Equitable Life of Canada® achieves record sales in 2010

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 participating policyholders.


SOURCE Equitable Life of Canada

For further information:

Media relations contact
Don Bisch
Director, Corporate Communications
1.800.722.6615 ext. 8017


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