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Fourth quarter results mark the seventh consecutive quarter of growth

WINDSOR, Conn., March 17, 2026 — Canadian individual life insurance new annualized premium jumped 9% year over year to $2.3 billion (CAD) in 2025, according to LIMRA’s Canadian Individual Life Insurance Sales Survey. The total number of the individual life insurance policies sold in 2025 increased 4% from the results in 2024.

In the fourth quarter, total new annualized premium was $640.5 million, up 6% from the fourth quarter of 2024. Policy count rose 5%, compared with fourth quarter 2024 results.

“It was a strong quarter and year for the Canadian individual life insurance market. All product lines experienced year-over-year premium and policy sales growth,” said Nancy Moussa, associate research director, LIMRA Insurance Product Research. “Despite a softening economy, recent carrier investments in technology have improved many aspects of the sales and marketing processes, which LIMRA expects will help propel 2026 toward continued growth.”

Whole Life
Whole life (WL) new premium was $463.5 million in the fourth quarter, 5% above the prior year’s results. This is the sixth consecutive quarter of WL premium growth. Policy count improved 7% in the quarter.

In 2025, WL new premium totaled $1.6 billion, up 10% year over year. Participating WL premium drove most of the growth, making up 87% of WL sales growth. More than 60% of WL carriers reported increases to their participating WL sales. There were 5% more WL policies sold in 2025, compared with 2024 results.

WL premium represented 70% of the total Canadian life insurance market in 2025.

Universal Life Insurance
In the fourth quarter, universal life (UL) new annualized premium grew 9% year over year to $73 million. Policy count rose 5% from fourth quarter 2024 results.

UL new premium totaled $282.7 million in 2025, 11% higher than prior year. Non-level cost of insurance (COI) products, representing 76% of total UL new premium, drove UL growth in 2025. More than 80% of UL carriers reported growth. In 2025, policy count increased 3% year over year.

UL premium represented 12% of the total Canadian new annualized premium in 2025.

Term Life Insurance
In the fourth quarter, term life new premium grew 8% to $104 million. Policy count rose 4%, compared with fourth quarter 2024 results.

In 2025, term new premium totaled $398.1 million, 5% higher than in 2024. Policy count grew 4% year over year. 

Term new premium held 18% of the total Canadian new annualized premium in 2025.

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 Fourth Quarter 2025 Canadian Individual Life Insurance Sales in LIMRA’s Fact Tank.

About LIMRA
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