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WINDSOR, Conn., May 29, 2025 — Canadian life insurance new annualized premium jumped 13% year-over-year to $508 million (CAD) in the first quarter 2025, according to LIMRA’s Canadian Individual Life Insurance Sales Survey. The number of policies sold increased 2%, compared with the results in first quarter of 2024.

“Whole life and universal life product sales experienced remarkably strong growth in the first quarter, largely driven by the independent sales channel performance. Collectively whole life and UL represent more than 80% of the total market,” said Nancy Moussa, associate research director, LIMRA Insurance Product Research. “In times of economic uncertainty, investors often turn to permanent life insurance products for steady, guaranteed returns and principal protection. Should this uncertainty persist, we expect sales of permanent products to do well throughout 2025."

Whole Life
Whole life new premium surged 15% in the first quarter 2025 to $346.7 million, compared with first quarter 2024. This is the third consecutive quarter of WL premium growth and the second consecutive quarter where premium grew by double digits. Policy count, however, fell 2% in the quarter. Whole life premium represented 68% of the life insurance market in Canada.

“Participating WL product sales drove most of the overall WL premium growth, up 17% year over year, said Moussa. “Most sales in participating WL come from estate short pay and wealth short pay products. The latter account for nearly a third of all WL premiums.”

Universal Life Insurance
Universal life (UL) new annualized premium grew 15% in the first quarter to $67.3 million. The growth was primarily non-level cost-of-insurance products, which represented 81% of the total UL premium. Policy count improved 4% year over year. Universal life premium represented 13% of the total Canadian new annualized premium in the first quarter.

Term Life Insurance
In the first quarter, term life new annualized premium increased 6% year over year to $94.4 million. Policy count shot up 5%, compared with prior year results. Term products held 19% market share of total Canadian new annualized premium.

Started in 1993, LIMRA’s Canadian Individual Life Insurance Sales Survey represents 93% of the Canadian market. For more details on the sales results, go to First Quarter 2025 Canadian Individual Life Insurance Sales in LIMRA’s Fact Tank.

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