Equitable Life of Canada today announced that 2016 was a record-breaking year. The insurer realized earnings of $80 million – a 49% increase over last year's net income of $53.8 million. Return on policyholders' equity was 14.8%.
Equitable Life said 2016 was marked by “exceptional growth with a new high of $1.1 billion for premiums and deposits and $3.7 billion in assets under administration.
Sales growth across business lines
The mutual insurer saw sales grow across all three lines of business: Individual, Group Employee Benefits and Savings and Retirement. Individual sales climbed to $93 million for an increase of 60% over 2015; the Group business hit $66.2 million in sales for a 51% increase over the past year; Savings and Retirement saw record growth in both the segregated fund and payout annuity markets with $278 million compared to $230 million in 2015. This is a 21% increase over last year.
Equitable maintained a strong capital position with a Minimum Continuing Capital and Surplus Requirements (MCCSR) ratio of 226%. Participating policyholders' equity rose by 16% to $580 million from $500 million at the end of 2015.
Commitment to profitable growth
"Our financial success reflects our continued commitment to profitable growth and our ability to navigate a changing regulatory and economic environment to deliver exceptional results on all fronts," said Ronald Beettam, Equitable Life President and Chief Executive Officer.
In 2016, Equitable Life also recorded payments of $646 million to policyholders for death, disability and health benefits, withdrawals and annuity payments.