Impact report
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We are Equitable
A message from the President and CEO
Client impact
Commitment to community
Environmental impact
Contributing to Canada's economy
Our workplace
Our impact - At a glance
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Public Accountability Statement 2025
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We are proud to be built on more than 100 years of serving clients with excellence, in Canada and only in Canada. Sydney Tweed started The Ontario Equitable Life & Accident Insurance Company in a two-room, second floor office in Waterloo, Ontario in 1920. In 1936, our corporate name was changed to The Equitable Life Insurance Company of Canada.
From these humble beginnings, we are today known simply as Equitable®. We are a Canadian mutual life insurance company federally regulated by the Office of the Superintendent of Financial Institutions.
Today, we provide financial solutions that protect and support more than one million people across Canada, coast to coast to coast. We offer Individual Insurance, Group Benefits and Individual Wealth solutions. We partner with independent financial advisors to help our clients achieve financial security throughout a lifetime.
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Our purpose
We believe, when we come together, great things follow. The world is better when we harness the power of togetherness to forge collective purpose.
For over a century we have delivered on our promise to be there for Canadians. It’s more important than ever, that we invest further, to recommit to our path of being a Canadian mutual company and to welcome all to join in the shared benefits of living an equitable life.
At Equitable, this is more than just a feeling. It’s a mindset driving our behaviours, decisions and actions to power equitable outcomes. It’s how we show up daily, committed to be at our very best to support Canadians today and for all tomorrows to come. And our unique structure enables us to focus all our efforts towards improving the financial well-being of those we serve – our clients, partners and community.
The power of togetherness
At Equitable, our commitment to our clients is at the heart of everything we do. It drives the way we work. It drives our behaviours, decisions and actions. It drives how we deliver on our promises today. And it drives how we position ourselves to deliver on them well into the future.
Throughout 2025, we took several steps that are reflective of that commitment. From delivering new products and enhancing services, to launching a website based on client and user insights, to enhancing our processes, technology and communications with a goal of making it even easier to do business with us – these actions are driven by our commitment to clients.
Operating with integrity
Our commitment to clients and our mutual foundation drive all we do. We operate with integrity, supported by our Board governance practices and our Code of Conduct.
The Board of Directors is ultimately responsible for the supervision and oversight of Equitable's business and affairs. The governance processes and structures that guide the Board's operations are designed to strengthen their ability to carry out duties and to enhance long-term policyholder value. The Board's independence, composition and definition of responsibilities support Board members in carrying out their duties effectively and with integrity. Standing committees of the Board provide additional focus on key functions and areas of oversight for the Board. The corporate governance processes and mandate are derived, in part, from the Insurance Companies Act of Canada, the OSFI Corporate Governance Guideline and regulatory best practices.
Being focused on our clients and on impacts drives more than just our business. It also means being a responsible corporate citizen and driving positive impacts in our communities and in the world. We hold ourselves accountable for delivering meaningful outcomes in many ways. Through
In our business, trust is everything. Together, we maintain trust by living up to our promise to do the right thing, both legally and ethically, for our clients, for our partners and for each other. At Equitable, the Code of Conduct embodies our promises, providing guidance on how every employee can use good judgement and be accountable for their actions.
Our Code of Conduct is reviewed annually and approved by the Human Resources and Compensation Committee and the Board and is complemented by a communications and awareness program. Advisors comply with specialized codes of conduct in all their interactions on behalf of our company. Employees are encouraged to speak up if they have questions or concerns about conduct that may violate the law, our Code, or company policies, procedures and guidelines.
Specifically our Code of Conduct sets out guidelines and expectations related to:
Building and maintaining our clients’ trust and protecting their interests by acting in a way that is ethical and demonstrates our integrity.
Ensuring all employees always follow Equitable’s policies and procedures for collecting, using and securing personal information.
Maintaining a workplace that makes health and safety, equity, diversity and inclusion and mutual respect a priority for everyone.
Keeping accurate company records to ensure high ethical standards and upholding client trust.
charitable giving. Through ethical and equitable business practices. Through environmentally sound practices. These are just some of the ways that our organization and our people are focused on positive impacts.
Some of the programs outlined in this report are longstanding while others were started in recent years. Our commitment to delivering our services differently and to being focused on impacts – for our clients, for our partners, for our communities and for each other – remains a constant through all we do. As we continue to expand the programs and actions outlined in this report, we are grateful to the growing number of clients who put their trust in us, every day, and who count on us to be there for them when they need us most. Their continued confidence in Equitable allows us to grow in meaningful and impactful ways.
Fabien Jeudy, President and CEO
Claims and benefits paid
$1.6 billion
$5 million
Investment in non-profit community initiatives
88%
Employee engagement score
56%
Of senior leadership positions held by women
62,694
Employee hours spent on learning
4,557
Volunteer hours
1.2 million
Canadians are supported with care and respect
40,000+
Advisors working with us to support our clients
1,452
Employees
$176 million
In dividend payments
$361 million
In policy loans
$12.7 billion
In assets under administration
Life insurance and long-term savings play a foundational role in financial security. Together, our insurance and wealth products are designed to help clients protect their families, build value over time and adapt as life circumstances evolve.
Our participating whole life insurance product, Equimax®, remains a cornerstone of this approach. Designed to provide both protection and long-term financial value, Equimax‑ offers flexibility to adapt as life circumstances evolve. In 2025, the dividend scale interest rate remained strong at 6.4 per cent, supporting participating policyholders as they work toward their financial goals. As a Canadian mutual life insurance company, Equitable is structured to put clients first, with participating policyholders sharing in the company’s success through dividends1.
In 2025, we remained focused on upholding our responsibility to the fair treatment of clients and supporting their financial well-being through clear, consistent and accessible products, solutions and experiences. Across Equitable, we continued to strengthen products and services that help Canadians feel supported, respected and confident when navigating important life moments.
Key areas of focus:
Enhancing our life claims experience to deliver clearer expectations and more timely outcomes for claimants and beneficiaries.
Strengthening our governance and policies to support consistent, transparent and fair outcomes.
Continuing to build employee capability through learning focused on empathy, accessibility and clear communications.
Simplifying processes and strengthening the contact centre experience, supported by enhanced technology, data and deeper insights into client needs.
Over the past year, we improved our client experiences by reinforcing how we listen, respond and follow through. This helps ensure clients are addressed fairly, thoughtfully and with clear communication — reinforcing trust especially during moments that can be stressful or uncertain.
Our solutions
Supporting clients' financial well-being
Access to clear, reliable and inclusive financial services plays an important role in the well-being of Canadians. At Equitable, we’re committed to offering valued, simple and comprehensive solutions that support people through different life stages and circumstances. We believe access to financial services is critical for all Canadians, including individuals with lower incomes, people living with accessibility needs and those who rely on financial stability and predictability.
Many clients face ongoing pressure to balance day-to-day financial responsibilities with longer-term goals, often during moments of change or uncertainty. Through independent advisors, financial planners and employer-sponsored programs, Equitable supports clients in planning for a lifetime of financial well-being. Across our businesses, we continue to focus on financial solutions that combine protection, flexibility and ease of access, helping Canadians feel more confident and supported when it matters most.
beneficiaries when it’s needed most. This program includes access to services such as bereavement counselling and early withdrawals, helping families navigate periods of loss or serious illness with greater clarity, dignity and support.
Beyond financial protection, we recognize the importance of support during life’s most difficult moments. KIND® benefits are automatically included with every life insurance policy and provide added care for clients and their
1Dividends are not guaranteed and are paid at the sole discretion of the Board of Directors. To learn more about our dividend policy and participating account management policy, please visit www.equitable.ca/en/already-a-client/dividend-information/.
For many clients, long-term financial confidence is also built through clear options and trusted guidance. This commitment was reflected in the 2025 launch of Equitable Guaranteed Investment Funds™ (Equitable GIF™), our next generation segregated fund solution. Designed to help balance growth, protection and predictability, Equitable GIF supports long-term planning and provides flexibility through a diverse fund lineup as financial needs evolve.
Together, these efforts reflect a continued focus on improving not only what we offer but how Canadians experience Equitable every day. Across insurance and wealth solutions, we remain committed to building long- term confidence, resilience and security for individuals and families.
Health and wellness
Access to health and wellness support plays an important role in the well-being of Canadians and their families. Through our Group Benefits solutions, we continue to focus on making benefits easier to understand, easier to manage and more responsive to the diverse needs of plan members.
In 2025, we improved how plan members access and manage their benefits by simplifying key digital experiences and strengthening protections for personal information. Updates to EquitableHealth.ca® made it easier for plan members to find essential information, while enhanced security measures helped safeguard sensitive health and financial data. Together, these improvements support trust and confidence when plan members interact with their benefits.
Affordability remains an important part of health security. In partnership with TELUS Health, our pharmacy benefits manager, we reduced eligible prescription drug markups in British Columbia. These reductions help protect employers and plan members from higher costs and aim to lower out-of-pocket expenses for individuals.
Access to trusted medical expertise can provide reassurance during serious health situations. Clients with WorldCare Medical Second Opinion, one of our HealthConnector partners, can now access expert opinions for more than 100 medical conditions, including all cancers, serious tumours and additional physical and mental health conditions.
This service connects plan members with leading physicians at top teaching and research hospitals, offering clarity and confidence when making important health decisions.
Supporting clients with complex and ongoing health needs remained a priority. We introduced FreeStyle Libre glucose monitoring sensors for clients with pay direct drug plans, providing eligible plan members and their dependants living with diabetes with up to $4,000 in coverage per calendar year, subject to plan limits. This provides a more convenient and supportive way to manage a chronic condition and maintain quality of life.
Mental health support was also expanded. Through our HealthConnector® partner Homewood Health, Sentio Counsellor Assistance was added to group benefits plans that include an Employee and Family Assistance Program. This service combines online cognitive behavioural therapy with dedicated counsellor support, increasing access to more personalized and flexible mental health care at no added cost to clients.
Together, these efforts reflect our commitment to supporting the health, financial security and well‑being of Canadians through group benefits that are accessible, responsive and built on trust.
We also expanded choice and flexibility for plan members through the launch of Equitable ExtraBenefits™, a voluntary benefits offering for new group plans. This solution allows individuals to add critical illness and life insurance for themselves and their dependants, helping strengthen financial protection beyond their core plan.
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"I did not expect to receive the purest form of empathy. It was evident within the first three minutes into our call. The active listener in you is what makes you a true professional."
Client testimonials
"I deeply appreciated your professionalism and your humanness as we navigated the complexities."
I wanted to take a moment to express my deepest gratitude to you and the entire Equitable team for all of your help and support. [Your team] allowed me to focus on my recovery, save my marriage, and ensure that I am here — fully present — for my kids. I can’t begin to express how meaningful this opportunity has been. I will be forever grateful for the time and care that made it possible to rebuild my relationships with my kids, my wife, and myself.
"What a feeling - thank you ever so much. My life has been changed positively and dramatically thanks to you and your care. And thank you also to Equitable Life and all the team there. You have made a very good difference in my life."
Equitable client
- Equitable client
Community impact
We value the communities where we live, work and do business. This past year, close to $425,000 was donated through corporate giving and employee fundraising to more than 40 organizations across Canada. These organizations included St. Mary’s General Hospital, Special Olympics Canada, the Toronto Symphony Orchestra, SickKids Foundation, Food Banks of Canada, KidsAbility and the Sexual Assault Support Centre Waterloo Region.
As part of our efforts to support non-profit and charitable organizations, our employees demonstrate tremendous generosity in their support of corporate giving programs, donating both their time and funds. In 2025, we also hosted an employee event focused on harnessing the power of giving back. This brought our people together to learn more about the impact of Equitable’s charitable giving. This was followed by an opportunity for close to 1,000 employees to give back by volunteering for an afternoon with not-for-profit organizations in Waterloo Region.
Volunteer activities included mulching, park and community cleanups, preparing Indigenous farmlands for planting, organizing donation closets, sorting food donations and more. We are proud of our people and the care and passion they demonstrate.
Employees are also entitled to request up to $250 be directed to charities that are eligible and that they support directly through volunteer activities. Through the Equitable Gives Back program, every quarter, two employees who have received recognition from their peers are selected to identify a charity to be the recipient of $1,500 in their honour. Each year, this amounts to $12,000 that is directed towards charities that are meaningful to those employees.
To encourage volunteerism, employees of Equitable are entitled to one day per year that can be directed towards a charity of their choice. In 2025, we saw a marked increase in the number of volunteer hours that Equitable employees dedicated to supporting causes important to them.
This was funded through a donation of $5 million from Equitable. The Equitable Foundation donated $125,000 to each of the Cambridge Food Bank and the Food Bank of Waterloo Region, and the Foundation will continue to work with these organizations to identify further ways that the Foundation can support food banks and provide additional funding as they respond to the rapidly growing number of people accessing their services.
In 2025, The Equitable Foundation was launched as a separate charitable organization, aligned with Equitable. Focused on food insecurity, the Foundation supports organizations and programs that provide much needed nourishment for people struggling with food insecurity.
The Equitable Foundation
In 2025, we strengthened our commitment to environmental responsibility by focusing on small, everyday actions that together make a meaningful difference. Our sustainability efforts centred on reducing waste and encouraging greener habits that improve the well-being of the places where we work and live.
Across the organization, employees played an active role in creating a greener workplace. Through Green Committee initiatives, we offered opportunities for staff to make sustainable choices in ways that were easy, accessible and community driven. From Zero Waste Day to electronic waste diversion and community cleanups, employees helped reduce waste and support cleaner local environments. Our Office Swap Shop diverted more than 1,000 gently used items from landfills by giving them a second life, while the Employee Garden Beds and Seed Library fostered wellness, biodiversity and local food awareness, with harvested produce shared with the cafeteria.
Our paper recycling program also delivered meaningful environmental benefits. Between January and December, Equitable recycled more than 94,000 lbs of paper, preserving more than 800 trees, reducing demand for more than 178,000 gallons of oil, conserving 188,400 kilowatt hours of energy and protecting 329,700 gallons of water. Together, these efforts diverted more than 141 cubic yards of material from landfill.
Beyond operational sustainability, we advanced our commitment through responsible investing. In 2025, our Private Investments team supported projects that contributed to Canada’s transition to a lower carbon future. This included providing $21 million in long-term financing for a new solar power project in Alberta, structured as a 24-year loan supporting both construction and ongoing operations. The project advances renewable energy generation and is also partially owned by an Alberta based Indigenous community. This strengthens local economic participation in the energy transition and aligns our investments with positive environmental and social outcomes.
We also recognize that equitable workplaces require fair and transparent employment practices. In 2025, we continued to review and evolve our compensation approach to support equity, including maintaining our
Fostering a diverse, equitable and inclusive workplace.
At Equitable, our awesome people power our success. They are key to our culture, bringing care, passion and curiosity to all they do. We believe in investing in our people to ensure they have a workplace that supports them in serving our clients today and for all tomorrows to come.
Belonging at Equitable is comprised of three pillars: Employee Resource Groups (ERGs), Care Committees and Interest Groups. These voluntary, employee-led groups play an important role in raising awareness, sharing lived experiences and helping drive positive change that supports
At Equitable, we strive to create an environment that celebrates care, passion and curiosity as the drivers for our culture. In 2025, we refreshed our rewards and recognition programs to acknowledge employees and teams who exemplify these values and to encourage all to embody them.
In 2025, Equitable was once again recognized as one of the Top Employers for Waterloo Region. We were recognized for creating a consistent vacation policy and offering a work outside of Canada policy, hosting events that help foster connections across the company, and for our defined contribution pension plan.
Together, these efforts demonstrate our belief that a fair, inclusive and supportive workplace is essential to our role as a responsible Canadian organization. By investing in belonging, equity and well‑being, we strengthen our ability to serve clients with empathy, accountability and respect.
Equitable offers a comprehensive benefits program designed to support physical, mental and financial well‑being, including access to mental health services, virtual health care and personalized support resources. These supports help employees stay healthy, engaged and able to bring their best to work.
During a time when many organizations modified their hybrid work arrangements and required employees to return to office space on a more regular basis, Equitable’s hybrid model has remained unchanged. As part of this model, hybrid employees work in office for two consecutive days every other week and one Friday per month. This model has proven to blend the best of both worlds, harnessing the power of being together and offering the flexibility that comes with working remotely.
In 2025, we enhanced Belonging at Equitable, a framework designed to foster inclusion, representation and connection across the organization. This work helps create a sense of belonging, supports inclusion and meaningful participation. These are essential to a healthy and welcoming workplace.
Accessibility is a key part of building an inclusive workplace. This year, Equitable delivered enhanced accessibility training and coaching for leaders and people in key roles. The program supported employees across content, design and development, strengthening confidence and capability in creating accessible experiences. Leaders also participated in sessions that emphasized moving beyond compliance toward more human-centred, inclusive approaches. This ongoing focus on accessibility supports employee inclusion and helps us deliver clearer, more equitable experiences for clients.
We remain committed to lifelong learning and development. That commitment is demonstrated through our monthly Growing Together events and through our ongoing learning and development program that features monthly curated topics and training sessions. It’s also demonstrated through our multi-day on-site orientation program that provides every person who joins Equitable with the opportunity to learn about the organization and be well-prepared to begin their career with us.
Employees by group
commitment to pay equity and living wage standards. Equitable was recognized as a certified Living Wage Champion, reflecting our commitment to paying employees at a level that supports the actual cost of living in the community. By supporting financial stability for employees, we help strengthen the households and communities they are part of.
diversity, equity and inclusion. In 2025, there were a number of activities organized by these groups, promoting inclusion, belonging and well-being.
Province
Permanent full time
Permanent part time
Temporary full time
Temporary part time
Total
British Columbia
35
-
1
36
Alberta
67
68
Saskatchewan
4
Manitoba
8
9
Ontario
1,186
16
61
29
1,292
Quebec
25
2
New Brunswick
Nova Scotia
12
Prince Edward Island
Grand total
1,339
20
64
Jurisdiction
Contributing to Canada's Economy
(in thousands of dollars)
The total amount of income and capital taxes paid or payable by the financial group of which the declarant is a member in respect of its financial year, broken down by total amounts paid or payable to federal and provincial governments.
Premium taxes and investment income taxes
Income taxes
Other taxes
Federal
$6,921
$45,661
$11,774
$64,356
$9,154
$7,626
$127
$16,908
$11,729
$4,076
$216
$16,022
$2,075
$943
$3,018
$1,230
$937
$2,167
$20,364
$14,491
$5,660
$40,515
$3,643
$1,567
$347
$5,557
$348
$309
$51
$708
$677
$409
$46
$1,133
$161
$81
$9
$251
Newfoundland & Labrador
$415
$126
$13
$554
Yukon
$20
$29
Northwest Territories
$23
$14
$37
Nunavut
$2
$11
$56,770
$76,253
$18,242
$151,265
