Canadian life insurance application activity saw growth of +7.3% Year-over-Year (YOY) in January 2025, achieving the highest total volume of activity for any January on record for Canada. Consistent with historical trends, on a Month-Over-Month (MOM) basis, January 2025 activity grew by +17.9% compared to December 2023.

January 2025 saw Year-Over-Year (YOY) growth for all age bands, in the double digits for ages 71+. Activity for ages 0-30 was up +5.9%, ages 31-50 up +8.5%, ages 51-60 up +3.6%, ages 61-70 up +6.9%, and ages 71+ up +15.7%.

January 2025 saw YOY growth for all face amounts, in the double digits for amounts over $500K. When including age bands, ages 0-30 saw flat YOY activity for amounts up to and including $250K, double-digit growth for amounts over $250K up to and including $1M, growth for amounts over $1M up to and including $2.5M, declines for amounts over $2.5M up to and $5M, and double-digit growth for amounts over $5M. Ages 31-50 saw growth for all face amounts, in the double digits for amounts over $500K. Ages 51-60 saw growth for all amounts over $250K, in the double digits for amounts over $500K up to and including $1M and amounts over $2.5M, and flat activity for amounts up to and including $250K. Ages 61-70 growth for all face amounts, in the double digits for amounts over $250K up to and including $5M. Ages 71+ saw double-digit growth for all face amounts.

When examining activity patterns where a product type was submitted to MIB, all product types saw growth, in the double digits for Universal Life. It is interesting to note, Canada had more Universal Life applications reported to MIB in January 2025 compared to any month on record.

When including age bands, Universal Life saw YOY growth for all age bands, in the double digits for ages 0-50 and ages 61+. Term Life also saw YOY growth for all age bands, in the double digits for ages 0-30 and 61-70 and in the triple digits for ages 71+. Whole Life saw YOY growth for ages 0-60, flat activity for ages 61-70, and declines for ages 71+.

About 33% of total Life Index volume for Canada in January 2025 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. Missing product type information can have an impact on the Canadian analysis. Growth varies when looking solely at submissions identified as Life Insurance products, with activity up +8.3% YOY for Canada in January 2025.