CLARIFICATION – Incorrect Information in the Insurance Journal
On page 30 of the June 2020 issue of the Insurance Journal, there is incorrect information about Equitable Life of Canada. A chart listing Life insurers’ financial strength includes an AM Best rating. Equitable Life of Canada does NOT have an AM Best rating.
Equitable Life of Canada does have a global credit rating of ‘A’ with a positive trend from DBRS Morningstar. That information is listed correctly in the chart. In addition, our Life Insurance Capital Adequacy Test (LICAT) ratio was 152.5% at the close of the first quarter 2020, which is well above our goal and the minimum that is required by OSFI.
We believe the Insurance Journal incorrectly picked up the rating from another company that had Equitable in the name. We are working to correct this information with the Insurance Journal.