Beneva achieved consolidated net income of $589 million, up 116.9% over the net income of $271.5 million achieved in 2023. The figures reported in this article have been rounded to the first decimal place.
Of this $589 million net income, Beneva mentions in its 2024 annual report that $214.4 million came from property and casualty (P&C) insurance, $152.5 million from surplus, $127.5 million from individual insurance and financial services, and $94.6 million from group insurance.
The insurer's consolidated return on equity reached 15.2% in 2024, compared with 8.1% in 2023. Consolidated assets reached $27.5 billion in 2024, up 9.1% over 2023. Beneva's consolidated equity increased by over 20%, from $3.5 billion to $4.2 billion in 2024.
The mutual insurer also strengthened its solvency ratio in 2024, raising it to 150%, in accordance with the Autorité des marchés financiers (AMF) Capital Adequacy Requirements Guideline for life and health insurance (CARLI). Its ratio stood at 141% in 2023.
A business volume high
In its annual report, Beneva states that it has reached a “business volume high” for all lines of insurance combined. The Quebec-based mutual's insurance business volume reached $7.1 billion in 2024, compared with $6.6 billion in 2023, representing growth of 7.4%. Volume figures have been rounded to the first decimal place
Beneva achieved a group insurance business volume of $3.9 billion in 2024. This represents a 7.1% increase over the $3.7 billion in group insurance business volume achieved in 2023. In its annual report, the insurer attributes this increase to an “excellent group retention rate combined with the projected pricing adjustment.”
Group insurance sales, however, fell by 11.8% between 2023 and 2024, from $125.8 million to $111 million. Beneva attributes this decline to internal decisions to reposition its strategies.
Property and Casualty (P&C) insurance business volume increased by 10.8% in 2024, reaching $2.6 billion, compared with $2.4 billion in 2023.
Beneva achieved P&C insurance sales of $400.8 million in 2024, up 23.9% on the $325.5 million recorded in 2023. The insurer attributes this growth to “the excellent performance of brokerage.”
Life and health insurance decline
Individual insurance volume fell by 6.1% to $490.1 million in 2024, compared with $522.1 million in 2023.
Individual insurance and financial services business volume (in millions of Canadian dollars)
The individual life insurance new business suffered particularly badly, with sales falling by 51.9% in 2024. Sales dropped to $40.1 million, compared with $83.4 million in 2023.
Beneva explains in its report that this decline in individual life insurance sales is mainly due to its withdrawal from the credit insurance business, following the sale of the dealer services distribution network.
In contrast, the financial services sector saw new business volume of $1.8 billion in 2024, up 24.8% on the $1.4 billion achieved in 2023. “Excellent retention of institutional and group product and group product customers helped generate sales that exceeded expectations,” Beneva points out in its annual report.
Between 2023 and 2024, funds under management in the financial services sector rose from $11.9 billion to $13.3 billion, representing growth of 12.4%.
Expansion to come
Jean-François Chalifoux, Beneva's President and CEO, mentioned in his 2024 Annual Report that the insurer will complete the acquisition of Gore Mutual in 2026.
" Our growth continues, and we are strategically positioning our mutual in the Canadian market to ensure it stands out and remains sustainable. The recent announcement of our upcoming merger with Gore Mutual is a perfect example," he stated in a press release accompanying the annual report.
Beneva disclosed its plans to acquire Gore Mutual on Jan. 21, 2025, as reported by the Insurance Portal on the same day. Beneva expects that the acquisition of Canada's oldest P&C mutual will enable it to increase its presence in the P&C insurance markets of Ontario and elsewhere in Canada.
