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WINDSOR, Conn., Nov. 19, 2024 — Total Canadian life insurance new annualized premium was $478 million (CAD) in the third quarter 2024, 4% higher than the prior year’s results, according to LIMRA’s Retail Canadian Life Insurance Sales Survey. In the third quarter, policy count fell 17%, largely due to term life sales declines.

“Strong economic conditions have propelled permanent life insurance sales in the third quarter. Both participating whole life and universal life recorded substantive gains as consumers look to protect investment growth,” said John Carroll, senior vice president and head of Life & Annuities, LIMRA and LOMA. “LIMRA is projecting this trend to continue through 2025.”

Year-to-date, new annualized premium totaled $1.5 billion, up 5% from prior year. In the first nine months of 2024, policy count dropped 5%, compared with results from same period of 2023.

Whole Life
Whole life new annualized premium topped $324 million, increasing 9% in the third quarter. The number of whole life policies sold fell 1%. Eight in 10 whole life carriers reported new premium growth. Year to date (YTD), whole life new premium rose 9% to $984 million, and the number of policies sold was level with prior year’s results. YTD, whole life premium represented 68% of the total Canadian life insurance market.

“Participating whole life product sales continue to dominate the market, representing 9 in 10 dollars spent. Nearly 70% of carriers selling these products reported double-digit growth this quarter,” said Matthew Rubino, senior research analyst, LIMRA Insurance Product Research.

Universal Life
For the second consecutive quarter, universal life (UL) new premium improved. UL new premium was $63 million in the third quarter, up 7% from prior year’s results. Non-level cost of insurance (COI) product sales drove the growth. The number of policies sold also increased in the third quarter, up 2%. YTD, UL new premium totaled $189 million, 1% higher than the same period in 2023. Through the third quarter, policy count was 2% higher than prior year’s results. UL premium held 13% of the total Canadian life insurance market in the first three quarters of 2024.

Term Life
Term new premium fell 11% in the third quarter to $91 million. Policy count plummeted 27% in the quarter. Third quarter results pulled down the overall results for 2024. YTD, term new premium was $278 million, down 3%. Policy count dropped 10% in the first nine months of 2024. YTD, term premium held 19% market share.

“In 2023, term sales spiked due to new product introductions and relationships among a few companies. In 2024, term sales have returned to normal levels,” said Rubino. “While new policy count fell 27% year over year, it was more than 3% higher than third quarter 2022 results.”

For more details on the sales results, go to Canadian Life Insurance Sales Growth Rates (Third Quarter 2024) in LIMRA’s Fact Tank.

Started in 1993, LIMRA’s Canadian Individual Life Insurance Sales Survey represents 93% of the Canadian market. With more than 100 years of expertise, LIMRA conducts over 80 benchmark studies — producing nearly 500 reports annually — for our members and the industry as a whole. These studies provide trusted insights and a comprehensive understanding of market dynamics, trends, and behaviors.

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About LIMRA
Serving the industry since 1916, LIMRA offers industry knowledge, insights, connections, and solutions to help more than 700 member organizations navigate change with confidence. Visit LIMRA at www.limra.com.