Continuing a consistent quarterly growth trend that began in Q1-2023, Canadian life insurance application activity ended Q1-2025 up +6.5% year-to-date (YTD). Activity in March 2025 is also up Year-over-Year (YOY) at +8.4% compared to March 2024, representing the highest YOY growth for the month of March on record. Additionally, activity for Q1-2025 was up +7.0% when compared to the previous quarter (Q4-2024), in a pattern consistent with seasonal trends.

In March 2025, all age bands saw YOY growth, in the double digits for ages 31-50 and 71+. When comparing

Q1-2025 to Q1-2024, all age bands also saw growth with ages 0-30 up +3.6%, ages 31-50 up +8.5%, ages 51-60 up +5.5%, ages 61-70 up +5.1%, and ages 71+ up +9.1%. It is interesting to note that activity for ages 51+ has shown consistent quarterly growth since Q2-2023. Additionally, Q1-2025 saw growth across all age groups compared with Q4-2024, with double-digit growth for ages 61+.

March 2025 saw YOY growth for all face amounts, in the double digits for amounts over $250K. When comparing Q1-2025 to Q1-2024, all face amounts also saw growth, in the double digits for amounts over $500K. It is interesting to note that amounts up to and including $250K have shown consistent quarterly growth since Q2-2023. When including age bands comparing Q1-2025 to Q1-2024, ages 0-30 saw growth for face amounts over $250K, in the double digits for over $250K up to and including $2.5M and amounts over $5M, and declines for amounts up to and including $250K. Ages 31-50 saw growth for amounts over $250K, in the double digits for over $500K, and flat activity for amounts up to and including $250K. Ages 51-60 saw growth for all amounts, in the double digits for amounts over $500K. Ages 61-70 saw growth for amounts up to and including $250K, double-digit growth for amounts over $500K, and flat activity for amounts over $250K up to and including $500K. Ages 71+ saw growth for all amounts, in the double digits for amounts over $250K.

For March 2025, all product types saw YOY growth, with Term Life up +12.1%, Universal Life up +19.2%, and Whole Life up +5.0%. When comparing Q1-2025 to Q1-2024, all product types saw growth as well, with Term Life up +8.1%, Universal Life up +12.6%, and Whole Life up +2.7%. It is interesting to note that Universal Life in Canada has shown consistent quarterly growth since Q1-2022.

When including age bands in our comparison of Q1-2025 activity to Q1-2024, Term Life saw growth for all age bands, in the double digits for ages 0-30 and 71+. Universal Life also saw growth for all age bands, in the double digits for ages 0-70. Whole Life saw growth for ages 31-60, flat activity for ages 0-30 and declines for ages 61+, in the double digits for ages 71+.

About 32% of total Life Index volume for Canada in Q1-2025 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. However, missing product type information has a significant impact on Canadian analysis. When looking solely at submissions identified as Life Insurance products, Canadian life insurance application activity grew in March 2025 by +11.3% YOY and ended Q1 up +7.3% YTD.