Equitable® ended 2023 with results that speak to a pivotal year for the organization on many fronts.

“I’m pleased to report that Equitable delivered on its commitments in measurable and meaningful ways throughout 2023,” said Fabien Jeudy, President and CEO. “We successfully transitioned to the new international financial reporting standards and remained financially strong, reflected by our capital ratio. We refreshed our brand to emphasize that our clients are at the centre of everything we do. And we started executing on a five-year strategic plan to solidify a strong future and prepare our organization for tomorrow.”

Equitable’s financial strength and growth momentum – Delivering for clients.  

Equitable ended the year with total capital at $1.9 billion resulting in a 172% LICAT (Life Insurance Capital Adequacy Test) ratio. This strong ratio affirms that Equitable is well capitalized to deliver on its promises to clients today and into the future. During 2023, Equitable paid $1.1 billion in claims and benefits to its clients and paid more than $104 million in dividends to clients with participating whole life contracts.

In 2023, growth momentum continued across all three lines of business for Equitable. Total premiums and deposits reached $2.6 billion, an increase of 19% over the previous year.

“Growth momentum is important for our success,” said Jeudy. “With growth comes purchasing power, economies of scale, investment flexibility and diversification of risks. Our growth also signifies the confidence that clients continue to have in us. Every year, more and more Canadians are turning to Equitable, entrusting us to protect their financial security. We welcome them and together, we work to earn that trust, every day.”

Equitable’s commitment to offering valued, simple, and comprehensive solutions was reflected in the continuous product enhancements that were delivered throughout 2023. These included the launch of a First Home Savings Account (FHSA) solution, the introduction of EZBenefits®, a group benefits solution for small businesses, and the refresh of its participating whole life insurance solutions.

2023 Financial Highlights

  • Claims and benefits to clients of $1.1 billion.
  • Dividends to participating policyholders of $104 million.
  • Capital strength, as measured by the LICAT ratio, ended the year at 172%.
  • Participating policyholders' equity reached $1.4 billion.
  • Sales of $178 million in Individual Insurance, $744 million in Savings and Retirement, and $63 million in Group Insurance.
  • Premiums and deposits of $2.6 billion.
  • Net income of $147 million with a further $38 million added to our Contractual Service Margin (CSM), a measure of future profit.
  • Return on policyholders' equity of 11.4%.
  • Assets under administration of $8.1 billion.