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2017 financial highlights

Financial highlights for the year ended December 31, 2017 (All amounts are in Canadian dollars, unless otherwise stated)

With our 140+ year history, Foresters Financial is financially strong, and more importantly, well-positioned for long-term financial strength. On these pages, we share our key financial results, which are indicators of our growth, financial health and stability.

Key results at a glance

$255.0 U.S. million United States Total Annualized Weighted Sales
$58.7 CAD million Canada Total Annualized Weighted Sales
£57.1 U.K. million United Kingdom Total Annualized Weighted Sales
$1.1 billion Total Premiums
$2.0 billion Surplus
$88.2 million Total Comprehensive Loss
$45.1 billion Funds under Management and Administration
3.1 million Certificates and Contracts In force

Sales

Sales and Key Results

United States
Total Annualized Weighted
Sales (U.S. $ millions)
Canada
Total Annualized Weighted Sales (CAD $ millions)
United Kingdom
Total Annualized Weighted Sales (U.K £ millions)
Total U.S. annualized weighted sales were $255.0 million, an 11.2% increase from 2016 due to strong sales from new and existing distribution channels, across all product lines. Annualized weighted sales were $58.7 million, a 39.1% increase over 2016. The Canada Protection Plan channel had another strong year with a growth of 74.6% and MGA Brokerage sales grew by 17.8%. Foresters Asset Management Inc. (“FAM”) sales were $7.4 million, a 5.7% increase over 2016. Total annualized weighted sales were £57.1 million, a 26.0% increase over 2016. This increase was due to the growth in sales in Unit Linked Savings and Junior Unit Linked Savings. £43.7 million came via our sales force and £13.4 million came from our direct-to-customer channel.

Key Results

Total Premiums ($ billions) Surplus ($ billions) Total Comprehensive Income (Loss) ($ millions)
Total gross life insurance premiums were $1.1 billion, a 5.8% increase over 2016. The upward trend in premiums is largely due to our growing block of in-force policies, and continued strong first year premiums. Foresters Financial surplus was $2.0 billion at the end of 2017. The decrease year over year was primarily due to net unrealized foreign currency translation losses. At December 31, 2017 our MCCSR ratio was 357%, well above the Canadian life insurer average of 236% at September 20, 2017.1 Total comprehensive loss of $88.2 million for 2017 was primarily due to net unrealized foreign currency translation losses of $96.8 million relating to foreign operations and certain 2017 strategic spends across the organization. Net income before Other Comprehensive Income (Loss), which includes the foreign currency losses, was $38.1 million compared to a Net loss in the prior year of $75.3 million.
Certificates and Contracts in force (thousands) Funds under Management and Administration
At December 31, 2017, Foresters Financial had over 3.1 million certificates and contracts in force. Since 2013, the number of in-force certificates and contracts has grown by 5.4% due to strong sales of our products. Funds under management and administration grew to $45.1 billion, a 2.5% increase over 2016. The continued increase since 2015 was in part due to the acquisition of Foresters Asset Management Inc. and Foresters Financial Investment Management Company of Canada Inc. in 2016 which added approximately CAD $10 billion to funds under management and administration.

1Source: Office of the Superintendent of Financial Institutions Canada (OSFI), Financial Data for Life Insurance Companies, Total Canadian Life Companies, MCCSR – Total capital required/available. 

Description of member benefits that you may receive assumes you are a Foresters Financial member. Foresters Financial member benefits are non-contractual, subject to benefit specific eligibility requirements, definitions and limitations and may be changed or cancelled without notice.

Foresters Financial and Foresters are trade names and trademarks of The Independent Order of Foresters (a fraternal benefit society, 789 Don Mills Road, Toronto, Canada M3C 1T9) and its subsidiaries.

 

416073 US (05/18)