Humania Assurance posted net income of $8.2 million in 2024, a 32 per cent increase from the $6.2 million reported in 2023.
“The financial results exceeded our expectations,” said Nicolas Moskiou, President and Chief Executive Officer of the mutual insurer, during Humania Assurance’s annual general meeting, held both virtually and in person on April 10, 2025, in Quebec.
Moskiou noted that Humania’s solvency ratio remains above the Capital Adequacy Requirements Guideline (CARLI) target levels set out by Quebec’s financial markets regulator, the Autorité des marchés financiers (AMF).
In 2024, Humania’s total CARLI ratio stood at 185 per cent, down from 204 per cent in 2023. The AMF requires insurers to maintain a total ratio of 100 per cent and a base ratio of 70 per cent. Humania’s base CARLI ratio reached 117 per cent in 2024.
We are entering a phase of digital transformation – Nicolas Moskiou
“Our results allow us to keep innovating,” Moskiou said. “We are entering a phase of digital transformation.” He highlighted the 2024 overhaul of Humania’s website, which he said improved both navigation and access to information. “The redesign of humania.ca has enhanced user navigation and accessibility, offering a more seamless and interactive experience,” he explained in his President & CEO’s message in Humania’s 2024 annual report.
This annual report also highlighted service improvements, including a reduction of average wait time for policyholders by 90 seconds. “As a result, we responded to more than 75% of our interactions (calls and chats) faster than before,” the annual report noted.
On the investment side, Humania posted net investment income of $16.9 million in 2024, up from $8.9 million in 2023—an increase of 90 per cent.
During the financial presentation Luc Bergeron, Vice-President, Finance and Treasury, credited diversified asset allocation for the strong investment results. “We diversified our portfolio,” Bergeron said, citing real estate and infrastructure as examples. He noted that nearly 75 per cent of Humania’s investment portfolio remains in bonds.
All our asset classes performed well – Luc Bergeron
“All our asset classes performed well,” he added, highlighting the strong returns on both preferred and common shares. Bergeron also pointed to favourable interest rate trends for insurers. “The past 25 years were marked by historically low rates. In 2024, we saw increases—but also significant volatility,” he said.
Decline in insurance revenue
Despite a favourable mortality experience in its individual life insurance segment, Humania saw insurance revenue fall to $200.3 million in 2024 from $204.1 million in 2023, a decrease of 1.9 per cent.
Bergeron identified several headwinds behind the decline, including the withdrawal of a product line by a distribution partner. A spokesperson for Humania Assurance clarified, at the request of the Insurance Portal, that the firm has abandoned traditional distribution to focus on sales through call centre brokers. The affected product line is term life insurance.
He also noted that the travel insurance segment, while showing solid growth in 2024 compared to 2023, faced profitability challenges.
“Travel insurance grew, but margins were affected,” Bergeron said, citing the weakening of the Canadian dollar, which was trading at 72 cents to the U.S. dollar as of April 14, 2025. It now takes $1.39 Canadian to purchase one U.S. dollar ($1.41 as of April 14). He also pointed to rising hospitalization costs and an increase in claims exceeding $250,000. “We expect better margins in 2025,” Bergeron added.
He also reported that claims in the group insurance segment were lower than expected in 2024.
