April 25 2022

Beneva continues to grow and achieves solid financial results

Quebec City, April 25, 2022—Since its creation, Beneva has made a name for itself in the insurance industry. Its 2021 financial results attest to this. After just 18 months, the coming together of equals between La Capitale and SSQ Insurance can already be declared a resounding success.

Financial highlights

  • $26.8 billion in assets
  • Consolidated net income of $367.9 million
  • $3.1 billion in equity
  • Gross premiums of $6.6 billion
  • Consolidated return on equity of 12.9%

“In 2021, we built the solid foundations of a great company that has shown itself to be successful and committed. Our first strategic plan is tailored to efficiently integrate the two companies and adapt to the transformation of the insurance industry. Beneva is a rapidly growing player in the Canadian market and its financial results support its growth,” said Jean-François Chalifoux, Beneva’s President and Chief Executive Officer.

Beneva achieved excellent financial results in 2021. For the year ended December 31, 2021, consolidated return on equity was 12.9%. Consolidated net income amounted to $367.9 million. Gross premiums totalled $6.6 billion, an increase of 10.0% over the previous year. Its solvency ratio was 172%, showing that it is well-capitalized.

Group Insurance

Total business volume in group insurance was up 5.4% from 2020, reaching $3.2 billion. Net loss amounted to $65.4 million, as results were unfavourable for both short-term products and long-term disability insurance.

Property and Casualty Insurance

With net income of $245.0 million, property and casualty insurance was up 37.1% from the previous year. The absence of major climatic events and the impact of pandemic-related lockdowns led to a decrease in claims. On the other hand, the increase in material and labour costs continues to put upward pressure on the average cost of claims. Written premiums were up 14.4% from 2020 to reach $2.0 billion.

Individual Insurance and Financial Services

Individual insurance and financial services recorded net income of $103.2 million, up sharply from $37.7 million in 2020. Individual insurance volume amounted to $453.0 million, an increase of 4.9% mainly due to higher universal life deposits and good retention rates. Funds under management totalled $11.2 billion thanks to higher than expected deposits and good returns in 2021, combined with significant growth in sales.

These excellent results are contributing to propelling Beneva into a leading role in the Canadian market.

Beneva’s annual report can be consulted at

About Beneva

Created by the coming together of La Capitale and SSQ Insurance, Beneva is the largest insurance mutual in Canada with more than 3.5 million members and customers. Beneva employs over 5,000 dedicated employees: people looking out for people. Its human approach is rooted in mutualist values that are shared by its employees. With $26.8 billion in assets, Beneva positions itself as a major player in the insurance and financial services industry. Its head office is located in Quebec City. For more information, please consult

Policyholders of contracts issued by an insurance company of Beneva Group Inc. are members of SSQ Mutual and La Capitale Civil Service Mutual.