Equitable releases year-end results for 2024 - A year of strategic progress and continued financial strength

WATERLOO, ON, Feb. 25, 2025 /CNW/ - Equitable^® ended 2024 with results that speak to a year of continued financial strength and strategic progress for the organization on many fronts.

"I'm pleased to report that Equitable delivered on its commitments in measurable and meaningful ways throughout 2024," said Fabien Jeudy, President and CEO. "We successfully transitioned our people to our refurbished head office and a new work model. We also completed the refresh of our brand, launched in 2023 with a focus on clients at the centre of all we do. And we completed the second year of our five-year strategic plan with significant effort spent on simplification, introducing new and better ways to make it even easier to do business with us."

Equitable's financial strength and growth momentum – delivering for clients. 

Equitable ended the year with a 169% LICAT (Life Insurance Capital Adequacy Test) ratio. This strong ratio, which well exceeds OFSI's target of 100% and Is one of the highest In the industry, affirms that Equitable is well capitalized to deliver on its promises to clients today and into the future. During 2024, Equitable paid close to $1.4 billion in claims and benefits to its clients and paid $137 million in dividends to clients with participating whole life contracts.

In 2024, growth momentum continued across all three lines of business for Equitable. Total premiums and deposits reached $3.4 billion, an increase of 29% over the previous year. Total assets reached $10.2 billion.

"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 2024. These included repricing term insurance solutions and introducing new features to the participating whole life insurance portfolio, providing additional flexibility and payment options for clients. They also enhanced their daily interest account and guaranteed interest accounts to offer a fresh client-focused approach supported by their highly rated digital application. And Equitable introduced a national biosimilar switching program to help group clients manage the escalating costs of pharmaceutical benefits.

Investing in people.

The past year marked the first full year of operating in a newly renovated office, supported by new technologies, and working in a model that balances time in office with remote work. Equitable is purpose driven by employees who are caring, passionate and curious in finding simpler ways. This transition enables their people to be fully engaged and at their very best for clients. Throughout the year, Equitable invested in continued learning, offering a week-long orientation program for each new employee, as well as twice yearly and monthly half-day sessions that brought employees together for collaboration, shared learning and development. These efforts solidify culture, supporting a shared and constant focus on clients.

Strategic progress – setting the foundation for a strong and lasting future.

Equitable has completed the second year of its five-year strategic journey, with significant effort spent on simplification. From making enhancements to their processes to upgrading technology, several initiatives were focused on introducing new and better ways to make it even easier to do business with them.

In 2023, Equitable launched a refreshed brand as a testament to its focus on and commitment to clients. The transition to this refreshed brand was completed in 2024 and Equitable's purpose was reinforced through Moments Matter, a behind the scenes campaign highlighting real people at Equitable who live the brand and are focused on clients every day.

"Equitable is built on more than 100 years of serving clients with excellence," said Jeudy. "Our five-year strategic journey is about 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."

2024 Financial Highlights:

• Claims and benefits paid to policyholders of $1.4 billion.
• Dividends paid to participating policyholders of $137 million.
• Policyholders' equity reached $1.5 billion.
• Return on policyholders' equity of 12.9%.
• Sales of $221 million in Individual Insurance, $55 million in Group Insurance, and $1.3 billion in Savings and Retirement.
• Premiums and deposits of $3.4 billion.
• Assets under administration of $10.2 billion.
• Net income of $187 million with a further $130 million added to Contractual Service Margin, a measure of future profit.
• Capital strength, as measured by the LICAT ratio, ended the year at 169%.

About Equitable
At Equitable we believe in the power of working together. This guides how we work with each other, how we help our clients and partners, and how we support the communities where we live and work.

Together, with partners across Canada, we offer individual insurance, group insurance and savings and retirement solutions to help our clients protect today and prepare tomorrow.

We believe the world is better when we work together to build an Equitable life for all.

^® or ^TM denotes a trademark of The Equitable Life Insurance Company of Canada.

SOURCE Equitable Life of Canada