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The Equitable Life Insurance Company of Canada. We’re not your typical financial services company.

A BIG YEAR AHEAD!

As we kick off our 100th Anniversary celebrations in 2020, we’ll be spending the year reflecting on the past and the many achievements – both big and small – that helped us become one of Canada’s largest mutual life insurance companies.

We look forward with confidence to navigating the challenges ahead as we continue to focus on our commitment to profitable growth and delivering on the Company’s goals.

THE EQUITABLE L I FE INSURANCE COMPANY OF CANADA

Equitable Life® is proud to be one of Canada’s largest mutual life insurance companies. We are owned by our participating policyholders, not shareholders. This allows us to focus on management strategies that foster prudent long-term growth, continuity and stability.

We are dedicated to meeting our commitments to our customers – to provide good value and meet their needs for insurance protection and wealth accumulation – now and in the future. That’s why Canadians have turned to Equitable Life since 1920 to protect what matters most.

OUR STRATEGIC FOCUS

Equitable Life’s strategic focus will allow us to continue to serve the needs of Canadians. Our priorities include:

• Delivering earnings consistent with a 12% return on policyholders’ equity,

• Maintaining financial strength with a Life Insurance Capital Adequacy Test (LICAT) ratio in excess of 120%,

• Increasing market share in all lines of business,

• Building out our product offering,

• Investing in technology to enhance service,

• Pursuing unit cost reductions, efficiency and scale,

• Supporting our culture of employee engagement, and

• Expanding our focus and support in advanced markets.

OUR COMMITMENT TO MUTUALITY

LONG-TERM

VIEW

COMMITMENT TO

POLICYHOLDERS

EASY TO DO

BUSINESS WITH

FOCUS

2

OUR COMMITMENT TO SERVICE

Being recognized for its service culture across all lines of business is a point of pride for a company that includes ‘customer focus’ as one of its three corporate values.

Each year since 2015, financial advisors have consistently ranked Equitable Life’s overall service performance among the top 25% of companies surveyed.1

In a 2019 survey of customers from 15 life insurance companies,2 Equitable Life ranked #1 on the Net Promoter Score, a measure used across industries to gauge the loyalty of a firm’s customer relationships.

We have the knowledge, experience and ability to find solutions that work for you.

1 Life Ops Consulting Group Distribution Service Satisfaction Surveys 2015 – 2018, Independent Advisors 2 LIMRA CxP Customer Experience Benchmarking Program, Life Insurance In-Force Experience


FINANCIAL STRENGTH TO DELIVER ON OUR COMMITMENTS

Equitable Life’s financial strength allows us to deliver on our commitments to our policyholders. As a mutual company, our main source of capital is profitable growth. One of our goals is to grow at a rate that outpaces the market.

Equitable Life has been growing steadily even during market fluctuations. We’ve attained consistent growth by providing good service to our customers, reinvesting

in the company and managing investments prudently.

Premiums and deposits

Return on Equity (ROE)

Our goal is to deliver earnings consistent with a 12% return on policyholders’ equity.

Net income

270%

Premiums and Deposits

12%CAGR

$886$940

$1,076

$1,234

$1,431

$1,595

250%

230%

210%

2014

2014 2015 2016 2017 2018 2019

2015

2016

2017190%

170%

150%

150%

155%

147%

140%

143%

130%131%

135%

140%

145%

155%

140%

135%

130%

125%

11%CAGR

Market share

20192018

$60

$91 $98$116

$1283.72% 4.19%

5.45%7.10% 7.11%


MCCSR historical trend

Strong LICAT ratio

12.5%

11.4%

10th place

5th place

16.8%

11.9%

13.2%

2014 2015 2016 2017 2018 2019

2015 2016 2017 2018 2019

Equitable Life Company A Company B Company C Equitable Life Company A Company B Company C

2007 2019

$140

$120

$100

$80

$60

$40

$20

$0

195%

MCCSR

228% 210%216%

226%231%

2012 2013 2014 2015 2016 2017

Net Income

$52$54

$80

$87$106 $109

2014 2015 2016 2017 2018 2019

Posi

tion

in th

e m

arke

t

Perc

enta

ge c

hang

e

Mill

ions

262%

19%

284%

58%

By policy count By premium

400%

300%

200%

100%

0%Perc

enta

ge g

row

th in

sal

es

Equitable LifeIndustry


16%

28%


40%

30%

20%

0%

Perc

enta

ge g

row

th

53%

36%

8% 8%

-17%-9%

24%

10%10%18%

2015/14 2016/15 2017/16 2018/17 2019/18

60%

50%

40%

30%

20%

10%

0%

-10%

-20%

-30%

14.8%

Bonds 42%Equities 14%Policy loans 12%Real estate 11%Mortgages 11%Private placements 7%Other assets 2%Cash and equivalents 1%

Equitable Life dividend scale interest rateS&P/TSX Total Return IndexGovernment of Canada 5 to 10 Year Bonds5 Year GICConsumer Price Index

Add 2019 number of 13.2%

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

40%

30%

20%

10%

0%

-10%

-20%

-30%

-40%

270%


12%CAGR

$886$940

$1,076

$1,234

$1,431

$1,595

250%

230%

210%

2014

2014 2015 2016 2017 2018 2019

2015

2016

2017190%

170%

150%

150%

155%

147%

140%

143%

130%131%

135%

140%

145%

155%

140%

135%

130%

125%

11%CAGR

Market share

20192018

$60

$91 $98$116

$1283.72% 4.19%

5.45%7.10% 7.11%



Strong LICAT ratio

12.5%

11.4%

10th place

5th place

16.8%

11.9%

13.2%

2014 2015 2016 2017 2018 2019

2015 2016 2017 2018 2019


2007 2019

$140

$120

$100

$80

$60

$40

$20

$0

195%

MCCSR

228% 210%216%

226%231%

2012 2013 2014 2015 2016 2017

Net Income

$52$54

$80

$87$106 $109

2014 2015 2016 2017 2018 2019

Posi

tion

in th

e m

arke

t

Perc

enta

ge c

hang

e

Mill

ions

262%

19%

284%

58%


400%

300%

200%

100%

0%Perc

enta

ge g

row

th in

sal

es



16%

28%


40%

30%

20%

0%

Perc

enta

ge g

row

th

53%

36%

8% 8%

-17%-9%

24%

10%10%18%

2015/14 2016/15 2017/16 2018/17 2019/18

60%

50%

40%

30%

20%

10%

0%

-10%

-20%

-30%

14.8%




1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

40%

30%

20%

10%

0%

-10%

-20%

-30%

-40%

270%


12%CAGR

$886$940

$1,076

$1,234

$1,431

$1,595

250%

230%

210%

2014

2014 2015 2016 2017 2018 2019

2015

2016

2017190%

170%

150%

150%

155%

147%

140%

143%

130%131%

135%

140%

145%

155%

140%

135%

130%

125%

11%CAGR

Market share

20192018

$60

$91 $98$116

$1283.72% 4.19%

5.45%7.10% 7.11%



Strong LICAT ratio

12.5%

11.4%

10th place

5th place

16.8%

11.9%

13.2%

2014 2015 2016 2017 2018 2019

2015 2016 2017 2018 2019


2007 2019

$140

$120

$100

$80

$60

$40

$20

$0

195%

MCCSR

228% 210%216%

226%231%

2012 2013 2014 2015 2016 2017

Net Income

$52$54

$80

$87$106 $109

2014 2015 2016 2017 2018 2019

Posi

tion

in th

e m

arke

t

Perc

enta

ge c

hang

e

Mill

ions

262%

19%

284%

58%


400%

300%

200%

100%

0%Perc

enta

ge g

row

th in

sal

es



16%

28%


40%

30%

20%

0%

Perc

enta

ge g

row

th

53%

36%

8% 8%

-17%-9%

24%

10%10%18%

2015/14 2016/15 2017/16 2018/17 2019/18

60%

50%

40%

30%

20%

10%

0%

-10%

-20%

-30%

14.8%




1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

40%

30%

20%

10%

0%

-10%

-20%

-30%

-40%

Source: Equitable Life Annual Report. Dollar amounts in millions. Reflects total company results. CAGR is compound annual growth rate.

Source: Equitable Life Annual Report.

3


A STRONG POSITION IN THE INDUSTRYIndividual life and critical illness insurance sales are a very important part of the company’s growth story.

Over the last decade, Equitable Life of Canada® has significantly grown its market share in the individual life insurance marketplace in Canada, moving from 10th place in market share in 2007 to 5th place in 2019. This strong growth is due to a combination of very competitive products, excellent service standards

and a strong distribution support network.

270%


12%CAGR

$886$940

$1,076

$1,234

$1,431

$1,595

250%

230%

210%

2014

2014 2015 2016 2017 2018 2019

2015

2016

2017190%

170%

150%

150%

155%

147%

140%

143%

130%131%

135%

140%

145%

155%

140%

135%

130%

125%

11%CAGR

Market share

20192018

$60

$91 $98$116

$1283.72% 4.19%

5.45%7.10% 7.11%



Strong LICAT ratio

12.5%

11.4%

10th place

5th place

16.8%

11.9%

13.2%

2014 2015 2016 2017 2018 2019

2015 2016 2017 2018 2019


2007 2019

$140

$120

$100

$80

$60

$40

$20

$0

195%

MCCSR

228% 210%216%

226%231%

2012 2013 2014 2015 2016 2017

Net Income

$52$54

$80

$87$106 $109

2014 2015 2016 2017 2018 2019

Posi

tion

in th

e m

arke

t

Perc

enta

ge c

hang

e

Mill

ions

262%

19%

284%

58%


400%

300%

200%

100%

0%Perc

enta

ge g

row

th in

sal

es



16%

28%


40%

30%

20%

0%

Perc

enta

ge g

row

th

53%

36%

8% 8%

-17%-9%

24%

10%10%18%

2015/14 2016/15 2017/16 2018/17 2019/18

60%

50%

40%

30%

20%

10%

0%

-10%

-20%

-30%

14.8%




1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

40%

30%

20%

10%

0%

-10%

-20%

-30%

-40%

Source: LIMRA® International Canadian Individual Life Insurance Sales Participant Report. Individual life insurance sales as measured by total premium.

Increasing our market share for individual life insurance sales

5


Equitable Life’s individual life insurance sales and market share

Percentage change in individual life insurance sales Equitable Life vs Industry (year over year)

CONSISTENT GROWTH IN INDIVIDUAL LIFE INSURANCE SALES

Equitable Life consistently surpasses the industry in percentage growth in individual life insurance sales.

Source: LIMRA® International Canadian Individual Life Insurance Sales Participant Report. Individual life insurance sales as measured by total premium.

270%


12%CAGR

$886$940

$1,076

$1,234

$1,431

$1,595

250%

230%

210%

2014

2014 2015 2016 2017 2018 2019

2015

2016

2017190%

170%

150%

150%

155%

147%

140%

143%

130%131%

135%

140%

145%

155%

140%

135%

130%

125%

11%CAGR

Market share

20192018

$60

$91 $98$116

$1283.72% 4.19%

5.45%7.10% 7.11%



Strong LICAT ratio

12.5%

11.4%

10th place

5th place

16.8%

11.9%

13.2%

2014 2015 2016 2017 2018 2019

2015 2016 2017 2018 2019


2007 2019

$140

$120

$100

$80

$60

$40

$20

$0

195%

MCCSR

228% 210%216%

226%231%

2012 2013 2014 2015 2016 2017

Net Income

$52$54

$80

$87$106 $109

2014 2015 2016 2017 2018 2019

Posi

tion

in th

e m

arke

t

Perc

enta

ge c

hang

e

Mill

ions

262%

19%

284%

58%


400%

300%

200%

100%

0%Perc

enta

ge g

row

th in

sal

es



16%

28%


40%

30%

20%

0%

Perc

enta

ge g

row

th

53%

36%

8% 8%

-17%-9%

24%

10%10%18%

2015/14 2016/15 2017/16 2018/17 2019/18

60%

50%

40%

30%

20%

10%

0%

-10%

-20%

-30%

14.8%




1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

40%

30%

20%

10%

0%

-10%

-20%

-30%

-40%

270%


12%CAGR

$886$940

$1,076

$1,234

$1,431

$1,595

250%

230%

210%

2014

2014 2015 2016 2017 2018 2019

2015

2016

2017190%

170%

150%

150%

155%

147%

140%

143%

130%131%

135%

140%

145%

155%

140%

135%

130%

125%

11%CAGR

Market share

20192018

$60

$91 $98$116

$1283.72% 4.19%

5.45%7.10% 7.11%



Strong LICAT ratio

12.5%

11.4%

10th place

5th place

16.8%

11.9%

13.2%

2014 2015 2016 2017 2018 2019

2015 2016 2017 2018 2019


2007 2019

$140

$120

$100

$80

$60

$40

$20

$0

195%

MCCSR

228% 210%216%

226%231%

2012 2013 2014 2015 2016 2017

Net Income

$52$54

$80

$87$106 $109

2014 2015 2016 2017 2018 2019

Posi

tion

in th

e m

arke

t

Perc

enta

ge c

hang

e

Mill

ions

262%

19%

284%

58%


400%

300%

200%

100%

0%Perc

enta

ge g

row

th in

sal

es



16%

28%


40%

30%

20%

0%

Perc

enta

ge g

row

th

53%

36%

8% 8%

-17%-9%

24%

10%10%18%

2015/14 2016/15 2017/16 2018/17 2019/18

60%

50%

40%

30%

20%

10%

0%

-10%

-20%

-30%

14.8%




1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

40%

30%

20%

10%

0%

-10%

-20%

-30%

-40%

6


2019 FINANCIAL HIGHLIGHTS

ASSETS UNDER

ADMINISTRATION

INCREASED BY

19.4%

LIFE INSURANCE

IN-FORCE GREW BY

8%

PARTICIPATING

POLICYHOLDERS’

EQUITY GREW BY

14%

PREMIUMS

AND DEPOSITS

INCREASED BY

11.5%

ACHIEVED A RETURN

ON POLICYHOLDERS’

EQUITY OF

13.2%

DIVIDENDS TO

PARTICIPATING

POLICYHOLDERS

INCREASED BY

34.6%

7


Equitable Life’s Annual Report can tell you more about our financial strength. Find it at www.equitable.ca > Who we are > Our financial strength.

As at December 31

(Dollar amounts in millions except where otherwise indicated)

2019 2018

Net income 108.9 86.8

Return on policyholders’ equity 13.2% 11.9%

LICAT ratio 155% 147%

Participating policyholders’ equity 882 773

Premiums and deposits Individual 691 579 Savings and Retirement 405 380 Group 499 472

Total premiums and deposits 1,595 1,431

Sales Individual 132 119 Savings and Retirement 407 380 Group 48 53

Assets under administration (billions $) General fund 3.7 3.1 Segregated funds 1.4 1.2

Total assets under administration (billions $) 5.1 4.3

Dividends to participating policyholders 49.4 36.7

Benefits and payments to policyholders 821 740

Life insurance in-force (billions $) 135 125

8


270%


12%CAGR

$886$940

$1,076

$1,234

$1,431

$1,595

250%

230%

210%

2014

2014 2015 2016 2017 2018 2019

2015

2016

2017190%

170%

150%

150%

155%

147%

140%

143%

130%131%

135%

140%

145%

155%

140%

135%

130%

125%

11%CAGR

Market share

20192018

$60

$91 $98$116

$1283.72% 4.19%

5.45%7.10% 7.11%



Strong LICAT ratio

12.5%

11.4%

10th place

5th place

16.8%

11.9%

13.2%

2014 2015 2016 2017 2018 2019

2015 2016 2017 2018 2019


2007 2019

$140

$120

$100

$80

$60

$40

$20

$0

195%

MCCSR

228% 210%216%

226%231%

2012 2013 2014 2015 2016 2017

Net Income

$52$54

$80

$87$106 $109

2014 2015 2016 2017 2018 2019

Posi

tion

in th

e m

arke

t

Perc

enta

ge c

hang

e

Mill

ions

262%

19%

284%

58%


400%

300%

200%

100%

0%Perc

enta

ge g

row

th in

sal

es



16%

28%


40%

30%

20%

0%

Perc

enta

ge g

row

th

53%

36%

8% 8%

-17%-9%

24%

10%10%18%

2015/14 2016/15 2017/16 2018/17 2019/18

60%

50%

40%

30%

20%

10%

0%

-10%

-20%

-30%

14.8%




1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

40%

30%

20%

10%

0%

-10%

-20%

-30%

-40%

DBRS RATING OF A

DBRS Morningstar changed the trends on both the Financial Strength Rating and the Issuer Rating of Equitable Life to Positive from Stable and once again confirmed our “A” rating. (Press Release: October 4, 2019)

155% LICAT RATIO

LICAT (Life Insurance Capital Adequacy Test) is a recognized measure of strength and stability for the insurance industry. Equitable Life’s LICAT ratio of 155% is well above the target ratio of 100% set by OSFI (Office of the Superintendent of Financial Institutions Canada) and higher than many of our peers.

Equitable Life’s strong LICAT ratio ensures that we are well positioned to continue meeting our commitments to our policyholders.

Prior to LICAT, Equitable Life consistently exceeded the solvency target of 150% set by MCCSR (Minimum Continuing Capital and Surplus Requirement). The capital ratios under the LICAT framework are not comparable to those determined under MCCSR.


270%


12%CAGR

$886$940

$1,076

$1,234

$1,431

$1,595

250%

230%

210%

2014

2014 2015 2016 2017 2018 2019

2015

2016

2017190%

170%

150%

150%

155%

147%

140%

143%

130%131%

135%

140%

145%

155%

140%

135%

130%

125%

11%CAGR

Market share

20192018

$60

$91 $98$116

$1283.72% 4.19%

5.45%7.10% 7.11%



Strong LICAT ratio

12.5%

11.4%

10th place

5th place

16.8%

11.9%

13.2%

2014 2015 2016 2017 2018 2019

2015 2016 2017 2018 2019


2007 2019

$140

$120

$100

$80

$60

$40

$20

$0

195%

MCCSR

228% 210%216%

226%231%

2012 2013 2014 2015 2016 2017

Net Income

$52$54

$80

$87$106 $109

2014 2015 2016 2017 2018 2019

Posi

tion

in th

e m

arke

t

Perc

enta

ge c

hang

e

Mill

ions

262%

19%

284%

58%


400%

300%

200%

100%

0%Perc

enta

ge g

row

th in

sal

es



16%

28%


40%

30%

20%

0%

Perc

enta

ge g

row

th

53%

36%

8% 8%

-17%-9%

24%

10%10%18%

2015/14 2016/15 2017/16 2018/17 2019/18

60%

50%

40%

30%

20%

10%

0%

-10%

-20%

-30%

14.8%




1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

40%

30%

20%

10%

0%

-10%

-20%

-30%

-40%

Equitable Life’s LICAT (Life Insurance Capital Adequacy Test) ratio exemplifies financial strength and stability when compared to other market leaders. LICAT took effect January 1, 2018 and is a more advanced and risk sensitive measure than MCCSR.

Strong LICAT ratio

Source: Equitable Life of Canada; Other companies’ publications. Information based on material as at December 31, 2019.

STRONG AND STABLE

9


INVESTMENT PHILOSOPHYEQUITABLE ASSET MANAGEMENT GROUP

Equitable Life’s investment assets have been managed internally by Equitable Asset Management Group (EAMG) since the company was established in 1920.

We pursue an active approach to investment management - an approach made possible by our size and our unique portfolio - and we maintain flexibility by considering both short- and long-term investment opportunities. The result is a diversified combination of a private asset portfolio with dynamic and adaptive public asset portfolios that can be adjusted to take advantage of market conditions.

HIGH QUALITY INVESTMENT PORTFOLIO

Equitable Life’s investment portfolio performed extremely well in 2019. Our conservative approach continues to provide ongoing stability and growth.

49%BONDS AND DEBENTURES

15%LINKED EQUITIES

8%PRIVATE PLACEMENTS

7%PREFERRED SHARES

7%MORTGAGES

7%INVESTMENT PROPERTY

5%DIRECT EQUITIES

2%OTHER

Learn more about our investment approach at www.equitable.ca > Our products > Investment management.

10


A LEADER IN PARTICIPATING WHOLE LIFE INSURANCE SALES

Equitable Life’s participating life insurance is our flagship product and contributes

significantly to the overall financial strength and stability of the company.

EQUITABLE LIFE’S SUCCESS IN THE INDUSTRY

Equitable Life has consistently surpassed the industry in percentage growth in

whole life insurance sales, both by policy count and premium.

SHARING OUR SUCCESS WITH OUR PARTICIPATING POLICYHOLDERS

Our mutuality is a key part of our value proposition to our whole life participating policyholders. They are eligible to participate in the earning of the participating account through dividend payments.

Equitable Life has credited dividends every year since we first launched

participating whole life in 1936.

EQUITABLE LIFE’S SUCCESS IN THE MGA CHANNEL

270%


12%CAGR

$886$940

$1,076

$1,234

$1,431

$1,595

250%

230%

210%

2014

2014 2015 2016 2017 2018 2019

2015

2016

2017190%

170%

150%

150%

155%

147%

140%

143%

130%131%

135%

140%

145%

155%

140%

135%

130%

125%

11%CAGR

Market share

20192018

$60

$91 $98$116

$1283.72% 4.19%

5.45%7.10% 7.11%



Strong LICAT ratio

12.5%

11.4%

10th place

5th place

16.8%

11.9%

13.2%

2014 2015 2016 2017 2018 2019

2015 2016 2017 2018 2019


2007 2019

$140

$120

$100

$80

$60

$40

$20

$0

195%

MCCSR

228% 210%216%

226%231%

2012 2013 2014 2015 2016 2017

Net Income

$52$54

$80

$87$106 $109

2014 2015 2016 2017 2018 2019

Posi

tion

in th

e m

arke

t

Perc

enta

ge c

hang

e

Mill

ions

262%

19%

284%

58%


400%

300%

200%

100%

0%Perc

enta

ge g

row

th in

sal

es



16%

28%


40%

30%

20%

0%

Perc

enta

ge g

row

th

53%

36%

8% 8%

-17%-9%

24%

10%10%18%

2015/14 2016/15 2017/16 2018/17 2019/18

60%

50%

40%

30%

20%

10%

0%

-10%

-20%

-30%

14.8%




1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

40%

30%

20%

10%

0%

-10%

-20%

-30%

-40%

Growth in whole life insurance sales (from 2014 to 2019)

#1 seller of participating whole life insurance policies (by policy count)

Ranked 3rd in market share (by premium) Source: LIMRA® International Canadian

Individual Life Insurance Sales Participant Report as at Q4 2019.

Dividends are not guaranteed and are paid at the sole discretion of the Board of Directors. Dividends may be subject to taxation. Dividends will vary based on the actual investment returns in the participating account as well as mortality, expenses, lapse, claims experience, taxes and other experience of the participating block of policies.

Source: LIMRA® International Canadian Individual Life Insurance Sales Participant Report. The industry sales shown reflect all the individual participating and non-participating whole life insurance sales from all distribution channels in the Canadian marketplace. The significance of Equitable Life’s market share ranking compared to that of total industry sales is even more meaningful when you take into account that Equitable Life has historically only sold individual life insurance through one distribution channel in the marketplace and that is Managing General Agencies (MGAs).

11


The assets in the participating account are managed to:

1. Meet the guarantees of the product; and

2. Provide long-term income and growth to support the dividend scale.

DIVIDEND SCALE INTEREST RATE

The dividend scale interest rate is just one factor used to determine the dividends paid in a participating policy. Dividends are paid at the sole discretion of the Board of Directors. The following chart shows Equitable Life’s historical dividend scale interest rates compared to other well-known economic indicators.

270%


12%CAGR

$886$940

$1,076

$1,234

$1,431

$1,595

250%

230%

210%

2014

2014 2015 2016 2017 2018 2019

2015

2016

2017190%

170%

150%

150%

155%

147%

140%

143%

130%131%

135%

140%

145%

155%

140%

135%

130%

125%

11%CAGR

Market share

20192018

$60

$91 $98$116

$1283.72% 4.19%

5.45%7.10% 7.11%



Strong LICAT ratio

12.5%

11.4%

10th place

5th place

16.8%

11.9%

13.2%

2014 2015 2016 2017 2018 2019

2015 2016 2017 2018 2019


2007 2019

$140

$120

$100

$80

$60

$40

$20

$0

195%

MCCSR

228% 210%216%

226%231%

2012 2013 2014 2015 2016 2017

Net Income

$52$54

$80

$87$106 $109

2014 2015 2016 2017 2018 2019

Posi

tion

in th

e m

arke

t

Perc

enta

ge c

hang

e

Mill

ions

262%

19%

284%

58%


400%

300%

200%

100%

0%Perc

enta

ge g

row

th in

sal

es



16%

28%


40%

30%

20%

0%

Perc

enta

ge g

row

th

53%

36%

8% 8%

-17%-9%

24%

10%10%18%

2015/14 2016/15 2017/16 2018/17 2019/18

60%

50%

40%

30%

20%

10%

0%

-10%

-20%

-30%

14.8%




1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

40%

30%

20%

10%

0%

-10%

-20%

-30%

-40%

270%


12%CAGR

$886$940

$1,076

$1,234

$1,431

$1,595

250%

230%

210%

2014

2014 2015 2016 2017 2018 2019

2015

2016

2017190%

170%

150%

150%

155%

147%

140%

143%

130%131%

135%

140%

145%

155%

140%

135%

130%

125%

11%CAGR

Market share

20192018

$60

$91 $98$116

$1283.72% 4.19%

5.45%7.10% 7.11%



Strong LICAT ratio

12.5%

11.4%

10th place

5th place

16.8%

11.9%

13.2%

2014 2015 2016 2017 2018 2019

2015 2016 2017 2018 2019


2007 2019

$140

$120

$100

$80

$60

$40

$20

$0

195%

MCCSR

228% 210%216%

226%231%

2012 2013 2014 2015 2016 2017

Net Income

$52$54

$80

$87$106 $109

2014 2015 2016 2017 2018 2019

Posi

tion

in th

e m

arke

t

Perc

enta

ge c

hang

e

Mill

ions

262%

19%

284%

58%


400%

300%

200%

100%

0%Perc

enta

ge g

row

th in

sal

es



16%

28%


40%

30%

20%

0%

Perc

enta

ge g

row

th

53%

36%

8% 8%

-17%-9%

24%

10%10%18%

2015/14 2016/15 2017/16 2018/17 2019/18

60%

50%

40%

30%

20%

10%

0%

-10%

-20%

-30%

14.8%




1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

40%

30%

20%

10%

0%

-10%

-20%

-30%

-40%

Participating account portfolio - asset classes (as of December 31, 2019)

Sources: Statistics Canada, Bank of Canada, Equitable Life of Canada. Data as of December 31 each year. Historical results are not indicative of future performance.

Looking for detailed quarterly updates and commentary on the participating account? Visit www.equitable.ca > Our products > Whole life > Dividend scale.

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INVESTMENT PHILOSOPHY FOR THE PARTICIPATING ACCOUNT


COMMITTED TO ADVANCED MARKETSEquitable Life has always been a strong provider in the family market. As part of our

strategic focus, we are actively investing in growing our advanced market share.

CONTINUING TO GROW IN THE LARGE CASE MARKET

It is our goal to continue to increase our already growing success in the large case market.*

270%


12%CAGR

$886$940

$1,076

$1,234

$1,431

$1,595

250%

230%

210%

2014

2014 2015 2016 2017 2018 2019

2015

2016

2017190%

170%

150%

150%

155%

147%

140%

143%

130%131%

135%

140%

145%

155%

140%

135%

130%

125%

11%CAGR

Market share

20192018

$60

$91 $98$116

$1283.72% 4.19%

5.45%7.10% 7.11%



Strong LICAT ratio

12.5%

11.4%

10th place

5th place

16.8%

11.9%

13.2%

2014 2015 2016 2017 2018 2019

2015 2016 2017 2018 2019


2007 2019

$140

$120

$100

$80

$60

$40

$20

$0

195%

MCCSR

228% 210%216%

226%231%

2012 2013 2014 2015 2016 2017

Net Income

$52$54

$80

$87$106 $109

2014 2015 2016 2017 2018 2019

Posi

tion

in th

e m

arke

t

Perc

enta

ge c

hang

e

Mill

ions

262%

19%

284%

58%


400%

300%

200%

100%

0%Perc

enta

ge g

row

th in

sal

es



16%

28%


40%

30%

20%

0%

Perc

enta

ge g

row

th

53%

36%

8% 8%

-17%-9%

24%

10%10%18%

2015/14 2016/15 2017/16 2018/17 2019/18

60%

50%

40%

30%

20%

10%

0%

-10%

-20%

-30%

14.8%




1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

40%

30%

20%

10%

0%

-10%

-20%

-30%

-40%

Equitable Life’s Compound Annual Growth Rate for large whole life case sales (from January 1, 2016 to December 31, 2019)

Expanded sales support across Canada

New technologies for quicker turnaround on policy issue

Expanded senior level underwriting expertise to support our nationwide wholesale network

More comprehensive illustrations

In-house tax and estate planning specialists

Collateral loan arrangements with lending institutions

* Large case is defined as participating whole life insurance policies with at least $5M in face amount or $20,000 in annual premium.

14


ROBUST PRODUCT OFFERINGSEquitable Life offers a diversified lineup of competitive products which can help

you achieve your financial goals with confidence.

PARTICIPATING WHOLE LIFEIf you are looking for guarantees, Equimax® participating whole life insurance could be right for you. It provides lifetime protection with guaranteed premiums, cash values and death benefit; a stable, hands-off investment option that offers tax-advantaged growth, and the eligibility to participate in the earning of the

participating account through dividend payments.*

UNIVERSAL LIFEIf you prefer to personally manage your investment portfolio, Equation Generation® IV combines the benefit of tax-advantaged life insurance protection with wealth accumulation through investment options. Design a savings and investment portfolio that suits your financial needs through a mix of funds

and asset classes.

TERM LIFEFor your temporary needs, term insurance may offer the best protection at the best price. Our term insurance allows for full or partial conversions to our participating

whole life and universal life products.

CRITICAL ILLNESSEquiLiving® critical illness insurance can help keep your savings and retirement goals from being derailed by a critical illness. It can make funds available to keep

a business running, cover the cost of out-of-country or alternative treatments, etc.

SAVINGS & RETIREMENTOur wide selection of segregated funds, guaranteed deposit accounts, RRSPs,

TFSAs and annuities can help you achieve your financial goals.

* Dividends are not guaranteed and are paid at the sole discretion of the Board of Directors. Dividends may be subject to taxation. Dividends will vary based on the actual investment returns in the participating account as well as mortality, expenses, lapse, claims experience, taxes and other experience of the participating block of policies.

15


A GOOD CORPORATE CITIZENEquitable Life is a Canadian company that values its customers, its employees, and the communities in which they live and work.

ARTS & CULTURE• Drayton Entertainment • Registry Theatre • Belmont Village Bestival • KW Symphony – Youth Orchestra • KW Art Gallery Family Day • Stratford Festival

EDUCATION AND SPORTS• University of Waterloo • Wilfrid Laurier University

Fellowship in Finance • Earth Rangers• Girl Guides of Canada • Chamber Business Excellence

Award and Golf Tournament Sponsorship

HEALTH AND WELLNESS• United Way • Cambridge Memorial Hospital• Autism Speaks Canada • MS Society Bike Ride• Chamber Health Care Resources

Council• Cops for Cancer• Wear Plaid for Dad• St. Mary’s Hospital Wear Red Day

REGIONAL DONATIONS• Make a Wish Alberta • Halton Women’s Place • Shining Through Centre • Brain Tumour Association

SOCIAL SERVICES AND DISASTER RELIEF• Adopt-a-Family Christmas Support • Sexual Assault Support Centre • House of Friendship • Family and Children’s Services

Foundation • May Court Club• OK2BMe• Habitat for Humanity

OTHER CHARITABLE INITIATIVES• KidsSport Canada• Sick Kids• MS Walk• Heart and Stroke• YWCA• KidsAbility• Breast Cancer• Women’s Crisis Service• Bruce Trail Conservancy• Big Sisters/Brothers• Lutherwood• Hockeyfest• Special Olympics• Sexual Assault Centre of Brant• St. John’s Therapy Dogs• Canadian Cancer Society• Bereaved Families of Ontario• Easter Seals• Veteran’s Association

COMMUNITY RECOGNITION

171 VOLUNTEERS

$406,970.28IN DONAT IONS

(for the 12th consecutive year)

2019 CHARITABLE DONATIONS

17


COMMUNITY RECOGNITION

1791(2020/04/23)

Works for me.®

Canadians have turned to Equitable Life since 1920 to protect what matters most. We work with independent advisors across Canada to offer individual insurance, savings and retirement and group benefits solutions to meet your needs.

Equitable Life is not your typical financial services company. We have the knowledge, experience and ability to find solutions that work for you. We’re friendly, caring and interested in helping. And we’re owned by our participating policyholders, not shareholders, allowing us to focus on your needs and providing you with personalized service, financial protection and peace of mind.

® or TM denote a trademark of The Equitable Life Insurance Company of Canada.

The Equitable Life Insurance Company of Canada 1.800.722.6615 www.equitable.ca

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