Equitable Life of Canada achieves record sales in 2010

Equitable Life of Canada delivered a strong performance in 2010, achieving historic highs for sales and growth. Both the Company's Individual and Group lines of business hit record sales levels, while the Savings and Retirement line of business achieved sales similar to its break-out results in 2009. For the first time in the Company's history, assets under administration exceeded $2 billion, with a 13.5% increase over 2009. Premiums and deposits also hit an all-time high of $552.6 million, up 5.2% from the previous year.

Despite a low interest rate environment and volatile equity markets, the Company achieved net income of $31.3 million, matching the record earnings level set in 2009. As a result, Equitable Life's capital levels remained strong. The Company's Minimum Continuing Capital and Surplus Requirement (MCCSR) ratio was 214% at the end of 2010, well above the minimum regulatory targets.

"A number of factors contributed to this strong performance in 2010," said Ronald Beettam, Equitable Life's President and Chief Executive Officer. "In addition to strengthening our sales force to expand our distribution reach, we broadened and enhanced our product portfolio and managed expenses to keep costs well under control."

"The ability of Equitable Life to thrive in the midst of difficult market conditions reflects the benefits of our commitment to mutuality," added Beettam. "Our mutual status provides continuity and stability, and allows us to focus on meeting the long-term interests of our policyholders," he said. "We are well positioned to meet our future growth and profitability targets."