February 14, 2020 -

The Company reported earnings of $109 million in 2019, equating to a return on policyholders’ equity of 13.2%. This result was driven by strong overall performance of the Company’s investment portfolio, supported by favourable market impacts. 

Equitable Life reported premiums and deposits of $1.6 billion in 2019, representing a five-year compound annual growth rate of 12.5%. Assets under administration crossed a milestone of $5 billion during the year. Growth was bolstered by strong overall sales. The Savings and Retirement and Individual Insurance businesses continued momentum and delivered another record-setting year with sales exceeding $400 million and $130 million respectively. The Group Benefits business delivered $48.4 million in sales in 2019, reflecting a challenging and competitive marketplace. The Company’s LICAT ratio, an important measure of capital strength, ended the year at 155%.

“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.”

2019 Financial Highlights

  • Net income of $109 million, for a return on policyholders' equity of 13.2%
  • Capital strength, as measured by the LICAT ratio, ended the year at 155%
  • Participating policyholders' equity increased to $882 million
  • Premiums and deposits increased by 11.5% to $1.6 billion
  • Record sales in Savings and Retirement of $407 million and $132 million in Individual Insurance
  • Group Benefits premiums in-force grew to exceed $500 million
  • Assets under administration grew 19.4% to $5.1 billion
  • Benefits and payments to policyholders of $821 million
  • Dividends to participating policyholders increased by 34.6% to $49.4 million

About Equitable Life of Canada

Canadians have turned to Equitable Life since 1920 to protect what matters most. We work with independent advisors across Canada to offer individual insurance, savings and retirement, and group benefits solutions to meet your needs.

Equitable Life is not your typical financial services company. We have the knowledge, experience and ability to find solutions that work for you. We’re friendly, caring and interested in helping. The Company is owned by our participating policyholders, not shareholders. This allows us to focus on management strategies that foster prudent long-term growth, continuity and stability.

www.equitable.ca

 

Media Contact:

Keren Adderley

Director, Corporate Communications

Equitable Life of Canada

519 904 8470

kadderley@equitable.ca