In its latest financial results, the Toronto-Dominion Bank (TD) reported net income of $2.8 billion for its “Wealth Management and Insurance” segment for the full 2025 fiscal year ended October 31. 

This represents an increase of $834 million or 43 per cent over earnings of $2 billion in fiscal year 2024.

In its management report, TD says this result reflects “lower estimated losses from catastrophe claims and higher revenue from both businesses, partially offset by higher non-interest expenses.” 

Net income from wealth management activities totalled $2 billion for fiscal 2025, up $434 million or 27 per cent over the previous year. 

Net income from insurance activities for fiscal 2025 amounted to $719 million, compared with $319 million in 2024. 

Revenue 

Over the 12-month period, TD reported revenue of $14.6 billion in wealth management for fiscal 2025, compared with $13.5 billion in 2024. This is an increase of $1 billion or 8 per cent year over year. 

Non-interest income rose by 6 per cent to reach $13.1 billion. This increase was due to “higher insurance premiums, fee-based revenue, and transaction revenue in the fiscal current year, partially offset by the impact of $718 million in reinsurance recoveries for catastrophe claims in the prior year.” 

The company also reported an 8 per cent decrease in insurance-related expenses, which amounted to $6.1 billion for fiscal 2025. Estimated catastrophe-related claims totalled $101 million in 2025, compared with $591 million in 2024. 

Assets under administration stood at $759 billion as of October 31, 2025, an increase of $108 billion or 17 per cent compared with the same date in 2024. 

Assets under management reached $601 billion at the end of fiscal 2025, up 13 per cent year over year. 

In its fourth-quarter earnings release for fiscal 2025, TD noted that the wealth management sub-segment recorded a record volume of exchange-traded fund (ETF) inflows, totalling $1.6 billion, an increase of 37 per cent compared with the fourth quarter of 2024. 

Premiums 

At the end of fiscal 2025, gross written insurance premiums totalled $7 billion, compared with $6.5 billion in 2024. This represents an increase of $573 million or 8.9 per cent year over year. 

In personal property and casualty insurance, TD Insurance reports that 75 per cent of its clients use digital solutions and that more than 40 per cent of eligible transactions related to auto and home insurance products are completed online. 

Outlook 

“Market conditions are expected to be challenging in fiscal 2026 with subdued economic growth in the face of ongoing U.S. trade uncertainty,” TD says about the business environment for its “Wealth Management and Insurance” division. 

“Investments in leading digital platforms is expected to help offset headwinds on fees from rising competition and increased claims severity,” the financial institution adds. 

TD Economics expects the U.S. Federal Reserve to lower its policy rate to a more neutral level of 3.00 to 3.25 per cent in the coming months. In Canada, if inflation evolves in line with Bank of Canada forecasts, the overnight rate of 2.25 per cent is expected to remain unchanged over the next few quarters, they add. 

The bank’s economists also forecast that the Canadian dollar will trade in the range of 73 to 74 U.S. cents by the end of the first half of 2026. 

TD also used the release of its results to provide an update on measures taken in connection with anti-money laundering (AML) and compliance with the U.S. Bank Secrecy Act (BSA). The bank acknowledged guilt as part of an agreement reached on October 10, 2024, with the U.S. Department of Justice and paid a fine of US$3.088 billion, or C$4.233 billion, a sum that was fully provisioned in fiscal 2024. 

“For fiscal 2026, The Bank continues to expect U.S. BSA-AML remediation and related governance and control investments of approximately US$500 million pre-tax.”