Humania Assurance posted net income of $4.8 million in 2025, a 41 per cent decline from the $8.2 million recorded in 2024.
The Saint-Hyacinthe, Quebec-based insurer reported a solvency ratio of 184 per cent in 2025, as measured under the Autorité des marchés financiers’ (AMF) Capital Adequacy Requirements Guideline – Life and Health Insurance (CARLI). The CARLI ratio remained stable: it stood at 185 per cent in 2024.
A demanding year
“Fiscal 2025 was a demanding but decisive year,” stated Humania Assurance President and Chief Executive Officer (CEO) Nicolas Moskiou in his message in the 2025 annual report. He nevertheless believes the organization’s overall performance reflects the balance targeted by its 2025–2027 strategic plan, focused on digital transformation.
“Our financial results met the mark, we made disciplined investments, and our engagement and service quality KPIs remained solid,” he writes. In his message, he also highlights the December launch of a new individual insurance sales platform.
Humania Assurance Senior Vice-President, Finance, Dimitri Georgoulas outlined the factors behind the decline in net income during the insurer’s annual general meeting held April 9, 2026. The Insurance Portal attended virtually.
Georgoulas described 2025 as both a contrasting and disciplined year. “Contrasting because our three business lines did not evolve in the same way. Disciplined because, across the organization, we made choices aligned with our mission, with prudent risk management and a clear desire to prepare for the future,” he explains in French.
He provided an overview of Humania Assurance’s consolidated performance. Insurance revenue reached $214.3 million in 2025, representing 7 per cent growth compared with $200.3 million in 2024.
Insurance service result increased by 14.7 per cent, rising from $11.6 million in 2024 to $13.3 million in 2025.
However, investment income was lower in 2025 than in 2024, Georgoulas notes. In addition, the change in asset values was more negative in 2025 than in 2024, at -$6.8 million (compared with -$4.8 million in 2024).
Overall, the net investment result fell by 41.3 per cent in 2025 to $9.8 million, compared with $16.7 million in 2024.
Investments and travel insurance
According to Dimitri Georgoulas, certain activities put pressure on the insurer’s net income. “The decline in net income compared with 2024 is mainly explained by lower investment results, as well as a more difficult year in travel insurance,” he summarizes.
He adds that the environment for travel insurance was also more unpredictable in 2025. “Travel habits are changing. Trips are shorter, competition is intensifying, and pressure on claims costs remains significant,” he says. He says this pressure stems in part from sharply rising medical costs and exchange rate fluctuations.
Group insurance: the value of support
“The picture is clearly more favourable in group insurance,” says Georgoulas. He notes that this line of business was a key driver of overall performance in 2025. He adds that it delivered a very strong year in 2025, supported in part by sales growth and a favourable claims experience.
He attributes part of this performance to the support provided to insured families. “In 2025, we supported 183 families following a death and assisted 519 individuals on long-term disability. Behind these numbers are employers, employees and moments when our presence made a tangible difference,” he emphasizes.
Individual insurance sales also continued to grow in 2025, he reports. “In 2025, we supported 998 families following a death and assisted 1,208 insured individuals with critical illness. This represents very concrete support for individuals and families
