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1. 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.

2. Invesco
3. Message from Ron Beettam
   As COVID-19 continues to spread, we want to reassure you that we remain ready and committed to support you and your clients.
   
   We have a robust and well-tested business continuity plan in place and our business is almost 100% digital. Almost 90% of our employees are now working remotely from home and are maintaining the high level of service you have come to expect from us. We still have a fully functioning Document Services Centre that is managing our incoming and outgoing mail. Our sales and customer service teams remain open to support you and your clients. 
   
   Equitable Life’s online application process, EZcomplete®, offers non face-to-face capability and continues to be your go-to resource for managing your business virtually. We are receiving a record number of online applications and are committed to helping you maintain a certain degree of daily activity. EZcomplete® non-face-to-face works for all life, critical illness and segregated fund applications.
   
   Advisors will be pleased to know that we have increased non-medical limits for life insurance. We are also looking at other underwriting changes, digital delivery of life insurance contracts and additional digital payment options.
   
   Our Savings & Retirement advisors will find our new Transaction Authorization Requirements table a valuable resource for submitting forms and documents. Can’t meet with your client in person to get a signature? Not to worry. You can have your  client sign a letter of direction and take a picture to authorize a number of transactions.
   
   Transacting in a non face-to-face environment can be a challenge but we will continue to revisit existing processes and look for ways to modify requirements to help you to continue managing your business. All of us are facing an unprecedented number of urgent situations where there is no established protocol. Our commitment to you and your clients is to respond quickly, and to be flexible where we can, tailoring solutions to specific needs.
   
   To stay up-to-date, please refer to Equitable Life’s COVID-19 information page. There you will find the latest information for all lines of business. 
   
   As the global situation continues to evolve rapidly, we ask for your patience as our solutions also evolve quickly and accordingly. Rest assured that Equitable Life is unwavering in our support, and we will be here to help you protect what matters most to Canadians.
   
   Ron Beettam, President and CEO
4. Paramedicals are Re-opening Shortly We are pleased to announce that face-to-face insurance testing paramedical services, including the collection of vitals & fluids, are resuming shortly.  Our service providers, Dynacare and ExamOne, have been monitoring the public health standards and have established standards they will operate under to protect the health of both the applicant and health professionals.
    
   Our commitment to your client’s safety
   It is Equitable Life's commitment that both clients and advisors will be provided clear and thoughtful communication before initiating any testing. Clients should fully understand the potential risks associated with having a paramedical test taken at this time and are always able to choose not to attend the appointment if they do not feel comfortable or safe.
    
   How will paramedical services be conducted?
   Dynacare is conducting appointments at fixed site facilities where clients will travel to the health professional for their appointment. The paramedical questions will be covered by video or telephone to minimize the time spent in the fixed site facility. For more information, see Dynacare’s COVID-19 client guide that will be provided to the client directly.
    
   ExamOne examiners will travel to the client’s home for their appointment and the entire paramedical will be conducted at that time. Information about ExamOne’s COVID-19 processes and their Preparing for my exam client guide will also be provided to the client directy.
    
   When are paramedical services re-opening?
   In person paramedical services for Equitable Life cases will begin opening gradually. We have worked closely with our service providers, the CLHIA & provincial governments and believe it is prudent to begin re-opening services in the provinces that have a lower incidence of COVID-19.  We will expand the schedule as the incidence of COVID-19 lowers or is expected to lower in specific regions.
    
   Please note if you had an order in process prior to services shutting down, the provider will be looking to re-open and complete those orders. If requirements are no longer needed given the non-med limit changes, the order will remain closed.
    
   Schedule for re-opening paramedical services:

   Province	Start Date
   Saskatchewan	June 1-Dynacare, June 11-ExamOne
   New Brunswick	June 8-Dynacare, June 11-ExamOne
   PEI and Newfoundland	June 15, Dynacare and ExamOne
   Manitoba	June 15, Dynacare and ExamOne
   Alberta	June 18, Dynacare and ExamOne
   British Columbia	June 22, Dynacare and ExamOne
   Nova Scotia	June 22, Dynacare and ExamOne
   Ontario*	By June 30, Dynacare and ExamOne
   Quebec *	By June 30, Dynacare and ExamOne

    
   Note: Start dates are subject to change based on the progress of COVID-19.
    
   *Ontario & Quebec to re-open regionally (starting with areas with lower incidence of COVID-19). Specifics for Ontario and Quebec will be communicated closer to the implementation dates for these provinces. Further details can be found in this communication.
5. Equitable celebrates FundGrade A+ awards, reinforces commitment to Canadian investors
   Equitable^® has been recognized with two FundGrade A+^® awards, an annual distinction that recognizes exceptional performance among Canadian investment funds.
    

   The award-winning funds are available on the new Equitable Guaranteed Investment Funds^TM solution:

   Equitable Invesco NASDAQ 100 ESG Index ETF

   Equitable Fidelity^® Global Innovators

   “We’re honoured to receive this recognition,” says Cam Crosbie, Executive Vice-President, Individual Wealth. “These awards reflect the hard work of many teams across our organization and, of course, our partners.”  

   Looking ahead, Equitable Individual Wealth remains focused on continuous improvement and innovation. “This is just the beginning,” adds Crosbie. “We deeply value the trust advisors and clients place in us every day, and we’re committed to helping Canadians reach their financial goals with more confidence.” 

   
   
   
   FundGrade A+^® is used with permission from Fundata Canada Inc., all rights reserved. The annual FundGrade A+^® Awards are presented by Fundata Canada Inc. to recognize the “best of the best” among Canadian investment funds. The FundGrade A+^® calculation is supplemental to the monthly FundGrade ratings and is calculated at the end of each calendar year. The FundGrade rating system evaluates funds based on their risk-adjusted performance, measured by Sharpe Ratio, Sortino Ratio, and Information Ratio. The score for each ratio is calculated individually, covering all time periods from 2 to 10 years. The scores are then weighted equally in calculating a monthly FundGrade. The top 10% of funds earn an A Grade; the next 20% of funds earn a B Grade; the next 40% of funds earn a C Grade; the next 20% of funds receive a D Grade; and the lowest 10% of funds receive an E Grade. To be eligible, a fund must have received a FundGrade rating every month in the previous year.  The FundGrade A+^® uses a GPA-style calculation, where each monthly FundGrade from “A” to “E” receives a score from 4 to 0, respectively. A fund’s average score for the year determines its GPA. Any fund with a GPA of 3.5 or greater is awarded a  FundGrade A+^® Award.  For more information, see www.FundGradeAwards.com.  Although Fundata makes every effort to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Fundata. 
   
   Equitable and Equitable Guaranteed Investment Funds are trademarks of The Equitable Life Insurance Company of Canada.

6. Path to Invest
7. [pdf] Investment Direction - Equitable GIF
8. Digital tools for your clients and their plan members

   In this issue:

   • Digital tools for your clients and their plan members*
   • QDIPC updates terms and conditions for 2024*
   *Indicates content that will be shared with your clients.
    

   Digital tools for your clients and their plan members*

   Do your clients know how to use all the available digital tools in their Equitable® benefits plans? With useful features for both plan administrators and their members, it’s even easier for your clients to access their plans online. 

   Tools for plan administrators

   • Our online plan member enrolment tool lets groups and administrators add new plan members online without completing paper forms
   • The EquitableHealth.ca plan administrator portal makes it easy for plan administrators to manage their plan anytime and anywhere. Helpful features include:
     • A premium calculator to calculate monthly costs for plan members
     • A simple process for updating plan member information
   • Digital welcome kits provide personalized information directly to plan members through email
   • Easy, automated payment options help plan administrators avoid missed payments by offering pre-authorized debit or electronic funds transfer

   Tools for plan members

   • Our plan member portal at EquitableHealth.ca provides secure, 24/7 access to claims history and coverage details. It also lets members submit claims, and includes health and wellness resources
   • Electronic notifications and claims payments give plan members claim updates via email and deposit payments directly into their bank account
   • The Equitable EZClaim® mobile app lets plan members submit claims quickly and securely on-the-go from their mobile device
   • Digital benefits cards give plan members the convenience to access their benefits cards easily from a mobile device

   Help with digital benefits tools

   We’ve created a brochure and video guide to help plan members use digital tools for a smoother, more convenient benefits experience. 
   
   Plan members can contact us at 1.800.265.4556 and select the option for Web Support if they need further assistance.
    

   QDIPC updates terms and conditions for 2024*

   Every year, the Quebec Drug Insurance Pooling Corporation (QDIPC) reviews the terms and conditions for the high-cost pooling system in the province.
   
   Based on its latest review, QDIPC is revising its pooling levels and fees for 2024 to reflect trends in the volume of claims submitted to the pool, particularly catastrophic claims. These updates take effect January 1, 2024. You can view the updates here.
   
   We will apply the new pooling levels and fees to future renewal calculations that involve Quebec plan members.
   
   If you have any questions, please contact your Group Account Executive or myFlex Account Executive.
   
    
9. EAMG Market Commentary July 2024
   Rates & Credit – In Q2 2024, U.S. inflation and economic growth data was mixed, leading to moderately higher interest rates in the U.S. Meanwhile, in Canada, long-end interest rates were little changed during the quarter, but short-term interest rates fell. That was due to the weaker economic outlook, as well as the Bank of Canada’s decision to reduce its overnight interest rate in June, with anticipation of further monetary policy easing to come. Canadian corporate bonds returned 1.1%, outperforming the 0.8% return of government bonds as well as the 0.9% return for the overall FTSE Canada Universe Bond index. Shorter-dated bonds outperformed longer-dated bonds.  Within corporate bonds, lower-rated BBBs outperformed higher-rated A bonds, while industries that have shorter-dated debt (e.g. real estate and financials) outperformed those that tend to have longer-dated debt (e.g. communications and infrastructure).
   
   Equity Overview – Against the backdrop of volatile inflation data and a lack of indication from the Federal Reserve that it was prepared to start cutting interest rates yet, U.S. equity markets decoupled from other regions. Crowding into AI-focused, mega-cap names accelerated in Q2. More specifically, investors defaulted toward the Magnificent 7 to navigate the current period, overlooking broadening earnings breadth and less expensive valuations from the remaining S&P 493. Outside the U.S., equity returns were generally mundane in dollar terms. That said, emerging markets proved to be a bright spot for investors seeking value, as the rebound in heavily discounted Chinese equities helped push frontier markets higher.
   
   U.S. Fundamentals – Corporate earnings continued to surpass expectations last quarter with stable operating margins helping businesses report better-than-expected bottom line results. Investors remain focused on the ability of companies to sustain debt levels ahead of renewing debt obligations, rewarding businesses with a strong ability to generate stable cash flows. Moreover, while prior quarters have witnessed earnings growth that was largely driven by highly profitable mega-cap technology stocks, U.S. markets are witnessing a broadening trend in earnings strength, with previously stunted segments of the market recovering. Our work shows that members of the Russell 1000 index, excluding the Magnificent 7, posted a median earnings growth of about 6% last quarter, with nearly 60% of companies increasing earnings versus the year prior. Furthermore, we observed an increase in the number of major companies that expect improving financial performance to approximately 27%, suggesting that the recovery in earnings breadth may persist.
   
   U.S. Quant Factors – As mentioned, concentration in the equity market drove a surge in valuations as investors continued to chase specific mega-cap technology stocks. In fact, within the Russell 1000 growth factor – which screens for companies whose earnings are expected to grow at an above-average rate relative to the market – the Magnificent 7 totaled nearly 55% of the entire index by quarter-end. In addition, the Nasdaq 100 – which is generally viewed as a technology-biased index – saw the weight of the Magnificent 7 rise to almost 43% of the entire index by the end of the quarter. Furthermore, the equal-weighted S&P 500 underperformed the cap-weighted index by nearly 7% last quarter, bringing the year-to-date divergence to about 10%. With concentration accelerating, the cap-weighted index outperformance has soared past Covid-era levels, a period that saw investors rapidly crowd into profitable technology names due to panic and economic uncertainty. We remain cautious of a severely crowded market that trades near all-time highs as strong performance from 5-7 names distorts the overall stature of market conditions.
   
   Canadian Fundamentals – Although Canadian companies exceeded bleak forecasts, earnings continue to contract on a year-over-year basis. Furthermore, earnings revisions have grinded lower with easing monetary conditions unable to offset concerns of a slowing economic environment. We note the sharp contrast versus the U.S. as the bifurcation of earnings performance widens. The CRB Raw Industrials Index, a measure of price changes of basic commodities, broke out of recent ranges as metals rallied higher despite a stronger U.S. dollar and elevated interest rates. The mining industry benefited from a sustained elevation in prices, helping the materials sector outperform over the quarter. Returns from the heavily-weighted Canadian banks were constrained last quarter with company-specific drivers – including regulatory challenges from TD, and underwhelming U.S. results from BMO – limiting performance. More broadly, the banks continue to build prudent credit provisions to mitigate uncertain economic forecasts and remain well capitalized.
   
   Canadian Quant Factors – With investors remaining attentive to businesses’ ability to create value relative to financing costs, we see value in high quality, dividend-paying companies with strong earnings sustainability and a healthy degree of leverage. Based on our work, investors of the Canadian banks appear well compensated, with the current premium between value creation and current yield remaining compressed. In our opinion, the market has modest expectations regarding prospects for value generation from the banks and, therefore, we believe the industry stands to benefit if the premium reverts closer to historical norms. We also continue to see sources of quality dividend opportunities within certain areas of the energy sector. More specifically, we believe companies that have taken steps to improve their balance sheets through deleveraging efforts, and with improved operating leverage, offer attractive prospects given their stable and high-yielding composition.
   
   Views From the Frontline
   
   Rates – During the first half of the second quarter, interest rates in both Canada and the U.S. increased, continuing the upward momentum from Q1. Higher-than-expected inflation data in the U.S. along with mixed economic growth data caused investors to push out expectations for when the U.S. Federal Reserve would start lowering its interest rate. This trend shifted in the second half of Q2, as positive economic momentum slowed in the U.S. economy and inflation data began to soften.  Interest rates in Canada declined more rapidly than in the U.S. due to more benign inflation, a weaker job market, and economic growth remaining below population growth. This economic weakening provided the confidence required for the Bank of Canada to cut rates by 25 basis points in June to 4.75%.  The Bank also signaled that if inflation continues to ease and the Bank’s confidence grows that inflation would continue to trend toward its 2% inflation target, it is reasonable to expect further cuts. The second quarter marked a pivotal point for the global policy easing cycle. Sweden, Canada, and the European Central Bank all began lowering their policy rates, and Switzerland made a second rate cut, following one in Q1.  The market continues to speculate on the timing of the U.S. Federal Reserve’s first rate cut.  Interest rate cut expectations are largely unchanged in Canada since last quarter, with a total of three rate cuts expected throughout 2024. Expectations for the rate cuts by the U.S. Federal Reserve declined slightly, however, to two cuts in 2024.
   
   Credit – The risk premium for corporate bonds (versus government bonds) was largely flat over the quarter, with spreads approaching the tight post-pandemic levels experienced in 2021.  Corporate bond supply continues to be very robust, with $41bn in new issuance.  Year-to-date, corporate issuance has set a new record, with an impressive $80bn in issuance.  On balance, we do not think the current risk premium adequately compensates for downside risk, particularly in longer-dated corporate bonds, and have a bias towards shorter-dated credit where we view the risk / reward trade-off as being more favourable.
   
   Equity – On the backdrop of a heavily concentrated U.S. market rally, we remain cautious of the distortion to market returns from high-flying technology stocks. As a result, we continue to favour a combination of the Dow Jones Industrial Average and the S&P 500 for our broad U.S. market exposure. The Dow provides a more diversified exposure to 30 prominent large-cap companies and less concentration in technology relative to the S&P. Broadening earnings strength presents an opportunity for previously out-of-favour names to “catch-up”. In our view, companies outside the Magnificent 7 that have demonstrated robust earnings growth, strong cash flow generation, along with decreased debt loads, are well-positioned to benefit from internal market rotations. As such, we gain exposure to these companies through the quality factor – companies with higher return-on-equity, strong operating performance, and healthy leverage levels – and the dividend growth factor – businesses with a lengthy and established history of increasing dividends.
   
   In Canada, we remain attentive to how efficiently corporations are generating profits relative to financing costs. Looking forward, we continue to monitor the ability of businesses to generate profits given a decline in capital spending. More specifically, we are focused on businesses’ ability to grow and sustain dividends amid the lag between easing monetary conditions and consumption. Due to this, we observe value in higher yielding companies that are higher on the spectrum of quality. Geographically, we maintain our overweight U.S. exposure, underpinned by encouraging U.S. inflation data trends, broadening corporate earnings growth, and normalizing consumption. In addition, sluggish Chinese data and the lack of positive earnings revisions from EAFE tilt the risk-adjusted return profile in favour of the U.S. Lastly, as a Canadian investor, fluctuations in the Loonie’s relative value versus other major currencies continues to present tactical trading opportunities within our investment mandate.
   
   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.
   
    
10. [pdf] Harnessing the power of your cash value