Equitable reports pivotal growth and strategic advancements in 2023, including a major rebrand
Equitable concluded 2023, marking it as a pivotal year for the company with significant milestones achieved across various sectors, as announced on Newswire Canada.
The company successfully transitioned to new international financial reporting standards, maintained financial strength as reflected by its capital ratio, rebranded to emphasize client-centricity, and commenced executing a five-year strategic plan aimed at ensuring a robust future.
The financial standing of Equitable at the year's end was robust, with total capital reaching $1.9bn, resulting in a 172 percent LICAT (Life Insurance Capital Adequacy Test) ratio.
This strong ratio underscores Equitable's well-capitalized position to fulfill its promises to clients today and in the future. In 2023, Equitable paid out $1.1bn in claims and benefits to its clients and distributed over $104m in dividends to clients holding participating whole life contracts.
Equitable experienced growth momentum across all three lines of business, with total premiums and deposits escalating to $2.6bn, marking a 19 percent increase from the previous year.
“Growth momentum is important for our success," remarked Fabien Jeudy, President and CEO of Equitable.
According to the release, the company's commitment to offering valuable, simple, and comprehensive solutions was evident in the continuous enhancements to its products, including the introduction of a First Home Savings Account (FHSA) solution, EZBenefits® for small businesses, and updated participating whole life insurance solutions.
In the fall of 2023, Equitable launched a new brand to reflect its commitment to clients. The new brand features a logo with a stylized 'e' encircled, symbolizing the company's focus on clients. A ribbon element in the brand design represents the clients' life journeys, illustrating Equitable's dedication to supporting clients through all stages of life.
Strategically, 2023 was a year where Equitable transitioned from strategic review to implementing key projects. The formation of the Impact Team was a significant step towards maintaining a consistent focus on the client across the organization, concentrating on brand, data, and client impact.
Equitable also invested in its people, introducing a comprehensive orientation program for new hires, developing Growing Together events for learning and development, and launching a formal hybrid work model at its reimagined head office.
Digital modernization was a key initiative, aimed at enhancing service delivery through workflow and technology improvements, and creating more engaging interfaces for clients and advisors.
Jeudy reflected on Equitable's legacy of over 100 years of serving clients with excellence, emphasizing the company's journey towards preparing for the next century.
“As a mutual, we're accountable only to our clients. Our aim is to provide long-term financial security and stability, powered by our awesome employees, technology, and financial strength”" Jeudy said.
The financial highlights for 2023 include a participating policyholders' equity of $1.4bn, and sales of $178m in Individual Insurance, $744m in Savings and Retirement, and $63m in Group Insurance.
Premiums and deposits were reported at $2.6bn, with a net income of $147m and an additional $38m added to the Contractual Service Margin (CSM), indicating future profit. The return on policyholders' equity stood at 11.4 percent, with assets under administration totaling $8.1bn.
