Canadian life insurance application activity finished 2024 up +6.5% Year-to-Date (YTD) compared with 2023, representing the second consecutive year of YTD growth. On a year-over-year basis (YOY) activity was up +9.0% in December 2024 compared to December 2023, despite being down -18.0% month-over-month (MOM) compared to November 2024. Overall, Canadian activity saw YOY growth for nine (9) out of twelve (12) months in 2024, in the double digits in January, April, and October.

2024 activity ended with YTD growth for all age groups, in the double digits for ages 61+. Activity for ages 0-30 was up +2.8% YTD, ages 31-50 up +4.4%, ages 51-60 up +3.6%, ages 61-70 up +18.4%, and ages 71+ showed the highest growth of +45.4%. From Jaunary to November 2024, ages 61+ showed continuous YOY growth, though on a declining scale, while all other age bands fluctuated. While ages 71+ outperformed all other age bands during this time, YOY growth percentages began to decline sharply starting in March, until by December the age band was at a decline of -2.8% YOY. All other age bands saw YOY growth in December.

2024 life application activity saw YTD growth for face amounts up to and including $500K and amounts over $1M up to and including $5M, and flat activity for amounts over $500K up to and including $1M and amounts over $5M. When examining age bands, ages 0-30 saw YTD growth for amounts over $250K up to and including $1M as well as amounts over $2.5M up to and including $5M, flat activity for amounts up to and including $250K, declines for amounts over $1M up to and including $2.5M and double-digit declines for amounts over $5M. Ages 31-50 saw YTD growth for amounts up to and including $2.5M, and flat activity for amounts over $2.5M. Ages 51-60 saw YTD flat activity for amounts over $250K up to and including $500K as well as amounts over $5M, double-digit declines for amounts over $500K up to and including $1M, and growth for all other face amounts. Ages 61-70 saw YTD double-digit declines for amounts over $250K up to and including $500K and growth for all other face amounts, in the double digits for amount up to and including $250K, over $1M up to and including $2.5M, and amounts over $5M. Ages 71+ saw YTD growth for all face amounts, in the double digits for amounts up to and including $1M as well as amounts over $2.5M.

Similar to 2023, YTD results in 2024 were driven by growth in Whole Life of +3.8% and double-digit growth in Universal Life of +28.1%, offsetting flat activity for Term Life -0.7%. In 2024, Whole Life represented 24.9% of total Canadian life insurance activity, while and Term Life represented 23.8% and Universal Life 17.8%. When examining age bands, Whole Life and Universal Life saw YTD growth across all age bands, in the double digits for Universal Life. Term Life saw YTD growth for ages 0-30, declines for ages 51-60, and flat activity for all other age groups.

In 2024, 33% of total Life Index volume for Canada did not include a product type. We believe the vast majority of these submissions are for Life Insurance applications and have included them in the composite analysis presented in this report. However, missing product type information can have a significant impact on the Canadian analysis, especially at this large volume. When looking solely at submissions identified as for Life Insurance products, December 2024 activity for Canada YOY was up +7.4%, and 2024 finished YTD growth at +7.5% when compared to 2023.