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Excellent 2023 financial results for Beneva, the largest insurance mutual in Canada

April 25, 2024

Quebec City, April 25, 2024 – Beneva presented excellent 2023 financial results, a year marked by the complete business integration of its two founding organizations. The largest insurance mutual in Canada has already distinguished itself through its achievements and its leadership while being modern, efficient and committed to its environment.

Highlights as at December 31, 2023

  • Consolidated net income of $271.5 million, up 149%
  • Consolidated return on equity of 8.1%
  • Assets of $25.2 billion
  • Equity of $3.5 billion
  • Solvency ratio of 141%


“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,” said Jean-François Chalifoux, president and CEO of Beneva. “As well, several innovations were implemented during 2023 to position it advantageously and improve the efficiency of services to members, clients and partners.”

New insurance business totalled approximately $533 million, while insurance business volumes reached $6.6 billion, an increase of 8.0% over the previous year, which confirms its position as the most important insurer in Quebec. New financial services business was $1.4 billion for a volume of $11.9 billion, an increase of 10% over the previous year.

First credit ratings for Beneva

A highlight of 2023 was obtaining Beneva’s very first credit ratings. Indeed, the A.M. Best rating agency awarded an “A (Excellent)” to Beneva Inc. and to its property and casualty insurance subsidiaries following its rigorous analysis. The ratings awarded by A.M. Best confirmed the solid foundations on which Beneva was built.

Together toward a sustainable world

Beneva published its first Report on Climate Commitments this year, in addition to the Social Responsibility Report it releases annually and in line with its goal to achieve a Net Zero emissions balance. The company has not only adopted targets, it has also taken a position: it wants to invest in global wellness while accelerating a just transition toward a greener, more inclusive and resilient world.

Beneva’s annual report is available on the Financial information page and its Report on Climate Commitments on the Social Responsibility page.

About Beneva

Created by the coming together of La Capitale and SSQ Insurance, Beneva is the largest insurance mutual in Canada with more than 3.5 million members and customers. Beneva employs over 5,500 dedicated employees: people looking out for people. Its human approach is rooted in mutualist values that are shared by its employees. With $25.2 billion in assets, Beneva positions itself as a major player in the insurance and financial services industry. Its head office is located in Quebec City.