Canada life insurance application activity grew by +5.3% Year-over-Year (YOY) in September, representing the 5th consecutive month of YOY growth and, finishing Q3-2022 up +5.4% Year-to-Date (YTD). On a quarterly basis YOY, activity during Q3-2023 was up +9.9% compared to activity during Q3-2022.

Ages 31-50 saw YOY flat actvity in September 2023, while all other age bands saw growth, in the double-digits for ages 61+. When comparing Q3-2023 to Q3-2022, all age bands saw growth, in the double digits for ages 61+. On a YTD basis, we saw a similar pattern with all age bands at growth, in the double digits for ages 61+. It is interesting to note that ages 71+ has seen double or triple digit growth since April 2023, significantly outpacing other age bands.

When examining activity by face amount, September 2023 saw declining activity for amounts over $250K up to and including $1M as well as amounts over $5M+, while all other face amounts saw growth, in the double digits for face amounts over $1M up to and including $2.5M. When comparing Q3-2023 to Q3-2022, face amounts over $250K up to and including $1M was flat and all other face amount bands saw double-digit growth.

When including age bands and comparing activity from Q3-2023 to Q3-2022, ages 0-30 saw growth for face amounts up to and including $500K, declines for amounts over $500K up to and including $2.5M, and double-digit growth for face amounts over $2.5M. Age 31-50 saw declines for amounts up to and including $500K and growth for all other amounts, in the double digits for amounts over $1M up to and including $5M. Ages 51-60 saw double-digit declines for amounts over $500K up to and including $1M, and growth for all other face amounts, in the double digits for amounts up to and including $250K as well as amounts over $5M. Ages 61-70 saw double-digit declines for amounts over $250K up to and including $500K and growth for all other amounts, in the double digits for amounts up to and including $250K and amounts over $1M. Ages 71+ saw triple-digit growth for amounts up to and including $250K, growth for amounts over $250K up to and including $500K, double-digit growth for amounts over $500K up to and including $2.5M, flat activity for amounts over $2.5M up to and including $5M, and double-digit declines for amounts over $5M.

For September 2023, Universal Life saw double-digit growth YOY at +39.8%, Whole Life saw growth at +4.4%, while Term Life saw double-digit declines of -19.3%. When comparing Q3-2023 to Q3-2022 YOY, we see the similar pattern. Universal Life saw double-digit growth YOY at +39.2%, Whole Life saw growth at +9.9%, while Term Life saw double-digit declines of -15.7%. When breaking down the Q3-2023 to Q3-2022 YOY comparison by age bands, Universal Life saw flat activity for ages 0-30 and growth for ages 31+, in the double digits for ages 31-60 and triple digits for ages 61+. Whole Life saw growth for ages 0-70, in the double digits for ages 0-30 and ages 71+ saw declines. Term Life saw double-digit declines for ages 0-70, and flat activity for ages 71+.

About 33% of total Life Index volume for Canada in Q3 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, we see a considerable difference in trends with activity flat at +0.7% YOY in September 2023, up +3.9% when comparing Q3-2023 over Q3-2022, and down -3.3% YTD.