Assumption Life reported net profit attributable to policyholders of $12 million in 2025, down 5% from $12.6 million in 2024.
The equity attributable to policyholders of the Moncton, New Brunswick-based mutual insurer increased by 8%, rising from $196.6 million to $211.9 million in 2025.
As for its assets, they grew by 13% in 2025 compared to 2024, reaching $2.6 billion, a record for the mutual.
The insurer's financial strength also improved. The solvency ratio, as measured by the Life Insurance Capital Adequacy Test (LICAT), increased from 165% in 2024 to 167% in 2025. The LICAT is a guideline of the Office of the Superintendent of Financial Institutions (OSFI).
Regarding the decline in profit, the President and CEO of Assumption Life, Sébastien Dupuis, explained the reason in an interview with the Insurance Portal, on the sidelines of the insurer's annual general meeting held on February 27, 2026. "We experienced greater growth than expected, which put pressure on our operations," he said.
Dupuis declined to disclose what these objectives were, but revealed that exceeding them required Assumption Life to make investments in 2025 that it had planned to make during its 5-year strategic plan starting this year (2026-2030). He said he wanted to finish his 2023-2025 plan strong. “We initiated the investments required by our 5-year strategic plan (2026-2030) before it even began, even if it meant reducing our profits,” he explained.
In response to the pressure placed on his employees by the strong sales projected for 2025, Dupuis decided to invest in them. He described the steps he took with the board of directors in 2025 to get approval for the plan. “We said we couldn’t wait to submit the next strategic plan and that we had to invest right away. As a mutual insurance company, we don’t only think about profit. We also think about what we want to achieve and what we need to do to ensure our long-term viability,” he said.
Assumption Life currently has 291 employees, including student and temporary workers. The insurer wants to increase this number. “We are currently looking for 22 employees, and more are expected throughout the year,” he said.
Digital project ahead of schedule
Dupuis explains that the investment in employees has, among other things, been used to advance a technology project covering various business lines. “We invested in our technology platforms to strengthen the foundation we had built by the end of our strategic plan, to better build the next one. Further technology investments are on the way,” he added. He reveals that the key to this technological undertaking is upgrading Assumption Life's administrative systems.
That's why the mutual insurer has traded its previous three-year plan for a new five-year one. "What we want to accomplish is so significant that it would have been impossible to achieve in three years. We believe we can do it in five," said Dupuis.
He explains that the platform supporting investment product operations is more modern and agile than those for individual and group life insurance, the upgrading of which will require more work. "We will choose our business partners in 2026," he said, regarding the suppliers who will undertake this project.
Sales on the rise in several sectors
Dupuis welcomed the business growth experienced in 2025, which disrupted the investment timeline. "We set sales records in individual life insurance and in investments and retirement," he underlined.
The mutual insurance company ended 2025 with $16.6 million in individual insurance sales, compared to $13.6 million in 2024. This represents a 22% increase in premiums.
He reiterated his commitment to being “the insurer for everyone,” including the family market and the middle class. He noted that Assumption Life sold 13,491 individual life insurance policies in 2025, compared to 10,855 in 2024, an increase of 24%.
Of this total, individual life insurance sales represented 12,840 policies in 2025, compared to 10,231 in 2024, an increase of 26%.
A total of 651 individual critical illness insurance policies were sold in 2025, compared to 624 in 2024, representing a 4% increase.
Dupuis says that one of the central pillars of Assumption Life's 2026-2030 strategic plan is to broaden access to financial security by reaching more Canadians who are currently underinsured or uninsured. He intends to accomplish this mission by focusing on a human and simplified approach.
Group insurance sales are also on the rise at Assumption Life. They reached $7.4 million in 2025, a 4% increase compared to the $7.1 million recorded in 2024. However, they remain below the peak of $11 million reached in 2023.
Overall, premiums are on the rise in 2025. Gross premiums reached $488.4 million last year, compared to $387.8 million in 2024, representing a 26% increase. Net premiums reached $450.3 million in 2025, compared to $387.8 million in 2024, representing a 16% increase.
Sales of financial products, meanwhile, increased by 26% in 2025, reaching $400.5 million in 2025, compared to $317 million in 2024.
