningstar confirmed Equitable Life’s financial strength rating of A (high) with Stable Trends.

Heading into 2023, Equitable Life is pleased to report that it has successfully transitioned to the new accounting standards, International Financial Reporting Standards (IFRS) 17 and 9, which took effect on January 1, 2023. While these standards will have a significant impact on the Company’s financial statement presentation, they do not change the fundamentals of its business and it is expected that the LICAT ratio will increase and remain one of the strongest in the industry. 

2022 Financial Highlights:

  • Benefits and payments to policyholders of $973 million
  • Dividends to participating policyholders increased by 27% to $100 million
  • Net income of $156 million and a return on policyholders' equity of 12.0% 
  • Capital strength, as measured by the LICAT ratio, ended the year at 150%
  • Participating policyholders' equity surpassed $1.3 billion
  • Sales of $148 million in Individual Insurance, $547 million in Savings and Retirement, and $51 million in Group Benefits 
  • Premiums and deposits increased by 11% to $2.2 billion 
  • Assets under administration grew to $6.9 billion


About Equitable Life of Canada

As a mutual we provide financial security differently by focusing only on our clients. We believe in the power of working together with you and independent advisor partners. Together we offer individual insurance, savings and retirement, and group benefits solutions. We help protect what matters today while preparing for tomorrow.

At Equitable Life, we are people with purpose. We are passionate to provide the right solutions for you through our partners. We have the knowledge, the experience, and the financial strength to ensure we meet our commitments to you now and in the future.


Protecting Today – Preparing Tomorrow™

Media Contact:
Patti McKague
Director, Corporate Communications and Philanthropy
pmckague@equitable.ca / 226-559-9802