Beneva reports strong 2024 financial results amid ongoing growth
Quebec City, April 24, 2025 – During today’s annual meeting, Beneva’s management team proudly presented the company’s 2024 financial results. Once again, Beneva has achieved impressive financial growth, compared to the previous year. With its fifth anniversary on the horizon, the company has firmly established a respected position in the industry.
Highlights as at December 31, 2024
- Consolidated net income of $589.0 million, up 116.9%
- Consolidated return on equity of 15.2%, compared to 8.1% in 2023
- Consolidated asset of $27.5 billion, up 9.1%
- Consolidated equity of $4.2 billion, up 20.0%
- Solvency ratio of 150%, compared to 141% the previous year.
“Beneva's financial performance has been outstanding across all sectors, including our investments, and I am incredibly proud of our achievements. Our growth continues, and we are strategically positioning our mutual in the Canadian market to ensure it stands out and remains sustainable,” said Jean-François Chalifoux, President and CEO of Beneva. “The recent announcement of our upcoming merger with Gore Mutual is a perfect example. Beneva continues to create value for the benefit of its members and partners with its exceptional returns and profitability.”
Taking all insurance lines combined, Beneva attained a business volume high, surpassing the $7 billion mark in 2024, an increase of 7.4% over 2023. Increasing by 3.6%, new insurance business hit $551.9 million. Funds under management reached $13.3 billion, representing a 12.4% increase over the previous year.
2024 was also marked by the reaffirmation of Beneva’s “A (excellent)” financial strength rating by A.M. Best, along with several prestigious awards recognizing the success of its integration and the excellence of its business practices.
Taking action to protect people
In addition to publishing its 2024 Annual Report, Beneva is releasing its 2024 Impact Report themed “Working together for a sustainable world”. This report highlights the significant steps Beneva has taken throughout the year to support a just transition towards a greener, more inclusive, and resilient world.
Beneva’s annual report is available on the Financial Information page and its impact report on the Sustainable Development page.
About Beneva
Beneva is the country's largest mutual insurance company with 3.5 million members. Created by the coming together of La Capitale and SSQ Insurance in 2020, Beneva employs over 5,500 dedicated employees: people looking out for people. Its caring approach founded on human values and shared by its employees is anchored in its mutualist roots. With $27.5 billion in asset, Beneva has positioned itself as one of the leading Canadian companies in the insurance industry. It stands out for its diverse offerings in Group Insurance, Property and Casualty Insurance as well as Individual Insurance and Financial Services. Its head office is located in Quebec City.