Canadian life insurance application activity finished the first half of 2025 up +5.8% year-to-date (YTD). Activity in June 2025 saw Year-over-Year (YOY) growth of +9.2% compared to June 2024, continuing a growth pattern seen since September of 2024 and representing the 10th consecutive month of YOY growth. On a quarterly basis, activity for Q2-2025 was up +5.1% compared to Q2-2024 and flat at +1.1% compared to the previous quarter (Q1-2025). When examining month-over-month (MOM) activity, June was down -5.6% compared to May.

In June 2025, all age bands saw YOY growth, in the double digits for ages 61+. When comparing Q2-2025 to Q2-2024, age 31+ showed growth, in the double digits for ages 61+, while ages 0-30 showed flat activity. YTD activity through the first half of 2025 saw growth for ages 31+, in double digits for ages 71+, and flat activity for ages 0-30.

Based on data reported to MIB by our members, June 2025 saw YOY double-digit growth for all face amounts. Additionally, when comparing Q2-2025 to Q2-2024, all face amounts saw growth, in the double digits for amount over $500K up to and including $5M. On a YTD basis, 2025 again saw growth for all face amounts, in the double digits for amounts over $500K up to and including $2.5M as well as amounts over $5M, and triple digit growth for amounts over $2.5M up to and including $5M.

When comparing Q2-2025 to Q2-2024 by age band and face amount, ages 0-30 saw growth for face amounts over $250K, in the double digits for amounts over $500K up to and including $5M, and declines for amounts up to and including $250K. Ages 31-50 saw growth for all face amount bands, in the double digits for amounts over $500K up to and including $5M. Ages 51-60 saw growth for all face amount bands, in the double digits for amounts over $500K. Ages 61-70 saw double-digit growth for amounts up to and including $250K, amounts over $500K up to and including $1M, and amounts over $2.5M, and flat activity for amounts over $250K up to and including $500K, with declines for amounts over $1M up to and including $2.5M. Ages 71+ saw double-digit growth for amounts up to and including $5M and saw double-digit declines for amounts over $5M.

When examining activity patterns where a product type was submitted to MIB, all products saw growth YOY in June, with Whole Life up +9.8%, Term Life at double-digit growth of +16.7 and Universal Life at double-digit growth of +25.6%. When comparing Q2-2025 to Q2-2024, all product types again saw growth, in the double digits for Universal Life. When adding in age bands to the comparison of Q2-2025 to Q2-2025 by product type, Universal Life saw growth for all age bands, in the double digits for ages 31+. Term Life also saw growth for all age bands, in the double digits for ages 71+. Whole Life saw growth for ages 31-70, flat activity for ages 0-30, and double-digit declines for ages 71+. On a YTD basis, all product types ended the first half of 2025 at growth, in the double digits for Universal Life.

About 31% of total Life Index volume for Canada in Q2-2025 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 has a significant impact on Canadian analysis. When looking solely at submissions identified as for Life Insurance products, we saw higher growth trends with Canada up +16.6% in June YOY, up +9.7% when comparing Q2-2025 to Q2-2024, and up +8.5% mid-year YTD.