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Life insurance, health insurance and insurance- based retirement solutions helped to make life more affordable for more Canadians than ever before in 2022. During a year when many households faced higher prices and tough choices, over 29 million enjoyed the added financial protection that these products offer. These families had prescriptions that were more accessible, retirement that was more secure and greater certainty that financial support would be available for their loved ones. Insurers paid out a record $114 billion in benefits last year – up $11 billion from pre-pandemic levels. This included nearly $54 billion in retirement benefits, nearly $44 billion in health benefits and $16 billion in life insurance. The number of Canadians covered by health insurance surpassed 27 million for the first time. Driven by increased employment following the pandemic, an additional 600,000 were enrolled in workplace health plans in 2022. Claims paid for health, drugs and dental care grew nearly seven per cent to a record of $32.5 billion. Continuing a trend that began in the pandemic, claims for mental health counselling and therapies continued to grow, reaching $650 million, nearly twice the level of 2019. And pay-outs for travel insurance grew 60 per cent to $680 million as more Canadians opted to travel again in 2022. Life insurance claims increased about 12 per cent over the previous year, with 22 million having coverage. And insurers paid out over $53 billion in retirement benefits, providing retirement solutions to over nine million Canadians. Life and health insurers know Canadians are counting on them and their products to be there when they need them. That's why insurers continue to maintain strong capital levels, well above regulators' expectations. Stephen Frank President and CEO Canadian Life & Health Insurance Facts // 2023 Edition 2