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Equitable Life of Canada ends 2020 in a position of financial strength
Equitable Life of Canada is pleased to report that our strategic approach continued to serve us well in 2020, despite operating in a global pandemic.
Equitable Life, one of Canada’s largest mutual life insurance companies, closed out 2020 with strong earnings and solid growth.
The Company reported earnings of $153 million, equating to a return on policyholders’ equity of 16%. This result was driven by strong sales, investment performance, positive impacts from favourable expense ratios and reserve assumption changes.
“There is no doubt the global pandemic has had, and continues to have, a profound impact on the lives of Canadians and created challenges for all of us in 2020 that we could never have envisioned,” said Ron Beettam, Equitable Life’s President and Chief Executive Officer. “Thanks to the resiliency and commitment of our entire team, we effectively responded to unfavourable impacts caused by the pandemic, including market volatility, and continued to achieve a high growth rate on most key measures, ending 2020 in a position of financial strength.”
Equitable Life reported premiums and deposits of $1.7 billion in 2020, contributing to $6.0 billion of assets under administration. This growth was supported by very strong sales during the pandemic, as more Canadians turned to insurance to protect the financial security of their families. Dividends to participating policyholders increased by 24% over the prior year.
The Individual Insurance business reported 2020 sales of $149 million, reflecting the third consecutive year of double-digit sales growth. Savings & Retirement reported sales of $401 million, driven by sales of segregated funds. Group Benefits delivered sales of $46 million, despite competitive industry pricing strategies and the impact the pandemic had on businesses.
Equitable Life finished the year with an impressive LICAT ratio of 166%, well above the regulatory target and one of the highest in the industry. This capital result demonstrates that we are well-positioned to continue meeting our commitments to our policyholders. In addition, DBRS Limited (DBRS Morningstar) upgraded our Financial Strength rating to A (high) with Stable Trends in September.
“While we don’t yet know what future impacts the global pandemic could have on our business, we know we can face the future with confidence,” said Beettam. “I am very proud of all that we have accomplished together, especially throughout this unpredictable year, and I know the Company is very well positioned to meet the challenges ahead and will continue building on those achievements by focusing on organic and profitable growth across all lines of business, with a continued emphasis on meeting the needs of our policyholders and distribution partners.”
2020 Financial Highlights
- Net income of $153 million, for a return on policyholders' equity of 16%
- Capital strength, as measured by the LICAT ratio, ended the year at 166%
- Participating policyholders' equity surpassed $1 billion
- Premiums and deposits increased by 6.8% to $1.7 billion
- Sales of $149 million in Individual Insurance, $401 million in Savings and Retirement, and $46 million in Group Benefits
- Assets under administration grew 17.6% to $6 billion
- Benefits and payments to policyholders of $820 million
- Dividends to participating policyholders increased by 24% to $61 million
About Equitable Life of Canada
Canadians have turned to Equitable Life since 1920 to protect what matters most. We work with independent advisors across Canada to offer individual insurance, savings & retirement, and group benefits solutions to meet your needs.
Equitable Life is not your typical financial services company. We have the knowledge, experience and ability to find solutions that work for you. We’re friendly, caring and interested in helping. As a mutual company, we are not driven by shareholder pressures for quarterly results. This allows us to focus on management strategies that foster prudent long-term growth, continuity and stability. We are dedicated to meeting our commitments to customers – now and in the future.
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National Pharmacare (Plan NP) takes effect in B.C. on March 1
In this issue:
National Pharmacare (Plan NP) takes effect in B.C. on March 1
Travel coverage details plan members should know if they’re in or going to Mexico*
*Indicates content we will share with your clients.
National Pharmacare (Plan NP) takes effect in B.C. on March 1
The Province of British Columbia (B.C.) will implement the first phase of the National Pharmacare Act, also known as Bill C64 (Act), on March 1, 2026.
The new program will be called National Pharmacare (Plan NP). The province joins Manitoba and Prince Edward Island, who have already implemented the first phase of their own programs. All three provinces, along with Yukon, signed bilateral pharmacare agreements with the federal government last year.
National Pharmacare (Plan NP) coverage details
The federal government has agreed to provide universal coverage for many diabetes drugs and contraceptives, including deductibles, during the first phase of implementation of the Act. Equitable will no longer cover drugs that are eligible for coverage under Plan NP.
Diabetes devices and supplies are not included in the first phase of plan implementation. However, expanded coverage for certain diabetes-related devices and supplies is expected to begin in B.C. on April 1, 2026.
Since B.C. already offers universal coverage of contraceptives through its provincial pharmacare program, the province is using that portion of the federal funding to cover menopausal hormone therapy (MHT), also called hormone replacement therapy (HRT).
Many diabetes medications such as metformin, insulin, sulfonylureas and SGLT-2 inhibitors will be fully covered under Plan NP.
Some diabetes medications and MHTs will only be partially covered when the program takes effect. As well, many diabetes medications will continue to require Special Authority through the province.
What will Equitable plan members need to do?Coverage will be provided automatically at the pharmacy counter. Plan members simply need to present a prescription for a covered medication and their Medical Services Plan of B.C. (MSP) card to their pharmacist. If a plan member isn’t fully enrolled in the MSP yet, their pharmacist will help them secure coverage under Plan NP.
The pharmacist will charge the provincial plan directly for the relevant medications. There will be no direct impact to plan members or their experience at the pharmacy for fully covered drugs.
Where do GLP-1 drugs fit in?
GLP-1 agonist drugs will not be covered under Plan NP. Equitable plan members who are prescribed this type of drug to treat diabetes must try a first-line diabetic treatment before we can deem them eligible for coverage of the GLP-1 agonist.
Plan members who are already taking a GLP-1 agonist to treat diabetes will continue to be eligible for coverage. New plan members or plan members with new prescriptions for GLP-1 agonists must provide us proof that shows they’ve tried a first-line diabetic treatment to confirm eligibility—unless we already have a previous record of their insulin use. Proof can be either a past receipt or a claim statement.
Our priority is supporting the best outcomes for plan sponsors and their members. We are working with TELUS Health, our pharmacy benefits manager, to keep you updated as more details become available.
Travel coverage details plan members should know if they’re in or going to Mexico
Plan members with Travel Assist medical emergency coverage included in their benefits plan should keep the following information in mind if they’re planning travel to Mexico or if they’re in the country now.
Due to recent violence in Mexico, the Government of Canada has issued the following travel advice to anyone in or planning to visit the country.
Plan members are not covered if they receive out-of-province services where the Canadian government had issued a warning to avoid all or non‑essential travel before they entered the country.
Plan members should contact Trident Global Assistance, the company that administers our Travel Assist benefits, before departing if they have questions about their coverage or to confirm if they’re covered for travel to their specific destination.
Here’s how plan members can reach the Trident Global Assistance toll-free 24-hour emergency hotline:
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In Canada or the U.S: 1-800-321-9998
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Elsewhere: Call collect at 519-742-3287
They should be prepared to provide the following information:
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Name
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Group policy number
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Certificate number
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Government health insurance plan number
If a plan member arrived in Mexico before the travel advisory was issued and are past their day allowance, they should call Trident if they need to have their day maximum extended past the allowable period.
Equitable’s Travel Assist medical emergency coverage does not include any trip cancellation or trip interruption benefits.
Communicating to plan members
We are making every effort to share this information with affected plan members. Please encourage your clients who have Travel Assist coverage included in their benefits plan to share this message with their plan members.
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Simplified Alternative ID Process is Now Available
We have updated form 1710 to help you validate your client’s identification when you are not face-to-face, or if your client does not have one of the primary sources of ID.
Form 1710, Verification of Identity for Policyowner, will simplify the ID collection process currently in place. This form will help you with the validation of ID and provide you with space to record the details. New with this form is the ability to validate your client’s ID over a video call by documenting the details of the ID, and then having your client hold up the document and read the information for you to validate. You no longer need to obtain and submit copies of the identification documents to Equitable.
If your client requests the use of the Alternate ID process for a paper application, you can use this form to satisfy your identification validation requirements.
For more information, please see Section 2 of Form 1710 entitled “Alternate ID”. As well, you can refer to the “how to complete form 1710” Guide for further details.
Additional resources:
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Getting a tax refund is exciting, but should it be?
Do clients know that when a tax refund is issued, it means they are giving the government an interest-free loan? If a client receives a tax refund, it may mean the client’s employer is withholding too much tax. Here’s how to change that.
The client can complete and submit Canada Revenue Agency (CRA) form T1213 (Request to Reduce Tax Deductions at Source).
The client will indicate which regular deductions and non-refundable tax credits to qualify for. These would include things like regular Registered Retirement Savings Plans contributions, childcare expenses, etc. When approved by the CRA, the client will see more money on every pay. A client might even want to make this request to reduce the tax withheld if a large bonus or vacation pay is anticipated.
Encourage clients to use the additional cash flow to increase monthly contributions, support a Retirement Savings Plan or Tax-Free Savings Account or repay an investment loan. Increasing savings each year – even by a small amount – can have a substantial impact on retirement savings. For additional questions, contact your Regional Investment Sales Manager. -
Important information regarding use of the form 350 Application for Life and/or Critical Illness Ins
As of February 12, 2022 the new version of the form 350 (2022/02/12) was available on EquiNet® (Individual Insurance>Forms), and can be ordered from our Supply department using form 1390 Supply Order Form (Life and Health)
To apply for the new 10 pay premium option on Equimax Estate Builder, or the new EquiLiving plans or riders, the new version of the form 350 (2022/02/12) Application for Life and/or Critical Illness Insurance must be used. The new version of the 350 will include the option to select the new features.
We will not accept the 350 (2021/04/02) version of the application with a hand-written note indicating the new 10 pay premium option, or the new EquiLiving plans or riders.
After March 31, 2022, we will no longer accept the 2021/04/02 or earlier version of the 350 application for any life or critical illness products. - [pdf] Alternative Identification Requirements