Canadian life insurance activity continued its growth trajectory in the third quarter of 2025, ending the quarter up 6.2 per cent, year to date, with activity in September 2025 up 12.3 per cent relative to the same month in 2024. “Additionally, activity for Q3-2025 (July – September) was up 7.2 per cent compared to Q3-2024 and down 2.6 per cent compared to the previous quarter (Q2-2025),” MIB Group Inc. notes in its monthly MIB Life Index report.
Based on data reported to the research group, September 2025 saw year-over-year growth for all face amounts. Similarly, quarter-over-quarter and year-to-date activity grew across all face amounts.
Universal life products
Application activity for universal life products jumped 58.5 per cent in September, year-over-year. Whole life grew 23.6 per cent and term life application activity also grew 14.8 per cent. “When comparing Q3-2025 to Q3-2024, universal life and whole life saw double-digit growth and term life saw growth,” they write. About 22 per cent of total life index volume for Canada in the third quarter of 2025 did not include a product type, which they say can have a significant impact on the Canadian analysis.
“When looking solely at submissions identified as for life insurance products, we saw higher growth trends with activity up at 29.3 per cent in September, year-over-year, up 22.1 per cent when comparing Q3-2025 to Q3-2024 and up 13 per cent, year-to-date,” they conclude.
