WATERLOO, ON, Feb. 16 /CNW/ - Equitable Life of Canada delivered a
strong performance in 2010, achieving historic highs for sales and
growth. Both the Company's Individual and Group lines of business hit
record sales levels, while the Savings and Retirement line of business
achieved sales similar to its break-out results in 2009. For the first
time in the Company's history, assets under administration exceeded $2
billion, with a 13.5% increase over 2009. Premiums and deposits also
hit an all-time high of $552.6 million, up 5.2% from the previous year.
Despite a low interest rate environment and volatile equity markets, the
Company achieved net income of $31.3 million, matching the record
earnings level set in 2009. As a result, Equitable Life's capital
levels remained strong. The Company's Minimum Continuing Capital and
Surplus Requirement (MCCSR) ratio was 214% at the end of 2010, well
above the minimum regulatory targets.
"A number of factors contributed to this strong performance in 2010,"
said Ronald Beettam, Equitable Life's President and Chief Executive
Officer. "In addition to strengthening our sales force to expand our
distribution reach, we broadened and enhanced our product portfolio and
managed expenses to keep costs well under control."
"The ability of Equitable Life to thrive in the midst of difficult
market conditions reflects the benefits of our commitment to
mutuality," added Beettam. "Our mutual status provides continuity and
stability, and allows us to focus on meeting the long-term interests of
our policyholders," he said. "We are well positioned to meet our future
growth and profitability targets."
2010 Financial Highlights
Net income remained level with 2009 results at $31.3 million, for a
return on policyholders' equity of 11.0%.
Participating policyholders' equity increased to $300.1 million, up
11.6% from $268.8 million in 2009.
Capital strength as measured by the MCCSR ratio ended the year at 214%.
Premiums and deposits increased by 5.2% to $552.6 million from $525.4
million in 2009.
Assets under administration climbed by 13.5% to $2.2 billion in 2010.
About Equitable Life of Canada
As one of Canada's largest mutual life insurance companies, Equitable
Life is dedicated solely to its policyholders. The Company is focused
on providing them with high-quality service, security and well-being.
Since 1920, Canadians have been depending on Equitable Life for
financial protection. The Company offers a wide selection of
competitive Individual Life and Health, Group, and Savings and
Retirement products to meet the needs of its large and growing base of
SOURCE Equitable Life of Canada
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