Canadian life insurance application activity was down -3.2% Year-over-Year (YOY) in November 2022 compared to November 2021. On a Year-to-Date (YTD) basis, activity through November 2022 was down -7.4% compared to 2021. However, when comparing Month-Over-Month (MOM) activity, November 2022 activity saw double-digit growth of +12.3% compared to October 2022, in a pattern similar to that seen in 2021.

November saw YOY growth for ages 61-70 and declines across all other age bands. Activity for ages 0-30 was down -4.4%, ages 31-50 down -4.6%, ages 51-60 down -2.0%, ages 61-70 up +6.2%, and ages 71+ down -1.9%. On a YTD basis, ages 61-70 saw flat activity, while all other ages bands declined. Through November ages 0-30 was down -3.8% YTD, ages 31-50 down -11.2%, ages 51-60 down -5.4%, ages 61-70 flat at -0.5%, and ages 71+ down -5.4%.

When examining activity by face amount, November saw double-digit YOY growth for amounts over $500K, and declines for all other face amounts, in the double digits for amounts up to and including $250K. When including age bands, ages 0-30 saw double-digit YOY growth for amounts over $1M, declines for amounts up to and including $500K, and flat activity for amounts over $500K up to and including $1M. Ages 31-50 saw YOY growth for amounts over $500K, in the double digits for amounts over $1M, and double-digit declines for all other face amounts. Ages 51-60 saw double-digit YOY growth for amounts over $500K up to and including $5M, flat activity for amounts over $250K up to and including $500K, and declines for all other face amounts, in the double digits for amounts up to and including $250K. Ages 61-70 saw YOY growth for amounts over $250K up to and including $1M, in the double digits for amounts over $250K up to and including $500K, flat activity for amounts over $5M, and declines across all other face amounts, in the double digits for amounts over $1M up to and including $5M. Ages 71+ saw double-digit YOY growth for amounts over $1M, and declines across all other face amounts, in the double digits for amounts over $250K up to and including $1M. On a YTD basis, face amounts over $500K were at growth, in the double digits for amounts over $1M, and amounts up to and including $500K were in double digit declines through November.

When examining activity patterns where a product type was submitted to MIB, Universal Life saw double-digit YOY growth in November, while Whole Life saw declining activity and Term Life saw double-digit declines. When examining age bands, Universal Life saw double-digit YOY growth for ages 31-70 and declines for other age bands, in the double digits for ages 71+. Whole Life saw declines for ages 0-60, flat activity for ages 61-70, and growth for ages 71+. Term Life saw declines for ages 0-70, in the double digits for ages 0-60, and growth for ages 71+. On a YTD basis, Universal Life was up +26.6%, Term Life down -8.3%, and Whole Life flat at -1.1% through November.

About 35% of total Life Index volume for Canada in November 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 the Canadian analysis. When looking solely at submissions identified as Life Insurance products, activity for Canada in November was down -5.0% YOY and flat at -0.9% YTD.