The Independent Order of Foresters, also known as Foresters Financial, announced April 21 that the firm’s board of directors approved a dividend worth approximately $9.9-million for eligible participating Canadian certificate holders in 2020.
Foresters says the announcement does not apply to all certificates – there are some where the firm does not expect to pay dividends.
The dividend is an increase of more than four per cent over the $9.5-million disbursed in 2019. The dividend investment rate in 2020 was 5.5 per cent.
The non-denominational fraternal life insurer, which acquired Canada Protection Plan in October 2020, offers members a suite of benefits including scholarships, orphan benefits and community volunteer grants. The order also currently offers help with wills and other legal documents to members, along with lifelong learning opportunities.
“The dividend reflects a strong commitment to our members and we are delighted to be able to increase it,” says Foresters chief financial officer, Alvin Sharma.