Canadian life insurance application activity ended Q2-2023 up +3.3% year-to-date (YTD), with activity in June 2023 up +6.2% compared to June 2022 Year-over-Year (YOY). Additionally, activity for Q2-2023 was up +4.3% compared to Q2-2022. When examining month-over-month (MOM) activity, June was flat at -1.1% compared to May 2023.

All age groups showed YOY growth in June, in the double digits for ages 61+. When comparing Q2-2023 to Q2-2022, YOY activity showed growth for ages 31+, in the double digits for ages 71+, and flat activity for ages 0-30. YTD activity through the first half of 2023 saw similar patterns by age band with growth for ages 31+, in the double digits for ages 71+, and flat activity for ages 0-30.

June saw YOY flat activity for amounts over $250K up to and including $1M, declines for face amounts over $5M, and growth for all other face amounts, in the double-digits for amounts over $1M up to and including $5M. On a quarterly basis, Q2-2023 when compared to Q2-2022, saw YOY declines for face amounts over $250K up to and including $500K, flat activity for amounts over $500K up to and including $1M, and growth for all other face amounts, in the double digits for face amounts over $2.5M up to and including $5M. When comparing Q2-2023 to Q2-2022 by age band, ages 0-30 saw growth for face amounts up to and including $250K, double-digit growth for face amounts over $2.5M up to and including $5M, and declines for all other face amounts, in the double digits for amounts over $500K up to and including $1M and over $5M. Ages 31-50 saw growth for face amounts over $500K up to and including $5M, in the double digits for face amounts over $1M up to and including $5M, and declines for all other face amounts. Ages 51-60 saw flat activity for face amounts up to and including $250K, declines for face amounts over $500K up to and including $1M as well as for amounts over $2.5M up to and including $5M, and growth for all other face amounts. Ages 61-70 saw double-digit declines for amounts over $250K up to and including $500K, flat activity 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 $1M up to and including $5M. Ages 71+ saw double-digit growth for face mounts up to and including $2.5M and amounts over $5M, and double-digit declines for face amounts over $2.5M up to and including $5M.

When examining activity patterns where a product type was submitted to MIB, Universal Life saw double-digit growth in June YOY of +19.8% and Whole Life saw growth of +2.4%, while Term Life saw double-digit declines of -16.0%. When comparing Q2-2023 to Q2-2022, Universal Life saw double-digit growth, Term Life saw double-digit declines, and Whole Life saw flat activity. When breaking down quarterly YOY results by age bands, Universal Life saw double-digit declines for ages 51-60, and growth for all other age bands, in the double digits for ages 61-70 and triple digits for ages 71+. Term Life saw double-digit declines for ages 0-70, and growth for ages 71+. Whole Life saw declines for ages 0-30, growth for ages 31-50, and flat activity for ages 51+.

About 36% of total Life Index volume for Canada in Q2-2023 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 for Life Insurance products, we saw a reversal of trends with activity down -3.3% in June YOY, down -6.0% when comparing Q2-2023 to Q2-2022, and down -6.6% mid-year YTD.