UV Insurance achieved net income of $7.9 million in 2025, compared to $6.6 million in 2024, representing a 20% increase over 2024.
This is a reversal from the 2024 results when UV Insurance's net income fell by 43% compared to that reported in 2023. This variation resulted from a revision by the Canadian Institute of Actuaries of the ultimate discount rate assumption.
Other insurers experienced significant variations in their reported net income (net earnings) between 2025 and 2024. For example, Empire Life saw its net income fall by 28% in 2025 compared to 2024, as reported by the Insurance Portal on March 10, 2026. In 2024, the insurer's net income increased by 80% compared to 2023.
The International Financial Reporting Standard 17 Insurance Contracts (IFRS 17) introduced volatility into insurers' results when it came into effect on January 1, 2023.
For its part, UV Insurance says it is adjusting. “IFRS 17 has the potential to produce more volatile results than the previous accounting standard (IFRS 4),” acknowledged Pierre Parenteau, Senior Vice-President, Actuarial and Finance at UV Insurance, in an email exchange with the Insurance Portal. Parenteau stated that UV Insurance’s strategies are changing “in order to adapt and be able to produce more stable and predictable results.”
UV Insurance’s members’ equity, meanwhile, increased by 10%, noted Alain Bédard in his message as Chair of the Board, in UV Insurance’s 2025 Annual Report. Members' equity reached $281.3 million in 2025. Bédard specified that the insurer achieved this result "despite major investments in the acquisition of an insurance contract portfolio." The acquisition in question was that of a block of life and health insurance contracts from BMO Insurance.
In his email response, Pierre Parenteau explained that the growth in members' equity is attributable, among other things, to net income and the growth of assets that performed very well, including preferred shares. He clarified that the growth of these assets "is not reflected in net income, but rather in the comprehensive income."
UV Insurance now has "more than 500,000 members" thanks to the acquisition, Parenteau added. “We had approximately 300,000 members before the transaction,” he specified. Completed on June 6, 2025, the acquisition of the BMO Insurance block brought UV Insurance 180,000 policies sold through direct marketing and 30,000 participating whole life insurance policies. “For the majority of policies, one policy equals one member,” explains UV Insurance’s appointed actuary.
Following this acquisition, he emphasized that the mutual insurance company's solvency ratios remained above the insurer's targets. He specifies that UV Insurance uses the Autorité des marchés financiers’ (AMF) Capital Adequacy Requirements Guideline – Life and Health Insurance (CARLI).
At the request of the Insurance Portal, Parenteau confirmed that the acquisition of BMO Insurance's portfolio has increased UV Insurance's insurance liabilities. These liabilities have risen from $1.9 billion in 2024 to $2.7 billion in 2025, an increase of 42%.
Pierre Parenteau emphasized that there is no correlation in the results between insurance premiums and the liabilities or assets related to insurance contracts. “For example, there are policies that are premium-free, older policies, but carry significant liabilities,” he noted.
Mr. Parenteau also observed that the mutual's insurance contract assets are linked to the transaction, specifically to “a small product for which the present value of future premiums is greater than the future value of costs.” He added that “this amount is not material at all” in the results.
Generating profits
This transaction has literally doubled our number of individual insurance members across the country.
– Christian Mercier
In his remarks as Chair of the Board, Alain Bédard described the 35% asset growth in 2025, compared to 2024, as exceptional. UV Insurance's assets reached nearly $3.2 billion in 2025. In a press release following its virtual Annual General Meeting on March 18, 2026, the insurer emphasized that this asset growth was achieved primarily through the acquisition.
In his remarks as President and CEO in the annual report, Christian Mercier noted that the acquisition of a block of BMO Insurance is the largest ever for UV Insurance, a mutual company with 135 years of history. “This transaction has literally doubled our number of individual insurance members across the country,” wrote Mercier.
He attributes the insurer's ability to " execute and manage a transaction of this scale " to technological advances in recent years. He adds that a significant number of new clients have joined the Drummondville, Quebec-based mutual insurer as a result.
Continue investing in technology
Artificial intelligence, digital tools and cyberattack techniques are evolving rapidly, demanding greater vigilance.
– Alain Bédard
UV Insurance will continue its technological investments in the coming years,
Alain Bédard, for his part, stated in the annual report that "advances in artificial intelligence, digital tools and cyberattack techniques are evolving rapidly, demanding greater vigilance.”
Pierre Parenteau added that "technologies are progressing at breakneck speed…As we position ourselves as a highly technological mutual, it is important for us to continue investing in technology to maintain our competitive edge," he explained.
Parenteau added that technological investments in the coming years will be used to optimize and automate UV Insurance's processes "in order to increase efficiency across all our operations."
In his address as president, Christian Mercier noted that UV Insurance has adopted a 2030 strategic framework, which, he says, provides a clear path to achieving this objective.
