Equitable announces financial results

Equitable announces financial results | Insurance Business Canada

Life & Health

Equitable announces financial results

Dividends to participating policyholders reach $104 million

Life & Health

By
Terry Gangcuangco

The Equitable Life Insurance Company of Canada, which shortened its brand name to Equitable last November, has published its financial results for 2023.

Net income – $147 million
Premiums and deposits – $2.6 billion
Individual insurance sales – $178 million
Savings and retirement sales – $744 million
Group insurance sales – $63 million
Claims and benefits to clients – $1.1 billion
Dividends to participating policyholders – $104 million
Assets under administration – $8.1 billion.

President and chief executive Fabien Jeudy commented on the numbers: “I’m pleased to report that Equitable delivered on its commitments in measurable and meaningful ways throughout 2023.

“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 a five-year strategic plan to solidify a strong future and prepare our organization for tomorrow.”

Equitable’s total capital at the end of 2023 stood at $1.9 billion, with growth momentum continuing across all three lines of business during the year.

Jeudy noted: “Growth momentum is important for our success. 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 is built on more than 100 years of serving clients with excellence. We’re now embarking on a five-year journey, preparing ourselves for the next 100 years. As a mutual, we’re accountable only to our clients. Our aim is to provide long-term financial security and stability, powered by our awesome employees, technology, and financial strength.”

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