Canadian life insurance application activity ended Q2-2024 up +6.5% year-to-date (YTD), with activity in June 2024 down -3.2% compared to June 2023 Year-over-Year (YOY), representing the first time monthly YOY activity has declined since May of 2023. Additionally, activity for Q2-2024 was up +8.1% compared to Q2-2023 and up +2.3% compared to the previous quarter (Q1-2024). When examining month-over-month (MOM) activity, June was down -10.1% compared to May.

Ages 61+ showed YOY double-digit growth in June, while ages 0-60 showed YOY declines. When comparing Q2-2024 to Q2-2023, all age bands showed growth, in the double digits for ages 61+. YTD activity through the first half of 2024 saw growth for ages 0-30 and ages 51+, in the double digits for ages 61+, and flat activity for ages 31-50.

When examining activity by face amount, June 2024 saw YOY flat activity for amounts up to and including $250K, and declines for amounts over $250K, in the double digits for amounts over $2.5M up to and including $5M. When comparing Q2-2024 to Q2-2023, face amounts up to and including $500K saw growth, in the double digits for amount up to and including $250K and amounts over $500K saw flat activity. When comparing Q2-2024 to Q2-2023 by age band, ages 0-30 saw growth for face amounts up to and including $500K and face amounts over $2.5M, flat activity for amounts over $500K up to and including $1M, and double-digit declines for amounts over $1M up to and including $2.5M. Ages 31-50 saw growth for face amounts up to and including $2.5M and amounts over $5M, and declines for amounts over $2.5M up to and including $5M. Ages 51-60 saw double-digit growth for amounts up to and including $250K, double-digit declines for face amounts over $500K up to and including $1M, declines for amounts over $5M, and flat activity for all other face amounts. Ages 61-70 saw growth for amounts up to and including $250K, amounts over $500K up to and including $2.5M, and amounts over $5M, in the double digits for amounts up to and including $250K as well as amounts over $1M up to and including $2.5M, and declines for all other face amounts. Ages 71+ saw declines for amounts over $1M up to and including $2.5M, and growth for all other face amounts, in the double digits for amounts up to and including $250K, amounts over $500K up to and including $1M, and amounts over $2.5M.

When examining activity patterns where a product type was submitted to MIB, Universal Life saw double-digit growth YOY in June of +30.2%, while Whole Life saw declines of -4.6%, and Term Life saw double-digit declines of -12.1%. When comparing Q2-2024 to Q2-2023, Universal Life saw double-digit growth, Whole Life saw growth, and Term Life saw declines. When comparing Q2-2024 to Q2-2023 by age bands, Universal Life saw double-digit growth for ages 0-70 and triple-digit growth for ages 71+. Whole Life saw growth for all age groups, in the double digits for ages 61+. Term Life saw flat activity for ages 0-30 and declines for all other ages groups, in the double digits for ages 71+.

About 34% of total Life Index volume for Canada in Q2-2024 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 has a significant impact on the Canadian analysis. When looking solely at submissions identified as for Life Insurance products, we saw higher growth trends with activity flat at -0.5% in June YOY, up +11.7% when comparing Q2-2024 to Q2-2023, and up +9.6% mid-year YTD.