Beneva reported a rise in profit and capital in 2025, underscoring what it described as “strong momentum” as the mutual insurer completed a merger aimed at expanding its property and casualty footprint.
According to a company statement released last week, Beneva posted consolidated net income of $673.8 million for the year ended Dec. 31, 2025, up 14.4% from a year earlier. Consolidated return on equity stood at 14.9%, slightly below 15.2% in 2024.
Assets reached $29.2 billion, an increase of 6.2%, while consolidated equity rose 16.7% to $4.9 billion. The company’s solvency ratio improved to 163% from 150% the previous year.
Across its insurance operations, Beneva reported total business volume of $7.6 billion, up 7.7% year-on-year. New insurance business grew 26.6% to $698.5 million, while funds under management rose 7.2% to $14.3 billion.
“We’re very proud to present excellent financial results for 2025. Once again, Beneva generated significant value for its members,” said Jean-François Chalifoux, president and chief executive officer. “In an environment where innovation and agility remain essential, we deployed key initiatives to enhance our offering, strengthen operational excellence, and elevate our members’ and partners’ experience.”
A key development during the year was the planned tie-up with Gore Mutual, first announced in January 2025. Beneva said all regulatory approvals were secured during the year, with the transaction formally completed in January 2026.
The company highlighted in the news release that the merger would strengthen its diversification and financial position, particularly in property and casualty insurance, while supporting the long-term sustainability of the mutual insurance model in Canada.
Beneva also reported progress on environmental initiatives, including a 51% reduction in the carbon footprint of its buildings and vehicle fleet over four years, and a 39% reduction in the carbon intensity of its internally managed investment portfolio compared with 2021 levels. It also introduced a “Rebuild Better” endorsement designed to support more sustainable reconstruction following insured losses.
The insurer, formed in 2020 through the combination of La Capitale and SSQ Insurance, said it now serves 3.8 million members and employs more than 6,500 people across Canada.
