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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.

January 2024 eNews

In this issue:

Equitable scores high marks with group advisors*
REMINDER: Equitable's National Biosimilar Program starts in March*
2024 dental fee guide updates*
Homewood Health wins HR Reporter Reader's Choice award for EFAP excellence*

*Indicates content that will be shared with your clients.

Equitable scores high marks with group advisors*

Equitable ranked first for operational service among major group insurers in a recent study of Canadian group benefits advisors.

NMG Consulting, a leading global consulting firm, conducted in-depth interviews with 146 Canadian group benefits brokers, consultants, MGAs and third-party administrators between May and August 2023 for its annual Canadian Group Benefits Study. Based on these interviews, NMG ranked group insurers in six categories, ranging from operational management to technology.

Nationally, Equitable ranked among the top three in five of the six main categories, including number one for Operational Management:

Category	Ranking
Operational management	1st
Initiatives (including seminars & training)	2nd
Technology	3rd
Underwriting & claims management	3rd
Relationship management	3rd

“Advisors regard us highly in many categories. That’s a testament to our mutual status and ability to focus exclusively on our clients and advisor partnerships,” said Marc Avaria, Executive Vice President, Group Insurance Division. “We are truly working together to build strong, enduring and aligned partnerships with our clients and advisors.”

“We’re delighted with these results and are committed to continuously advancing our delivery of a better benefits experience for our clients and advisors,” added Avaria.

More highlights from the latest NMG survey

Nationally, we ranked first in seven subcategories in Operational Management, including:

Overall service to intermediaries,
Overall service to plan sponsors,
New quote process,
Plan implementation,
Renewal process,
Accuracy and timeliness of reporting and billing, and
Administration quality and responsiveness

In Underwriting and Claims Management, we finished in the top three for flexibility of underwriting (2nd).

And we were rated strongly in Technology, finishing in the top three for:

Overall technology for Intermediary (2nd)
Member experience (3rd)
Quality of technology for the plan sponsor (2nd)
Quality of mobile application (2nd)

REMINDER: Equitable's National Biosimilar Program starts in March*

In October 2023 we announced the upcoming launch of our national biosimilar program. Starting March 1, 2024, we are expanding our biosimilar switch initiatives to provide a single, nationwide** program. 

Why we’re making the switch

Over the past few years, most provinces have introduced policies to delist some originator biologic drugs. They require most patients to switch to biosimilar versions of those drugs to be eligible for coverage under their public drug plans. Soon, it is expected that all provincial drug plans will cover only biosimilars.

Equitable’s National Biosimilar Program simplifies drug plan coverage by replacing our provincial programs. It also protects clients from additional drug costs while offering access to lower-cost biosimilars deemed equally safe and effective by Health Canada.

How will this affect clients' drug plans?

Because we have already introduced biosimilar switch initiatives in most provinces, the impact of this change will be minimal. It will primarily affect plan members in provinces or territories where we haven’t already required the switch to biosimilars. It will also affect plan members who are taking biosimilars that were not originally included in the switch initiative for their province.    

Regardless of where they live, plan members across Canada will no longer be eligible for most originator biologic drugs if they have a condition for which Health Canada has approved a lower-cost biosimilar version of the drug. Plan members already taking the originator biologic will be required to switch to a biosimilar version of the drug to maintain coverage under their Equitable plan. We will support their transition with education, personalized communication, and resources. 

Advance notice for plan members

We contacted affected claimants in early December to give them enough time to change their prescriptions 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 Account Executive.    
 ** Excludes plan members in Quebec who participate in a separate provincial program. 

2024 dental fee guide updates*

Each year, Provincial and Territorial Dental Associations publish fee guides. Equitable uses these guides to help determine the reimbursement limits for dental procedures.

For your reference, you may wish to refer to the 2024 list of the average dental fee increases for general practitioners.

Homewood Health wins HR Reporter Reader's Choice award for EFAP excellence*

Equitable is proud to congratulate our Employee and Family Assistance Plan (EFAP) partner, Homewood Health®, for winning the Canadian HR Reporter 2023 Reader’s Choice Award in Employee Assistance Plan services. Homewood’s EFAP provides confidential support for a range of health, family, money, and work issues through face-to-face, phone, email, chat, or video counselling. The award recognizes their high standards in counselling and mental health support services.

The annual Reader’s Choice Awards identify organizations that provide outstanding expertise and services for HR professionals and employers across Canada. Those organizations provide valuable information on useful, innovative HR and employee benefits products and programs, in categories such as recruitment, mental health services, employee engagement programs, and more.

Sharing Homewood Health with your clients

Since 2019, we have worked with Homewood to provide mental health services for Equitable benefits plan members.

Your clients can access Homewood Health’s award-winning EFAP for an additional fee by adding it to their benefits plan. Services are available 24/7, 365 days a year.

All Equitable clients also have free access to Homewood Health Online in their benefits plan. Homewood Online provides a variety of helpful wellness resources, including:

Homeweb, an online and mobile health and wellness portal,
Health Risk Assessment, a group of assessment tools to help plan members identify and overcome health and wellness barriers, and
Online Internet-based cognitive behavioural therapy (iCBT) through Sentio to manage symptoms of anxiety and/or depression.

Questions

To learn more about Homewood Health’s services, contact your Group Account Executive or myFlex Account Executive.

[pdf] Asset Rebalancing - Equitable GIF

Market Commentary April 2026

Key Takeaways

• Markets started 2026 constructively, with positive returns in both stock and bond markets in the first two months of the year. However, the war on Iran by the U.S. and Israel drove significant changes to markets in March. The biggest driver was the spike in oil prices. Oil prices increased over 70% during the quarter to over US$100 per barrel as 20% of global oil production became trapped in the Middle East when Iran closed the Strait of Hormuz.
• Canadian equities returned 3.9% in the first quarter, outperforming U.S. equities which lost -4.3%. The Canadian market benefitted from its 40% exposure to strong performing Energy, Materials and Utilities sectors, which each gained over 10% in Q1. Conversely, the U.S. market has much less exposure to those strong performing sectors and therefore fell as geopolitical tensions weighed on performance of most other sectors.
• Canadian bonds posted modest gains as early-quarter strength was largely offset by March weakness. Rising commodity prices reignited inflation fears and prompted speculation for central bank interest rate hikes. Credit spreads widened as concerns regarding defaults and liquidity in the private credit market intensified.
• The Bank of Canada and the U.S. Federal Reserve held policy rates unchanged during the first quarter. Both central banks maintained a wait-and-see approach amid slowing labour markets, persistent inflation risks, and heightened global uncertainty.

Economic and Market Update

Economic Summary: The U.S. economy continued to grow at a steady pace in the first quarter. Inflation remained above the Federal Reserve’s target. The labour market showed signs of cooling as hiring slowed, but the unemployment rate remained stable. However, higher energy prices and risks to global supply chains added near term inflation pressures and weighed on the global outlook. The Federal Reserve held its policy interest rate unchanged during the quarter, maintaining the target range at 3.50% to 3.75%. Chair Powell highlighted ongoing uncertainty and reiterated that the Federal Reserve is well positioned to adjust policy as economic conditions evolve.

In Canada, economic growth remained subdued in the first quarter as excess supply persisted, and the labour market softened. Inflation stayed close to the 2.0% target, though rising global energy prices increased short term inflation risks. Trade uncertainty continued to weigh on confidence and business activity. The Bank of Canada held its policy interest rate steady at 2.25% throughout the quarter. The Governing Council noted it stands ready to respond if the economic outlook shifts materially.

Bond Markets: The Canada Aggregate Bond Index returned 0.23% in the first quarter. A strong start to the year in January and February (+2.25%) was mostly offset by a weak March (-1.97%), as higher oil prices from the war in Iran led to higher interest rates on Canadian bonds (bond prices fall as interest rates go up). The increase in interest rates was most predominant in shorter term bonds, with higher oil prices driving inflation fears. These inflation fears reframed the market’s interest rate cut expectations for 2026: a 40% chance of an interest cut by the Bank of Canada has now shifted to a 70% chance of not just one, but two 25 basis point increases to the Bank of Canada overnight rate in 2026. In addition, the war in Iran has resulted in a higher risk premium for corporate bonds: credit spreads (i.e. the extra yield on corporate bonds versus government bonds to compensate for their extra risk) moved higher in March after reaching record low levels in January and February. These higher credit spreads resulted in corporate bonds modestly underperforming the overall index, albeit still with positive returns. Despite the modest risk off tone, investors remain buyers of corporate bonds as evidenced by investors’ enthusiasm to support the primary issuance market. Corporate bond supply continues to set new records, with an impressive $50 billion in new issuance in the quarter, a record start to the year and 23% higher than the same period in 2025.

Stock Markets: The first quarter of 2026 marked a period of heightened investor caution with geopolitical tensions rising. Equity markets remained under pressure in March, as dip buyers remained cautious. Early market volatility was driven by several geopolitical developments, including Japan’s snap election, events in Venezuela, and U.S. interest in Greenland. Private credit markets also came under pressure as liquidity tightened and default risks increased, particularly in semi-liquid lending structures. The war on Iran raised concerns around demand destruction and inflation, pushing oil prices above US$100 per barrel for the first time since 2022. Gold continued to rise strongly early in the quarter. However, it later recorded its sharpest decline in years, driven by central bank selling. Despite this pullback, gold finished the quarter up 8% and continues to be viewed as a key safe-haven asset.

U.S. Equities: U.S. equities entered the first quarter with strong momentum, supported by robust earnings growth from technology companies. While earnings results confirmed this strength, investor sentiment weakened, particularly toward Software-as-a-Service (SaaS) companies. Rapid progress in AI agents developed by firms such as Anthropic and Google highlighted how quickly generative AI could automate core SaaS functions. As a result, software stocks sold off sharply in February, triggering a broader rotation away from largecap growth. Furthermore, tighter financial conditions and rising geopolitical tensions reduced risk tolerance and drove sharp sector rotation. The Energy sector led market performance, while Technology lagged and Financials underperformed due to stress in credit markets.

Canadian Equities: The Canadian stock market was supported by its high exposure to commodities. That structural tilt helped Canadian equities outperform U.S. equities as macro narratives shifted toward inflation concerns and supply risks. Performance during the quarter was marked by a sharp whipsaw between gold and oil, reflecting shifting investor sentiment. Investors sold gold aggressively and scrambled to source U.S. dollars as financial conditions tightened. Conversely, oil prices rose sharply on Middle East supply disruptions, lifting Energy stocks to become the strongest-performing sector of the quarter, up 29%.

Bottom line: The first quarter showed how quickly geopolitical shocks can reshape sectors’ performance. Canada outperformed U.S. growth markets due to its higher exposure to commodities, as energy prices rose and inflation concerns returned. The sharp move in gold and oil prices highlighted the market’s sensitivity to macro developments. The war against Iran forced investors to reprice both inflation expectations and Federal Reserve policy expectations. Looking ahead, geopolitical stability, energy prices, and central bank policy are likely to remain key drivers of market performance and sector leadership.

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
Except for statements of historical fact, all statements in this document are forward-looking statements. These forward-looking statements represent the portfolio manager’s current best judgment 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 be materially different 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 in this document. The reader is cautioned to consider these and other factors carefully and to 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.

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