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1. Market Commentary April 2025
   Key Takeaways for Q1

   • Economic policy became more uncertain with fluctuating tariff announcements from the U.S. and its trading partners.
   • Global stocks markets experienced heightened volatility year-to-date, reflecting the negative repercussions of tariffs for highly integrated global economies.
   • Within U.S. markets, investors rotated out of growth stocks into value and defensive areas of the market.
   • Bond markets performed well during the quarter as interest rates moved lower.
   • Most central banks continued to ease monetary policy by reducing their target interest rates. The U.S. Federal Reserve was a notable exception, electing to wait for greater clarity before lowering rates further.

   Economic and Market Update

   Economic Summary: In the U.S., the latest GDP data confirmed solid economic growth in 2024. However, as President Trump pushes forward his economic agenda, uncertainty surrounding fiscal policy and global trade have dampened market sentiment. Inflation pressures persisted, with the rate of inflation remaining above the central bank’s 2% objective. The labour market in the U.S. remained resilient, with unemployment rate staying low compared to historical norms. The Federal Reserve shifted to a more cautious approach, holding the policy rate steady through Q1 at the range 4.25% - 4.5%. The central bank raised its inflation forecast, lowered growth projections, and warned that “uncertainty around the economic outlook has increased.” U.S. bond yields were lower for most maturity dates during the first quarter, as the market priced in more growth concerns and anticipated more rate cuts from the Federal Reserve.
   
   
   
   In Canada, recent GDP data showed stronger-than-expected growth. The inflation rate remained close to the 2% target but rose more than expected in February, and the labour market showed signs of improvement. U.S. tariffs continued to be a significant concern, and it is prompting businesses and consumers to become more cautious and slow their spending. The Bank of Canada warned that the economic impact of the tariffs could be “severe” and expected weaker growth in the coming quarters. For those reasons the Bank of Canada continued its easing cycle, cutting rates by 25 basis points at each of the January and March meetings, bringing the policy rate to 2.75%. Bond yields in Canada were also lower, with short-term interest rates decreasing faster than long-term interest rates as the Bank of Canada’s rate cuts outpaced market expectations.
   
   
   
   Bond Markets: During Q1 2025, the FTSE Canada Universe Bond Index returned 2.0% as interest rates declined across all tenors. Although interest rates fell, this was partially offset by higher credit spreads (i.e. the extra yield on corporate bonds versus government bonds to compensate for their extra risk). Consequently, while corporate bonds still generated a positive return on the quarter, they underperformed government bonds.  Widening credit spreads reflected the risk-off tone to the market, with on-off-on-off-on(?) tariffs contributing to the uncertainty. Lower-rated BBB bonds generally performed worse than higher-quality A-rated bonds.  While credit spreads are higher than they were in December and January, they are still expensive compared to longer term averages. Corporate bond issuance remained robust up until the last week of March, as investor demand kept deals well supported. Overall, the market took in $40 billion in new issuance, the second highest on record, spread over 82 bonds. While corporate bonds are more attractive than in January 2025, we believe the more likely path is towards higher credit spreads as U.S. tariffs impact global growth.  We have maintained our conservative view with a bias towards shorter-dated credit but remain ready to invest in longer dated corporate bonds as valuations become more attractive. 
   
   
   Stock Markets – Overview:
   Uncertainty surrounding the scope and severity of new tariffs led investors to reassess global economic growth prospects and weighed on risk sentiment. As a result, the S&P 500 declined 4.3% over the quarter, underperforming Canadian and international markets. Within the U.S., investors rotated out of previously favoured growth stocks with loftier valuations – including members of the Magnificent 7 – into less volatile and value-cyclical companies. Meanwhile, Canadian equities returned 1.5% in Q1 despite ongoing trade negotiations and uncertain economic growth forecasts. Surging commodity prices helped the materials and energy sectors outperform, offsetting weakness in the technology and industrials sectors. Elsewhere, major developed markets from Europe and Asia (EAFE) were supported over the quarter by the introduction of a new German fiscal stimulus package and signs of improving Chinese economic growth. Following the quarter end, President Trump announced global tariffs on April 2^nd, prompting some trading partners to hit back with retaliatory tariffs. The S&P 500 lost a record $5.2 trillion over two trading sessions and re-entered correction territory, with other global equity markets moving in tandem.
   
   U.S. Equities: While the impact of tariffs has made investors more apprehensive, we have yet to witness a deterioration in financial performance. In fact, U.S. earnings continued to exceed forecasts last quarter, with approximately 70% of companies beating expectations. Furthermore, our bottom-up analysis shows that the skew of corporate earnings surprises continues to tilt positive. That said, we note that companies are providing more cautious guidance amid the increased economic uncertainty and that these earnings largely reflect conditions in 2024, not 2025. Notably, consumer stocks like Walmart have lowered growth forecasts for 2025, citing concerns surrounding consumer confidence and macroeconomic conditions. In addition to clouding the outlook, geopolitical shocks like sweeping tariffs may risk changing how companies choose to operate, including the structure of supply chains and sources of revenue. At this stage, it is still unclear how long these trade tensions will last, as that depends on how other countries choose to respond. If the tariffs are rolled back quickly, many companies may be able to absorb the temporary extra costs without serious damage to profits, and the broader economy could avoid lasting harm. But if the tariffs remain in place for a long time, the consequences could be much more serious; companies might have to change how they operate, restructure supply chains, and raise prices to deal with long-term pressure on profits.
   
   Canadian Equities: Against the backdrop of worrisome trade developments, the Bank of Canada continued to ease monetary policy. While lower rates have helped Canadian companies report better-than-expected profit growth, consensus earnings expectations for 2025 have been revised 2% lower since the beginning of the year, reflecting the expectations for tariff headwinds. Falling bond yields made high quality, high dividend paying companies more attractive, helping this group outperform. Furthermore, the price of raw industrials – a basket of commodities – surged higher over the quarter and as a result, commodity-oriented companies benefitted. More specifically, the materials sector performed strongly with gold prices reaching new all-time highs throughout the quarter. However, if trade frictions continue to escalate and weaker growth projections materialize into a real economic slowdown, the Canadian market, given its cyclical nature and heavy reliance on commodity-driven businesses, remains particularly vulnerable to external headwinds. Moreover, given Canada’s weaker fundamental backdrop, we caution that the recent outperformance of Canadian equities relative to the U.S. may prove short-lived, particularly if trade tension persists.
   
   Bottom line:
   Heightened uncertainty surrounding global trade policies, coupled with deteriorating economic growth projections, continued to weigh on investor sentiment. Bond prices benefited from the flight to less-risky assets, with lower interest rates in anticipation of weaker economic conditions. In equity markets, the introduction of broad-based tariffs increased market volatility and drove major indices sharply lower year-to-date. Looking forward, we remain cautious of the recent outperformance of Canadian and international markets relative to the U.S. While tariffs began as a U.S. policy move, the ripple effects extend far beyond American borders, reflecting the systemic fragility that underpins global trade. If trade barriers persist, businesses may be forced to make structural shifts in their operations and review their current business models. Until markets achieve greater clarity on global trade policies, we continue to prioritize exposure to diversified large-cap stocks in the U.S., over defensive or growth-heavy positions. Within Canada, we continue to favour high quality, high dividend paying names with less sensitivity to downgrades in global growth.
   
   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
   Tyler Farrow, CFA Senior Analyst, Equity	Andrew Vermeer Senior Analyst, Credit	Elizabeth Ayodele Analyst, Credit	Francie Chen Analyst, Rates

   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® 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.
    
2. ALERT! Temporary Suspension of Ground Service – British Columbia
   The British Columbia government has declared a provincial state of emergency following severe flooding and landslides, causing widespread damage and road closures preventing ground access into and out of the province.
    
   Please be advised that we are not accepting courier shipments traveling by ground into and out of British Columbia.  Any printed materials ordered from Equitable Life will be held until the situation in BC is resolved. In the meantime, please feel free to use our digital copies.
    
   If you have any questions or concerns, please contact your Regional Sales Manager.
    
    
3. Equitable Life is launching a new Retirement Savings Plan section on EquiNet It is never too early or too late to speak to your clients about Retirement Savings Plans (RSP). This is a great time to check us out because Equitable Life® is launching all new tools and resources to help you improve your sales strategy and reach your clients.
   
   Today, Equitable Life is launching an all new RSP section on EquiNet®. The RSP Product Information box contains new and improved marketing tools and resources. Need to prospect new clients? We have editable letters to help you do that! Need to market to Millennials, Generation X or Baby Boomers? We have brochures and case studies to help you reach them. Want to market to your clients using social media? We have links and articles to help you share the love. With all the new and updated RSP materials, we have you covered. So, visit us on EquiNet today to see how we can help you grow your business.  
    
4. Important notice: Funds with Deferred Sales Charges The Canadian Council of Insurance Regulators (CCIR) is requiring all insurance companies to discontinue the sale of segregated funds with deferred sales charges (DSC) effective June 1, 2023. This also impacts ongoing or new deposits to some existing segregated fund accounts. Please contact any Equitable Life clients who may be impacted.
    
   How this impacts clients:
   In response to the insurance regulator’s recommendation, Equitable Life^® will be making changes to the administration of certain segregated fund products, which may impact clients. The details are outlined below:
    
   Pivotal Select™ segregated fund product
   On or about May 29, 2023:
   • Funds with DSC or Low Load (LL) sales charge options will be closed to additional deposits. Future deposits must be allocated to the No Load (NL) sales charge option of the funds available within the policy.
   • Any existing amounts held in DSC or LL funds are not impacted and will retain the existing deferred sales charge schedule outlined in a client’s contract. The annual 10% available (20% for RIF policies) for withdrawal without fees continues to apply through to the expiry of the fee schedule.
   • If the default deposit instructions that a client previously provided include funds with DSC or LL sales charge options, these instructions will be automatically updated to the NL sales charge option of the same fund for all future deposits.
   • If a client has pre-authorized scheduled deposits into funds with the DSC or LL sales charge options, these instructions will be automatically updated to the NL sales charge option of the same funds for all future deposits.
   • In alignment with our current administrative rules, if a client has DSC or LL funds, they will not be able to make deposits into No Load Chargeback funds (NLCB and NLCB5) within the same policy.
    
   Legacy segregated fund products
   Ongoing deposits to DSC funds are permitted when a segregated fund product does not have an alternative sales charge option available within the contract. This applies to the following products:
   • Personal Investment Portfolio
   • Pivotal Solutions II
   • Pivotal Solutions DSC
   As a result, clients who own these types of products may continue to make new deposits to the DSC funds within their policy. Any new segregated fund deposits, as well as any existing segregated fund amounts within their policy will retain the deferred sales charge schedule outlined in their contract.
   
   If a client plans on making additional deposits, they may be interested in alternative sales charge options that do not include DSC. For example, Equitable Life offers “No Load” (NL) and “No Load Chargeback” (NLCB and NLCB5) sales charge options within the Pivotal Select segregated fund contract. In these situations, a new application would need to be completed and submitted.
   
   Please note that draft regulation in Quebec is currently under review which may impact Equitable Life’s approach for Quebec clients with legacy segregated fund products.
   
   Equitable Life will continue to monitor provincial regulatory developments and adjust our approach as needed.
    
   Client communication
   We will be sending clients a letter within their December 31, 2022, statement describing their options, and the impacts to their policy (if applicable). We recommend that you contact clients to discuss the contents of Equitable Life’s letter and provide any advice that they may need regarding ongoing deposits to their segregated funds. You can access a copy of the client letter here:
   • Pivotal Select letter
   • Legacy letter

    If you have any questions, please reach out to our Advisor Services Team at 1.866.884.7427.
   
   December 23, 2022
   
   ™ or ® denote registered trademarks of The Equitable Life Insurance Company of Canada.

5. Group Benefits - Premium relief for Dental and Extended Health Care benefits

   We know this is a difficult time for Canadian employers and that many of your clients are facing financial hardship as a result of the COVID-19 pandemic. We continue to look for ways to help employers manage while still supporting their employees.

   With many health practitioners closing their offices due to the pandemic restrictions, plan member use of dental benefits and some health benefits has declined.

   So, we are pleased to announce that we are offering premium relief for all Traditional and myFlex insured non-refund customers for Health and Dental benefits, as follows:

   • A 50% reduction on Dental premiums; and
   • A 20% reduction on vision and extended healthcare rates (excluding prescription drugs), which equates to an 8% reduction on Health premiums. 

   These reductions are retroactive to April 1, 2020 and will appear as a credit against the next available billing. We will assess the situation monthly and expect to continue with monthly refunds for as long as the current crisis period continues.

   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 remain 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 while we put through mass changes. If so, we will then make an additional top-up payment to cover that shortfall as soon as we are able.

   Communication

   We will be communicating this premium relief program to your clients April 21st at 8:00am EST.
   
   A PDF of the communication is also available here.

   Questions?

   If you have any questions, please contact your Group Account Executive or myFlex Sales Manager. In the meantime, we have provided some Questions and Answers below.

   Will the premium reduction on Health and Dental benefits have an impact on the renewals that were deferred?
    
   No. Renewals will proceed as normal, with rate adjustments based only on months where full premium was paid. For most clients, we anticipate “normal” rate adjustments at renewal compared to rates paid prior to refunds taking effect.
    
   Does this adjustment apply equally to clients who have had their renewal deferred?
    
   Yes, these adjustments apply to all Traditional and myFlex insured, non-refund customers for Health and Dental benefits.
    
   How does this affect clients who have terminated or amended a plan?
    
   If a benefit is in-force during the month of April, the adjustment will be credited to the next available billing. For clients who have temporarily terminated all benefits, this will be applied against the first bill once benefits have been reinstated. No cash refunds will be paid.
    
   Will you recover any of the adjustment at a future point in time?
    
   No, we will not recover this adjustment.
    
   Instead of this premium reduction adjustment, can a client cancel or adjust some of the benefits on their plan?
    
   Yes, you and your clients always have the option of changing the coverage on a plan, such as reducing or removing a benefit to help control costs. Please speak to your Group Account Executive or myFlex Sales Manager about the options available.
    
   Are TPAs and self-administered groups eligible for the premium reduction?
    
   Yes. TPAs and self-administered groups are eligible for the premium reduction. However, timing for the credit will be dependent on the billing practices of the TPA or self-administered group. We will apply these credits as soon as we are able.

6. Roll out the red carpet for a refreshed Term! We are pleased to announce that updates to our Term life insurance solution are now live! We believe that Term life insurance can deliver value to clients at every stage of their life journeys. Be it at renewal or at conversion, Term is a flexible and affordable life insurance solution for clients today and into tomorrow.
   
   On February 3^rd, 2024, we refreshed our Term life insurance solution. Some of the existing and new updates with our Term offering include:
   ●  More targeted, competitive pricing,
   ●  Benefits re-aligned under the KIND™ program,
   ●  Yearly renewals. After the initial term of level premiums, Term life insurance will now renew yearly with premiums gradually increasing each year. This will help clients keep their Term protection longer without large premium increases.
   
   With these updates and more, our Term solution doesn’t just “do the job,” it’s what clients want!
   
   Visit our splash page and watch our informative video to learn more and start selling today!
    
   
   
   
   View our Transition Rules for all the details on processing your applications.
    
   We’ve also updated our illustration tool:
   ● New Desktop illustration software
   
   Want to learn more?
   Contact your Equitable wholesaler anytime!
    
   
   ® or ™ denotes a trademark of The Equitable Life Insurance Company of Canada.
7. Help your clients this tax season with Equitable Life
   It is tax time, and your clients should be receiving tax slips and deposit receipts by now. Check out the Tax Slips: A Quick Reference Guide which gives a taxation breakdown by product. Review Insights into Non-Registered Taxation that offers a detailed explanation on investment income, and why T3 tax slips generate on non-registered segregated funds. Does your client have questions about contribution limits? Retirement Income Fund minimums? or Canada pension maximums? Check out Equitable’s handy 2022 Facts & Figures guide.
   
   Did your clients sign up for tax slips on Equitable Client Access before December 31, 2021?
   If so, your clients can download or print their tax slips quickly and easily from their Equitable Client Access Inbox.
    
   For questions, contact Equitable's Advisor Services Team Monday to Friday, 8:30 a.m. – 7:30 p.m. ET at 1.866.884.7427 or by email at savingsretirement@equitable.ca. or your Regional Investment Sales Manager.
8. Tax Slips – What you need to know
   It is tax time, and clients should be receiving tax slips and deposit receipts by now. Check out the Tax Slips: A Quick Reference Guide for a taxation breakdown by product and Insights into Non-Registered Taxation for a detailed explanation on investment income, and why T3 tax slips are generated on non-registered segregated funds.
   
   Clients who registered for tax slips on Equitable Client Access before December 31, 2022, can download or print tax slips quickly and easily from their Equitable^® Client Access Inbox.  Advisors can download tax receipts on Document Lookup on EquiNet^®.
    
   For questions about contribution limits, Retirement Income Fund minimums and Canada pension maximums check out Equitable Life®’s helpful 2023 Facts & Figures guide.
    
   Equitable's Advisor Services Team is available Monday to Friday, 8:30 a.m. – 7:30 p.m. ET at 1.866.884.7427 or by email at savingsretirement@equitable.ca. You can also contact your Regional Investment Sales Manager.
   
    _{® denotes a trademark of The Equitable Life Insurance Company of Canada.
   ^{Posted: February 15, 2023}}
9. Juvenile insurance is a gift that keeps on giving
   Life insurance may not come wrapped with a ribbon, but it can be a perfect gift to provide a child with a lifetime of protection. Equimax^® whole life insurance provides permanent coverage, with several benefits:
   
   • Insurability – lock in permanent insurance protection for life while a child is young and healthy.
   • Affordability – it is cost-effective to purchase a life insurance policy for a child and lock in a guaranteed premium at children’s rates.
   • Cash value – Equimax has a guaranteed minimum cash value outlined in the contract. It can also accumulate tax-advantaged, non-guaranteed dividends¹. As the cash value of the policy increases over time, the child can use the cash value to help pay for life’s milestones or emergencies.   
   
   Protecting a child’s future with life insurance today can be a gift that keeps on giving for all their tomorrows.
   
   Ask your wholesaler about Equimax whole life insurance for children.
   
   ¹Dividends are not guaranteed and are paid at the sole discretion of the Board of Directors.
   
   
   
    
10. Updates to Savings & Retirement forms and applications
    To align with the launch of Pivotal Select’s 12 new segregated funds, Equitable Life has updated the following administrative documents for Savings & Retirement.
     
    • Form #375SEL – Pivotal Select segregated fund codes
    • Form #1383 – Pivotal Select TFSA Application
    • Form #1384 –Pivotal Select Application Registered/Non-Registered
    • Form #1403 – Pivotal Select Contract and Information Folder
     
    New online documents and applications are available to download from EquiNet®. Paper applications are also available to order from Equitable’s Supply Team here.
     
    Want to be sure you always have the most up-to-date application? Try our EZcomplete® online application platform. EZcomplete makes it easy to process your non face-to-face applications and allows clients to provide their signature remotely on their own device.
     
    If you have any questions, contact your Regional Investment Sales Manager or Advisors Services Team Monday to Friday, 8:30 a.m. – 7:30 p.m. ET at 1.866.884.7427, or email savingsretirement@equitable.ca.
     
    ® and ™ denotes a registered trademark of The Equitable Life Insurance Company of Canada.