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1. Extending premium relief for Dental and Extended Health Care benefits

   We know this continues to be a challenging time for Canadian employers and we remain committed to looking for ways to help your clients manage while still supporting their employees.

   Although many health practitioners have re-opened as pandemic restrictions are lifted, plan member use of dental benefits and some health benefits still remains lower than normal in June.

   We are pleased to announce that we are extending premium relief for all Traditional and myFlex insured non-refund customers for Health and Dental benefits for the month of June, as follows:

   • A 25% reduction on Dental premiums; and
   • A 5% reduction on Extended Health Care premiums.

   These reductions are effective for June 2020 and will appear as a credit on the July bill, or against the next available billing. We will assess the situation monthly and will continue with monthly refunds for as long as the current crisis period continues. The size of the credit may change over time as dentists and other health practitioners gradually reopen their offices. We will confirm premium credits for July (if any) at a later date. Credits for subsequent months will be communicated on a month-by-month basis.

   In order to be eligible for the monthly credit calculation and payout, a policy must be in force on the first of the month and remain in force thereafter. The monthly credit calculation is based on employees in force on the June bill. If employees experienced layoffs during the month, that would not affect eligibility for a premium credit as long as the benefit itself is not terminated.

   We expect that claims experience and premiums will return to normal once the current pandemic restrictions are lifted.

   In the meantime, plan members will continue to have full access to their benefits coverage throughout the pandemic. In many cases, dental offices have remained open for emergency services, and a variety of healthcare providers are available virtually.

   Commissions

   We know the pandemic has put financial strain on your business as well, so we will continue to pay full compensation. Although your overall commission will be unaffected by these premium reduction adjustments, you may see a temporary reduction in your commission payments if you are on a pay-as-earned basis.

   Communication

   We will be communicating this premium relief program to your clients later this week.

   Questions?

   If you have any questions, please contact your Group Account Executive or myFlex Sales Manager. You can also refer to our online COVID-19 Group Benefits FAQ.

2. EAMG Market Commentary October 2023

    

   October 20, 2023
   
   Rates & Credit - Interest rates increased steadily in Q3 against the backdrop of sticky inflation, strong economic growth, and a tight labour market. In Canada, corporate bonds outperformed government bonds and the broader FTSE Canada Universe Index during the quarter, with a loss of 2.2%, versus a loss of 4.4% for government bonds and a loss of 3.9% for the overall index. The outperformance was primarily driven by the fact that the corporate bond index is less sensitive to interest rates movements (as compared to the government index), all else being equal. The outperformance was also driven by an improvement in risk-appetite, with lower-rated BBBs slightly outperforming higher-rated A bonds. Industries with higher interest rate exposure such as infrastructure, energy, and communications underperformed those with less (notably financials and securitization), consistent with the overall shift in the yield curve.
   
   Equities Lose Traction – Global equity markets lost momentum last quarter with the TSX declining 2.2% while major developed economies from Europe, Australasia, and the Far East (EAFE) fell 1.3% in local currency terms. U.S. equity markets, while falling approximately 3.3%, were cushioned by a strong greenback, with the index declining only 1% in Canadian dollar terms. With inflation prints continuing to be stubbornly high and employment data remaining strong, central bankers emphasized their commitment to a higher-for-longer approach to monetary policy. The hawkish tones out of the Federal Reserve pushed bond yields higher and consequently, pressured equities lower. Furthermore, mixed economic data out of China rattled investor sentiment over the quarter as global growth forecasts came under scrutiny.
   
   U.S. Fundamentals – Although U.S. earnings continue to contract on a year-over-year basis, companies surpassed expectations with investors remaining highly focused on signs of deteriorating operating margins. After bouncing off Q1 2022 lows, forward earnings guidance continues to improve on a quarterly basis. Based on our analysis, ~35% of major companies revised earnings forecasts higher (+2% versus Q2) while ~33% held expectations constant, with the balance expecting deteriorating financial performance. Overall, improved efficiencies through cost-cutting measures and stronger-than-expected pricing power have contributed to resilience in operating margins, and therefore renewed optimism about forecasted financial performance.
   
   Equal Weight S&P 500 versus S&P 500 – Persistent crowding into mega-cap technology stocks – which has driven the majority of market returns year-to-date in the U.S. – slowed at the beginning of the summer before reaccelerating into quarter end. The persistence of this trend has resulted in the equal-weighted version of the S&P 500 index returning a mere 1.8% over the first three quarters of the year, markedly lower than the 13.1% return observed from the S&P 500. We continue to emphasize that a crowded market surge is not uncommon during late stages of the economic cycle, and we remain focused on delivering optimal risk-adjusted returns with quantitative factors.
   
   U.S. Quant Factors – The quality-growth areas of the market continued to outperform last quarter with market participants seeking large cash-rich companies with innovative product offerings and stable operating margins. That said, the pricing power of these companies has weakened more recently with consumers having depleted pandemic-era savings and stimulus. As such, fundamentals are beginning to appear overvalued. Low volatility stocks (i.e. stocks with lower sensitivity to broad market movement and lower price volatility) performed in-line with the overall market for most of the summer before underperforming into quarter-end when crowding into big-tech returned. While top-line projections are forecasted to post stable growth, the basket’s relatively lower operating margins remain a headwind amid surging interest rates. Dividend growth companies, which include businesses with a lengthy and established history of increasing dividends, performed approximately in-line with the broader index over the quarter. With the market forecasting overly-negative fundamental performance, this factor is positioned as a contrarian opportunity in the market.
   
   Canadian Fundamentals – Unlike those in the U.S., Canadian companies reported shrinking operating margins in general, pressuring equity pricing. Like in the U.S., Canadian corporate earnings were mostly consistent with expectations but continue to contract on a year-over-year basis. The energy sector benefitted from a ~30% increase in oil prices during the quarter, as OPEC’s restrictive oil production schedule pushed crude markets deeper into under-supplied territory. Those higher energy prices buoyed performance of stocks in the energy sector, one of only two sectors with positive performance during the quarter, helping partially offset softer-than-expected results out of the financials and communications sectors. Meanwhile, the Bank of Canada continued with its hawkish monetary policy by raising its overnight interest rate by another 25 basis points, bringing it to 5%. Their efforts to slow economic growth are beginning to cause some deterioration in fundamentals and, with one quarter remaining, analysts are expecting Canadian earnings to contract ~9% for the year.
   
   Canadian Quant Factors – With central banks around the world continuing to hike interest rates and uncertainty surrounding China’s economic health, global growth prospects fluttered over the quarter. The cyclical nature of the Canadian market, and therefore its reliance on global partners, saw equity prices put under pressure by growth concerns. As a result, the quality bucket benefitted from defensive positioning by investors and thus resumed its climb in Canada. Investors continue to prefer mature, large businesses that are better positioned in a restrictive economic environment due to their more stable operating margins. The value factor – which was beaten down in Q2 – rebounded last quarter with supply-driven energy strength helping to propel energy stocks higher. Low volatility initially displayed similar performance to the TSX, but energy’s rapid surge into the end of summer pressured the group lower. Given higher risk-free rates, the dividend factor also underperformed over the quarter, with dividend yields becoming less attractive on risk adjusted basis.

   
   Views From the Frontline
   
   Rates – Both nominal and real – rose sharply in Q3 to levels not seen since the Great Financial Crisis of 2008. A healthy labour market, strong consumer spending, persistent inflation and excess supply concerns drove the interest rate increase. Although the economy is starting to witness a deceleration in consumer spending and tighter credit conditions, central banks remain committed to maintaining a higher policy rate for longer to bring inflation back to the 2% target.
   
   Credit – The risk premium for corporate bonds (versus government bonds) has been range-
   bound over the past quarter as investors’ evaluations of a variety of scenarios have evolved: soft-landing versus a recession, geopolitical uncertainty, further central bank increases, among other things.  On the balance, we do not think the current risk premium adequately compensates for downside risk, and as such, we remain cautious on corporate bonds and have a bias towards higher-quality, shorter-dated credit where we view the risk / reward dynamic as being more favourable. 
   
   Equities – Geographically, we began the quarter with a preference for U.S. equities relative to Canada and EAFE. In-line with our expectations, U.S. stocks outperformed the two regions in Canadian dollar terms. That said, weakness in the Euro versus the Canadian dollar was a headwind for our EAFE exposure. With earnings yield – which is the percentage of earnings relative to price – becoming less attractive compared to risk-free rates in the U.S., and the greenback strength becoming overstretched from a technical perspective, we have pared back our overweight U.S. position. Moreover, with Chinese officials focusing efforts on the introduction of new stimulus packages, we believe that more cyclical markets like Canada and EAFE will retrace some of their losses in the near term. Within the U.S., we entered Q3 with a constructive view on high quality growth segments of the market that provide strong operating margins during the current late economic cycle conditions. The factor moved in-line with our expectations, as highlighted in the “U.S. Quant Factor” section, and we are tactically decreasing our exposure amid stretched fundamentals. In Canada, we continue to prefer high-quality companies due to their strong fundamentals, with the group currently displaying momentum versus the broader TSX. Tactically, we are participating in the oil supply shock through the value factor.

   
   Downloadable Copy

    

   Mark Warywoda, CFA VP, Public Portfolio Management	Ian Whiteside, CFA, MBA AVP, Public Portfolio Management	Johanna Shaw, CFA Director, Portfolio Management	Jin Li Director, Equity Portfolio Management
   Mohamed Bouhadi, CFA Senior Analyst, Rates	Tyler Farrow Analyst, Equity	Andrew Vermeer Analyst, Credit	Elizabeth Ayodele Analyst, Credit

    
    
   ADVISOR USE ONLY
    
   Any statements contained herein that are not based on historical fact are forward-looking statements. Any forward-looking statements represent the portfolio manager’s best judgment as of the present date as to what may occur in the future. However, forward-looking statements are subject to many risks, uncertainties, and assumptions, and are based on the portfolio manager’s present opinions and views. For this reason, the actual outcome of the events or results predicted may differ materially from what is expressed. Furthermore, the portfolio manager’s views, opinions or assumptions may subsequently change based on previously unknown information, or for other reasons. Equitable Life of Canada® assumes no obligation to update any forward-looking information contained herein. The reader is cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements. Investments may increase or decrease in value and are invested at the risk of the investor. Investment values change frequently, and past performance does not guarantee future results. Professional advice should be sought before an investor embarks on any investment strategy.
   
   Posted November 3, 2023
3. Easy and convenient digital options for your clients and their members

   During this time of physical distancing, people are looking for ways to interact with their providers virtually. We have several convenient digital options available to make it easier for Plan Members and for Plan Administrators. Below is an overview to refer to when you're meeting with your clients. Or you can download this PDF version

   For Plan Administrators:

   Plan Administrator Portal (EquitableHealth.ca)

   Our secure portal allows Plan Administrators to easily manage their plan anytime and anywhere. Instead of printing and mailing forms, Plan Administrators can make real-time updates at their convenience. The site also makes it easy to view or upload forms and other important documents, retrieve billing information, estimate monthly premium costs, and view announcements, tips and reminders. Plan Administrators can visit www.equitablehealth.ca to activate their account.

   Online Plan Member Enrolment

   Our Online Plan Member Enrolment tool simplifies the onboarding process for both Plan Administrators and Plan Members and offers a more secure and efficient alternative to traditional paper enrolment. The user-friendly interface allows Plan Members to easily enrol in their benefits plan in just minutes from their computer or mobile device. That saves work for Plan Administrators by eliminating the need to manage paper forms. And since Plan Members receive automatic reminders, it reduces late applicants and eliminates the need to chase down Plan Members for their paperwork. (This option is currently only available for new clients. It will soon be available for existing clients to add new hires.)

   Digital Welcome Kits

   Instead of paper kits that can easily get lost or quickly become outdated, Plan Members receive personalized welcome kits via an interactive email, including instructions on how to activate their online group benefits account, download their digital benefits card, submit claims from their computer or mobile device, review their coverage details, and explore their health and wellness resources.

   Easy automated payments

   Automated payments are a convenient way to avoid missed payments, suspended claims and disruption. Plan Administrators simply need to complete thepre-authorized debit formand send to GroupCollection@equitable.ca. Or contact Group Collections about online banking and electronic funds transfer (EFT).

   We can help

   For assistance, Plan Administrators can contact their Client Relationship Specialist or our Web Services team at 1.800.265.4556 ext. 283 or groupbenefitsadmin@equitable.ca.

   For Plan Members:

   Plan Member Portal (EquitableHealth.ca)

   By logging into EquitableHealth.ca, Plan Members have secure 24/7 access to their personalized Group Benefits account where they can submit claims, view their claims status and history, and review their coverage details from their computer or mobile device. They can also visit Equitable HealthConnector®, our suite of services to help employees stay healthy and productive. They can simply visit www.equitablehealth.ca to activate their Group Benefits account.

   Electronic Claim Payments and Notifications

   Once Plan Members have activated their Group Benefits account on EquitableHealth.ca, they can easily get set up to receive their claim payments via direct deposit, and their claim notifications via email. Once logged in they simply click “My Information” and enter the required information.

   EZClaim Mobile App

   Submitting claims is fast, easy and secure with the Equitable EZClaim® mobile app. Plan Members can submit health and dental claims and receive payments directly to their bank account via direct deposit. Most claims are processed within three business days; some are processed in as little as 24 hours. They simply download the EZClaim app for their iPhone®, or Android™ device, fill out the interactive health or dental claim form, attach their receipt and submit.

   Digital Benefits Cards

   Instead of digging through their wallets, Plan Members can download a digital version of their benefits card on their mobile device via the Equitable EZClaim® Mobile app to easily provide coverage details to health providers.

   We can help

   We’ve created a video guide to help Plan Members access and use their digital resources. For further assistance, Plan Members can contact our Web Services team at 1.800.265.4556 ext. 283 or groupbenefitsadmin@equitable.ca.

4. EAMG Market Commentary July 2023

   
   July 17, 2023
   
   Rates & Credit - The rates market was volatile in Q2 as investors focused on inflation, central bank interest rate decisions, and recession probabilities. Persistent strength in U.S. consumer spending and labour markets have surprised investors and prompted further interest rate tightening from central banks. In Canada, corporate bonds outperformed government bonds and the broader FTSE Canada Universe Index during the quarter, with a total return of 0.2%, versus a loss of 1.0% for government bonds and 0.7% for the overall Index. The corporate bond outperformance was driven by a broad risk-on tone to the market, most notably in April as the market recovered from the banking sector liquidity crisis that developed during March. That said, the market tone remained cautious, with the improved risk premium on corporate bonds tempered by lingering concerns around sticky inflation, high interest rates, and the potential for slower economic growth into the latter half of the year.
   
   Dominance of U.S. Equities – U.S. equity markets posted another strong quarter with the S&P 500 returning 8.7%, outperforming Canada and other major international equity markets. The S&P/TSX Composite, returned 1.2% in CAD. Major developed economies from Europe, Australasia, and Far East (EAFE) returned 3.2% in local currency terms. The highly anticipated re-opening of the Chinese economy has failed to materialize with economic data indicating less strength than previously forecasted. Amid sluggish Chinese growth, closely interconnected economic partners such as the European Union, as well as commodity-driven markets like Canada, have all underperformed the U.S. on a relative basis.
   
   U.S. Fundamentals – Earnings continued to contract versus prior year, albeit at a slower pace than forecasted. Forward earnings guidance improved quarter-over-quarter with corporate sentiment returning to neutral levels. Based on our analysis, we observed that 31% of major companies expect deteriorating financial performance, while 33% expect improved performance, with the remaining expecting no material change. Overall, major U.S. companies remain well capitalized with strong operating margins. However, company guidance indicates a prioritization of cost controls amid increased consumer indebtedness and concerns about the health of the consumer.
   
   Artificial Intelligence (AI) Mania – Despite concerns that the U.S. economy is at a late stage in its economic cycle, that monetary tightening by central banks could go too far, and the fact that earnings contracted on a year-over-year basis, equity markets became more expensive during the quarter with price-to-earnings multiples expanding. This expansion was driven by investors crowding into AI focused technology companies, with the seven largest AI/technology themed companies averaging a 26% return while the other 493 members gained only 3%. Investors rewarded businesses with contributions to AI development (hardware and software components), as well as those with the ability to implement synergies from leveraging the technology. A crowded market surge is not uncommon at this point in the economic cycle, where positive economic surprises, in this instance, strong employment and consumer spending can lead to an upswelling in investor confidence.
   
   U.S. Quant Factors – Using our investment framework, we currently favour exposures to large cash-rich companies with innovative product offerings, which we believe offer the strongest risk-adjusted returns in the current market environment. While the valuation of AI companies seems to defy traditional rationales, the momentum has continued to push the group higher. Consequently, the Quality factor (companies with higher return-on-equity, strong operating performance, and healthy leverage levels) participated in the AI trend and consistently outperformed throughout the quarter. The Low Volatility factor (stocks with lower sensitivity to broad market movement, and lower price volatility) underperformed through the quarter. While the Low Volatility factor typically performs well at this stage of the economic cycle, the fact that a small number of stocks were responsible for much of the market’s return hurt this factor. Lastly, the Momentum factor (stocks with a recent history of price appreciation) initially underperformed during the quarter before rebounding in June. This factor’s recent outperformance suggests that the market is becoming complacent and possibly signals that rotations within the market are slowing as current trends remain in favour.
   
   Canadian Fundamentals – Top line revenue missed forecasts while bottom line earnings were consistent with expectations. Softer-than-expected results out of Canadian financials, as well as underwhelming results from the materials sector, dragged on the aggregate index performance. Earnings forecasts for the rest of the year have been revised downward with analyst expecting index aggregate earnings to detract 2% to 3%. Meanwhile, the Bank of Canada raised its overnight interest rate by 25 basis points, bringing it to 4.75% on the backdrop of robust economic data releases including Q1 GDP and April CPI.
   
   Canadian Quant Factors – The most notable dislocation in Canada was the convergence of the dividend yield of High-Dividend ETFs and Equal-Weight Bank ETFs. We believe that the drag from Canadian banks following the U.S. regional banking concerns in March resulted in a discount of the Quality factor as the performance of the group is sensitive to the movements of banks. While banks did recover around 35% of their SVB-induced underperformance, the nature of banking has attracted investor scrutiny given the view that we are in the late-stage of the economic cycle. That said, this environment is an attractive environment to add variants of the Quality factor, which would gain exposure to a rebounding industry that offers a similar dividend yield to the high dividend stocks.
   
   Views From the Frontline
   
   Rates – On an outright basis, bond yields across the curve continue to look attractive. Economic data remains strong however we are beginning to see the first signs of weakness in spending, jobs and inflation. Slower growth, a more balanced labour market, declining inflation, and tighter credit conditions will likely drive interest rates lower throughout 2023. Market participants remain focused on the extent of interest rate hikes and the duration of a pause required to bring inflation back to the 2% target. With inflation remaining more persistent than previously expected forecasts around the timing, pace and extent of the removal of monetary policy have been pushed into 2024.
   
   Credit – The uncertain economic outlook and risks around slower economic growth later this year merit caution about corporate bonds and a bias towards higher-quality, shorter-dated credit where we think the risk / reward dynamic are more favourable. That said, the “soft-landing” narrative, now more pervasive in the market, could continue to provide support to risk assets, which we view as an opportunity to further pare down higher beta exposure.
   
   Equities – Given the direction of the current economic and company fundamental data, we continue to favour high quality growth segments of the market with strong operating margins. As such, the late cycle conditions in the market reinforce our preference for large cap stocks over smaller, more U.S. domestically focused businesses. The U.S. Low Volatility factor’s underperformance is unlikely to reverse in the short term given the resilience of the U.S. economy. Furthermore, after a steep decline last quarter, we expect that cyclical value will find support in the near term, echoing the increased chance of slowing inflation without stalling economic growth. In Canada, equities are typically more cyclical in nature, which coupled with the potential for an earnings contraction, makes us view the Low Volatility factor as more likely to outperform. Like the U.S., we prefer Canadian high-quality companies to navigate through the late cycle environment. On the heels of poor Chinese economic data and underwhelming stimulus, we are maintaining our overweight to the U.S. relative to Canada and EAFE.
   
   Downloadable Copy
   
   ADVISOR USE ONLY
   Any statements contained herein that are not based on historical fact are forward-looking statements. Any forward-looking statements represent the portfolio manager’s best judgment as of the present date as to what may occur in the future. However, forward-looking statements are subject to many risks, uncertainties and assumptions, and are based on the portfolio manager’s present opinions and views. For this reason, the actual outcome of the events or results predicted may differ materially from what is expressed. Furthermore, the portfolio manager’s views, opinions or assumptions may subsequently change based on previously unknown information, or for other reasons. Equitable Life of Canada® assumes no obligation to update any forward-looking information contained herein. The reader is cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements. Investments may increase or decrease in value and are invested at the risk of the investor. Investment values change frequently, and past performance does not guarantee future results. Professional advice should be sought before an investor embarks on any investment strategy.

   Posted July 27, 2023
5. Supporting plan members affected by the British Columbia and Northwest Territories wildfires

   Wildfires across Canada are disrupting the lives of many Canadians. During this difficult time, Equitable Life is providing additional support to help affected clients and plan members.

   Prescription refills

   Plan members who have been evacuated and/or lost their medication due to the wildfires will be able to make early refills until September 17, 2023, through TELUS Health, our pharmacy benefit manager.

   Replacement of medical or dental equipment and appliances

   Plan members who need to replace eligible medical or dental equipment or appliances due to the wildfires should first call 1.800.265.4556 to confirm coverage.

   Disability or other benefit cheques

   Plan members receiving disability benefits or other benefit reimbursements via cheques can visit www.equitable.ca/go/digital for instructions on how to sign up for direct deposit. It just takes a few minutes. Plan members can also call us at 1.800.265.4556 if they need help, a replacement cheque or assistance arranging a different mailing address.

   Mental health support

   Unpredictable, large-scale natural disasters can cause people to experience intense reactions, putting a lot of pressure on their mental health. Having coping mechanisms to deal with the current crisis can be a huge help. Any Equitable Life plan member who needs mental health support can visit Homeweb.ca/equitable to access online resources or contact Homewood at 1.888.707.2115.  

   For plan sponsors who have purchased Homewood Health’s Employee and Family Assistance Program (EFAP), their plan members also have access to confidential counselling services. The EFAP provides plan members with 24/7 access to confidential counselling through a national network of mental health professionals. Whether it’s face-to-face, by phone, email, chat or video, plan members will receive the most appropriate, most timely support for the issue they’re dealing with. 
    

   Plan Administrator support

   We realize that the fires are having a profound impact on regular business operations in B.C. and N.W.T. If you have clients that are unable to carry out day-to-day plan administration, they can call us at 1.800.265.4556. They can also contact their Customer Relationship Specialist for support.
    
   This is a challenging time for advisors, plan sponsors and plan members. We will continue to monitor the situation and provide additional updates as appropriate. 

   Questions?

   If you need more information, contact your Group Account Executive or myFlex Sales Manager.

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