In 2025, Beneva reported consolidated net income of $673.8 million (M). This represents an increase of 14.4 per cent compared with net income of $589 M reported the previous year.

In its annual report released on April 23, the company noted that its net income was distributed as follows:

  • Property and casualty insurance: $275.1 M, up 28.3 per cent ($214.4 M in 2024);
  • Individual insurance and financial services: $113 M, down 11.4 per cent ($127.5 M in 2024);
  • Group insurance: $96.4 M, up 1.9 per cent ($94.6 M in 2024);
  • Surplus: $189.3 M, up 24.1 per cent ($152.2 M in 2024).

(The figures reported in this article have been rounded to the nearest decimal place.)

The company’s consolidated return on equity stood at 14.9 per cent in 2025, compared with 15.2 per cent in 2024.

Consolidated assets totalled $29.2 billion (B) as at December 31, 2025, compared with $27.5 B a year earlier. This represents an increase of 6.2 per cent.

In addition, Beneva’s consolidated equity reached $4.9 B in 2025, up 16.7 per cent compared with the $4.2 B reported at the end of 2024.

The mutual insurer also increased its solvency ratio in 2025, reaching 163 per cent compared with 150 per cent the previous year. This exceeds the ratio required under the Autorité des marchés financiers’ (AMF) Capital Adequacy Requirements Guideline for life insurers (CARLI).

New record in insurance

Beneva’s insurance business volume reached a new high in 2025, totalling $7.6 B. This represents an increase of 7.7 per cent compared with the $7.1 B reported the previous year.

In group insurance, the mutual reports business volume of $4.3 B in 2025, compared with $3.9 B in 2024, an increase of 8.4 per cent over 12 months.

In the highlights of its annual report, the insurer attributes this performance to an “excellent group retention rate, combined with growth in the number of plan members.” The group retention rate reached 96.7 per cent, as noted on page 34 of the annual report.

New business totalled $171.2 M in 2025, up 54.2 per cent from 2024, “driven by strong sales in the target segment of groups with 1,000 members or fewer.”

On the property and casualty side, business volume rose 7.5 per cent to reach $2.8 B in 2025, compared with $2.6 B reported in 2024.

Sales in property and casualty insurance reached $483.5 M in 2025, compared with $400.8 M in 2024, an increase of 20.5 per cent. These results were supported “by a strong performance in personal-lines insurance, particularly in brokerage.”

Life and health insurance

In individual insurance, business volume reached $504.3 M in 2025, an increase of 2.9 per cent compared with $490.1 M in 2024.

New business in individual insurance reached $43.8 M in 2025, an increase of 9.2 per cent compared with 2024, when it totalled $40.1 M. The increase is also attributed to the brokerage network and the career network.

On the financial services side, new business totalled $1.7 B in 2025, down 6.6 per cent compared with sales of $1.8 B recorded in 2024. The company explains this result by the limited number of calls for tender from the institutional market in 2025.

Assets under management reached $14.3 B in 2025, an increase of 7.2 per cent compared with $13.3 B in 2024.

Message from the president

In the message from Beneva’s president and chief executive officer, Jean-François Chalifoux notes that five years after its creation, the mutual “is shining brighter than ever.” The merger with the Ontario-based company Gore Mutual, announced in January 2025, became official on January 1, 2026.

“In 2026, Gore will combine its operations with those of Unica and subsequently become a wholly owned subsidiary operating under the Beneva brand,” adds Chalifoux. The merger will position the mutual “as an even stronger and more resilient option” in property and casualty insurance, for both brokers and consumers across Canada.

Other highlights

Premiums written by L’Unique General Insurance and by Unica exceeded $1 billion as at December 31, 2025.

In the summary of its group insurance activities, Beneva notes that it filed complaints with the Ordre des pharmaciens du Québec aimed at correcting certain practices "deemed abusive.” In addition, in 2025 the mutual “reached an important milestone with the signing of more than 100 pharmaceutical agreements.”

In property and casualty insurance, a new endorsement called “Rebuild Better” was added free of charge in November 2025. “It enables policyholders to rebuild their property in a more sustainable and resilient way following a loss.”

Finally, on the individual insurance side, the critical illness product offering was also enhanced. “Pricing adjustments helped improve the product’s market positioning and deliver more competitive coverage.”

In his message as chair of the board of directors, Jean St-Gelais notes that Beneva and its foundations donated more than $6.4 M to over 200 community organizations, institutions and social partners in 2025. He also points out that the mutual’s employees contributed nearly 11,000 hours of volunteer work as part of a program launched in July 2025.

In addition, the internal philanthropic campaign made it possible to donate $1.7 M to Centraide United Way Canada.