Canadian life insurance application activity was flat at -1.0% Year-over-Year (YOY) in August 2024. On a year-to-date (YTD) basis, activity through August 2024 was at growth, up +5.9% compared to August 2023. On a Month-Over-Month (MOM) basis, August 2024 saw growth of +1.9% compared to July 2024.

August 2024 saw Year-Over-Year (YOY) growth for ages 61+, in the double digits for ages 71+, flat activity for ages 31-50, and declines for all other age bands. Activity for ages 0-30 was down -5.2% YOY, ages 31-50 flat at +0.8%, ages 51-60 down -3.7%, ages 61-70 up +2.1%, and ages 71+ up +11.6%. It is interesting to note that ages 71+ has shown double or triple digit YOY growth each month since April 2023, however, the rate of growth has been decreasing each month. Through August 2024, activity for ages 0-30 was flat at +1.4% YTD, ages 31-50 up +1.9%, ages 51-60 up +3.9%, ages 61-70 up by +23.3%, and ages 71+ up by +70.0%.

August 2024 saw flat activity YOY for amounts over $1M up to and including $2.5M, and declines for all other amounts, in the double digits for amounts over $2.5M. When including age bands, ages 0-30 saw YOY growth for amounts over $1M up to and including $2.5M, and declines for all other amounts, in the double digits for amounts over $5M. Ages 31-50 saw flat activity for amounts up to and including $250K and amounts over $500K up to and including $2.5M, and declines for all other amounts, in the double digits for amounts over $2.5M. Ages 51-60 saw double-digit growth for amounts over $1M up to and including $2.5M, flat activity for amounts over $250K up to and including $500K and declines for all other amounts, in the double digits for amounts over $500K up to and including $1M and amounts over $2.5M. Ages 61-70 saw growth for amounts up to and including $250K, amounts over $500K up to and including $1M, and amounts over $2.5M up to and including $5M, and declines for all other face amounts, in the double digits for amounts over $5M. Ages 71+ saw double-digit growth for amounts up to and including $1M, and declines for other face amounts, in the double digits for amounts over $1M up to and including $2.5M and amounts over $5M.

When examining activity patterns where a product type was submitted to MIB, Universal Life saw growth and Whole Life and Term Life saw declines YOY in August 2024. When including age bands, Universal Life saw YOY growth for ages 0-50 and 61+, in the double digits for ages 71+, and declines for ages 51-60. Term Life saw YOY declines for all age bands. Whole Life saw YOY growth for ages 71+, flat activity for ages 31-50 and 61-70, and declines for all other age bands.

About 33% of total Life Index volume for Canada in August 2024 did not include a product type. We believe the vast majority of these submissions are for Life Insurance applications and have included them in the composite analysis presented in this report. Missing product type information can have a significant impact on the Canadian analysis. Growth varies when looking solely at submissions identified as Life Insurance products, with activity down -2.1% YOY for Canada in August 2024 and up +8.1% YTD.