Equitable Life of Canada posted solid growth in premiums and deposits and assets under administration in 2014, the company said the Waterloo, Ont.-based company said Tuesday.
Equitable Life realized earnings of $52.4 million, which resulted in policyholders’ equity rising 12.5% to $446 million. Solid earnings also led to a continued high Minimum Continuing Capital and Surplus Requirements (MCCSR) ratio of 210%, evidence of the insurer’s strong and stable capital position.
“In 2014, we continued to demonstrate that we are a strong and stable company, capable of achieving key targets,” says Ron Beettam, president and CEO. “Our results for the past year speak to our commitment to our plan, and to our ability to deliver strong earnings, to maintain a stable capital position, and to grow in a highly competitive marketplace.”
Premiums and deposits increased by 11.1% to $758 million. Assets under administration grew 9.0% to $3.3 billion.
On the sales front, individual business hit a record high of $51.6 million in new annualized premiums, a 12% increase from $45.9 million in 2013. Group business faced a challenging year, bringing in $23.5 million in sales. Savings and retirement had a successful year, with sales increasing by 21% over the prior year to $223 million.