Beneva unveils 2023 financial results

Insurance mutual Beneva has published what it called “excellent” financial results for 2023.

The past year, which saw the complete business integration of La Capitale and SSQ Insurance to create Beneva, generated the following numbers:

• $271.5 million – consolidated net income
• 8.1% – consolidated return on equity
• $25.2 billion – assets
• $3.5 billion – equity
• 141% – solvency ratio
• $533 million – new insurance business
• $6.6 billion – insurance business volume
• $1.4 billion – new financial services business
• $11.9 billion – financial services business volume

According to the life and health insurer, its net income grew by 149%.

Beneva president and chief executive Jean-François Chalifoux (pictured) commented: “These financial results show that Beneva is growing and establishing itself in a highly competitive market. Our organization has solid foundations on which we can build its future.

“As well, several innovations were implemented during 2023 to position it advantageously and improve the efficiency of services to members, clients, and partners.”

In 2023, Beneva also obtained its first-ever credit ratings: “A (Excellent)” from A.M. Best.

Described as the largest insurance mutual in Canada, Beneva has more than 3.5 million members and customers. It is manned by more than 5,500 employees.

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