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1. [pdf] Do you know Darren
2. 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.

3. October 2019 Advisor eNews

   Coverage of Remicade, Enbrel and Lantus in BC

   As we announced in August, BC PharmaCare recently introduced a new Biosimilars Initiative that ends coverage of three biologic drugs, including Remicade, Enbrel, and Lantus. These drugs will no longer be eligible in British Columbia for most conditions for which lower-cost biosimilar versions are available. Patients in the province with these conditions will be required to switch to biosimilar versions of these drugs by Nov. 25, 2019 in order to maintain their coverage under BC PharmaCare. Patients taking Remicade for Crohn's Disease or Ulcerative Colitis will not be required to switch to a biosimilar until March 6, 2020.
    
   Biologics are drugs that are engineered using living organisms, such as yeast and bacteria. Biosimilars are highly similar to the originator drugs they are based on and most have been shown to have no clinically meaningful differences in safety or efficacy.
    
   To ensure this provincial change doesn’t result in your clients’ plans paying additional drug costs, we have aligned our drug eligibility for these three biologic drugs with that of BC PharmaCare.
    
   As previously announced, effective Nov. 25, 2019, Remicade and Enbrel will no longer be eligible for BC plan members with conditions for which lower-cost biosimilar versions of the drugs are available. These plan members will be required to switch to the biosimilar versions of these drugs in order to maintain eligibility on the Equitable Life drug plan. We have communicated with Plan Administrators about this change, and we have informed affected claimants of the need to switch medications.  
    
   As well, effective Feb. 3, 2020, the drug ingredient cost for Lantus will no longer be eligible for BC plan members; only the dispensing fee may be eligible under their Equitable Life plan. Plan members taking Lantus will be required to switch to Basaglar, the lower-cost biosimilar version of the drug, in order to maintain coverage under their Equitable Life plan. We will be communicating with Lantus claimants in the coming weeks to allow them ample time to change their prescription and avoid any interruptions in their treatment or their coverage.
    
   If you have any questions about this change, please contact your Group Account Executive or myFlex Sales Manager.

   De-listed service providers

   As part of our ongoing initiative to have Group Benefits plans only reimburse eligible claims, we conduct reviews of the billing and administrative practices of service providers, including clinics, facilities and medical suppliers.

   As a result of these reviews we may de-list certain providers.  We will no longer accept, or process claims for services and/or supplies obtained from those providers. The plan member can still choose to obtain services or supplies from these providers, but Equitable Life will not provide reimbursement for the claims.

   Review Equitable Life’s de-listed service providers

   The delisted service provider list is also posted on EquitableHealth.ca for plan members to review to determine if their claim(s) are eligible for reimbursement under their Group Benefits plan.

   For more information about protecting group benefits plans from abuse, check out our articles.

4. [pdf] Collateral Assign List
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. Market Commentary January 2026
   
   Key Takeaways
   
   Full year 2025:
   • Government policy was very impactful for markets in 2025. U.S. trade policy unsettled markets in the first half of the year, as the U.S. implemented significant tariffs and engaged in tough negotiations with major trading partners. However, by mid-year, fiscal policy provided positive support for markets, particularly with the passing in the U.S. of the One Big Beautiful Bill Act in July.
   • Artificial Intelligence (“AI”) continued to attract investment, particularly in the United States. This investment provided strong support for equity market performance.
   • Global equity markets delivered strong performance, most notably Canadian equities, which returned an impressive 31.7%.
   • Positive risk appetite supported solid corporate bond performance, which outpaced government bonds.
   
   Fourth Quarter:
   • U.S. equities advanced at a slower pace in the fourth quarter after a strong surge in the prior two quarters. Canadian equities outperformed U.S. equities, fueled by a powerful rally in the Materials, Consumer Discretionary, and Financials sectors.
   • Canadian bond markets posted slightly negative returns during the quarter as higher interest rates weighed on performance. Strong corporate bond performance partially offset weakness in government bonds.
   • Both the Bank of Canada and the U.S. Federal Reserve lowered policy interest rates during the quarter, with Canada dropping its benchmark rate by 25 basis points and the U.S. dropping its policy rate by 50 basis points. Both central banks signalled a cautious approach for further easing.
   
   Economic and Market Update

   Economic Summary: The U.S. economy continued to expand at a moderate pace, supported by strong consumer spending and AI investment. However, job growth slowed and the unemployment rate has edged higher. Inflation remains higher than the 2% target, despite easing trends. While some U.S. trading partners have made trade agreements, uncertainty remains regarding reciprocal tariffs, with a case before the U.S. Supreme Court as to their legality. The Federal Reserve lowered its policy interest rate twice during the quarter, first in October and again in December, to reach a target rate of 3.50% to 3.75%. Chair Powell cited downside risks to employment as a key factor behind the rate cut decisions and emphasized that officials are “well positioned” to wait and assess how the economy evolves.
   
   In Canada, U.S. tariffs on steel, aluminum, autos, and lumber have weighed heavily on these sectors. While most goods continue to enter the U.S. tariff-free due to the Canada-United States-Mexico Agreement (“CUSMA”), broader  uncertainty around U.S. trade policy is dampening business investment. Third quarter GDP growth exceeded market expectations, but growth tracked weaker in the fourth quarter amid the trade disputes. The labour market showed signs of improvement in the fourth quarter after earlier weakness. Headline inflation has hovered near the 2% target, while core inflation remained persistent. The Bank of Canada lowered its policy interest rate by 25 basis points to 2.25% in October and made no changes in December. Going into 2026, trade uncertainty remains with the CUSMA up for renegotiation. The Bank of Canada reiterated its readiness to respond if new shocks or accumulating evidence materially alter the outlook.
    

   Bond Markets: During the quarter, the FTSE Canada Universe Bond Index returned -0.3% as interest rates on Canadian bonds rose (bond prices fall as interest rates go up). The increase reflected reduced expectations for interest rate cuts by the Bank of Canada and a higher risk premium demanded by investors for long-term debt. Although interest rates increased, credit spreads (i.e. the extra yield on corporate bonds versus government bonds to compensate for their extra risk) continued to move lower. These lower credit spreads resulted in positive overall returns for corporate bonds in the quarter, despite the overall bond market recording a loss. Tightening credit spreads reflected the continued risk-on tone to the market. Despite some volatility, lower-rated BBB bonds generally performed better than higher-quality A-rated bonds. Credit spreads have now rallied back to the tightest spreads since the 2008 financial crisis, nearing the tightest spreads in history. Despite expensive levels, investors remain buyers of corporate bonds, evidenced not just by falling  credit spreads, but also by investors’ enthusiasm to support the primary issuance market. Corporate bond supply continues to set new records, with an impressive $37.5 billion in new issuance in the fourth quarter helping 2025 to exceed the prior year’s issuance. All told, 2025 saw an impressive $160 billion in new issuance via 358 new bonds, versus 2024’s prior record of $139 billion from 301 new bonds.
   
   
   Stock Markets: The fourth quarter marked a pivotal shift in the global equity market rally of 2025. After three quarters of a highly concentrated, tech-led rally in the U.S., cyclical and valueoriented sectors outperformed in Q4. The S&P 500 advanced at a slower 2.7% in the fourth quarter, reflecting a market that is recalibrating after an extended period of concentrated gains. Canadian equities outperformed U.S. equities as the S&P/TSX Composite returned 6.3% in the quarter, finishing the year with an impressive 31.7% return. That was its strongest annual gain since 2009. The strong returns in Canadian equities were fueled by a powerful rally in the Materials sector, supported by soaring gold and base metal prices, and reinforced by the resilience of the Consumer Discretionary and Financials sectors. Internationally, developed markets in Europe and Asia gained 6.2% for the quarter, bringing their annual return to 21.2%. This move signals a healthy rebalancing as global investors rotated into attractivelyvalued international equities to hedge against elevated U.S. valuations. Capital is now flowing toward regions and sectors offering stronger earnings visibility and defensive characteristics rather than purely speculative growth.
   
   
   U.S. Equities: U.S. equities entered the fourth quarter at elevated valuations. Despite fundamentally strong earnings growth, stock prices struggled to move higher because investor expectations were for even stronger growth. Technology remained the primary driver of earnings, but the sector faced intense pressure to prove its value. Specifically, investors questioned the pace at which companies could convert AI investments into actual revenue. Investors also worried that growth remained concentrated among too few companies rather than more broadly across the economy. Sector-wise, Communication Services emerged as the top performer for the full year due to significant margin expansion. This was driven by a wave of media-related merger activity and the successful use of AI to make digital advertising more efficient. Industrials also advanced as new tax incentives for domestic manufacturing boosted factory orders. Nevertheless, the market remains concentrated with the top ten stocks representing nearly 40% of the S&P 500 Index. This level of concentration makes the market vulnerable to sudden price swings. As inflation moderated and the Federal Reserve cut rates in December, investors shifted toward more defensive sectors and international equities. This rotation signals a preference for companies with stable cash flows over speculative growth.
   
   
   Canadian Equities: The Canadian market was a global standout during the quarter, supported by lower borrowing costs, a stable Financials sector, and rally in the prices of metals (including gold, but also base metals like nickel and copper). The Materials sector led the way as a weaker U.S. dollar and geopolitical tensions pushed gold to a record of US$4,550 per ounce in late December. For major mining companies, these prices generated record cash flow allowing them to raise dividends and buy back shares. The Bank of Canada interest rate cut supported both the Consumer Discretionary and Financials sectors, reducing borrowing costs, and helping banks maintain stable net interest margins. The Big Six Canadian Banks delivered strong earnings results in Q4. These were driven by a surge in capital markets activity and better-than-expected provisions for credit losses, as the economy remained resilient. Trading at 17 times forward earnings, the Canadian market appears attractively valued, prompting investors to shift away from U.S. volatility toward more tangible assets and reliable dividends.
   
   
   Bottom line:  The final quarter of 2025 saw a notable shift in investor positioning. As recession fears receded, attention turned to navigating a period of moderate economic expansion. In Canada, capital flowed into profitable, cash flow-generating companies in the Financials and Material sectors. Momentum in U.S. equities slowed as investors reduced risk amid caution around AI developments. Although major indices remain highly valued, opportunities persist in sectors and regions with stable cash flows and pricing power.
   
   
   Downloadable Copy
    

   Mark Warywoda, CFA VP, Public Investments	Ian Whiteside, CFA, MBA AVP, Public Investments	Johanna Shaw, CFA Director, Public Investments	Jin Li Director, Equity Investments
   Wanyi Chen, CFA, FRM Sr. Quantitative Analyst	Andrew Vermeer, CFA Senior Analyst, Credit	Elizabeth Ayodele  Analyst, Credit	Edward Ng Cheng Hin Analyst, Credit	Kate (Huyen) Vinh Analyst, Equity	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.
7. Conversions
8. Conversions
9. [pdf] Dollar Cost Averaging
10. [pdf] Retirement Realities