CLHIA-ACCAP

6 Policy Payments ■ ■ During 2014, payments to Canadian policyholders and beneficiaries totalled: Life insurance $ 8.6 billion Annuities 41.5 billion Health benefit plans* 30.9 billion Policyholder dividends 2.5 billion Total $83.5 billion ■ ■ Benefits were paid at a rate of more than $1.6 billion a week. ■ ■ Over 90 per cent of the payments went to living policyholders with the remainder paid out as death benefits. *Includes benefit payments under uninsured contracts totalling $13.5 billion (See page 17) Premium Income ■ ■ In 2014, Canadians paid premiums for: Life insurance $18.1 billion Annuities 42.5 billion Health benefit plans* 38.8 billion Total $99.4 billion ■ ■ Total premiums grew 7.7 per cent during the year driven by a 13.9 per cent increase in annuity business. Meanwhile life insurance grew 5 per cent followed by health and disability products at a more modest growth (2.9 per cent). With a 39 per cent share of total premiums, annuity products resumed top place after being displaced by health insurance the previous year. ■ ■ Segregated fund premiums increased 13.6 per cent to a record high of $35.8 billion, accounting for over 36 per cent of the total. *Includes premium equivalents for uninsured contracts totalling $14.3 billion (See page 21) Assets and Liabilities ■ ■ At December 31, 2014, assets held on behalf of Canadian policyholders and annuitants totalled: General funds $448.4 billion Segregated funds 272.8 billion Total $721.2 billion ■ ■ More than three-quarters of the assets were held in bonds (35.9 per cent), stocks (15.1 per cent) and mutual funds (25.4 per cent). ■ ■ Nearly 80 per cent or $574 billion of these assets support actuarial liabilities. ■ ■ The remaining assets back items such as other policy liabilities, borrowed funds, as well as capital and surplus. (See page 25) Canadian Marketplace ■ ■ At the end of 2014, 85 life insurance companies and 12 federal life fraternal benefit societies were actively operating in the life insurance market in Canada. ■ ■ Health insurance protection was provided to Canadians by 64 life insurance companies, 47 property and casualty insurers, 8 fraternal benefit societies, and 8 not-for-profit health care benefit providers. ■ ■ Working in the life and health insurance industry were 155,000 Canadians. (See page 30) Foreign Operations of Canadian Insurers ■ ■ In 2014, foreign branch and subsidiary operations of Canadian life and health insurers accounted for: ■ ❚ premiums of $61.6 billion, or 41 per cent of their worldwide total; ■ ❚ benefit payments of $69.5 billion; and ■ ❚ assets of $729 billion, or 51 per cent of their global total. (See page 32)

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