Financial Strength • Financial & Charitable Impact • FaithLife Financial •

Financial Strength

FaithLife Financial members are part of a strong financial services organization whose roots go back nearly a century. As a grow-to-give company, our goal is to innovate and grow — so that we can continue to re-invest our profits in the causes our members care about.

FaithLife Financial is federally supervised by the Office of the Superintendent of Financial Institutions (OSFI) and is subject to the same regulations as other Canadian life and health insurers.

The Society monitors the amount of its capital available.  The amount of capital deployed is dependent upon regulatory requirements as well as the Society’s internal assessment of capital requirements in the context of its operational risks and requirements, and strategic plans. The Society’s practice is to maintain capital at a level that will exceed the relevant minimum regulatory capital requirements and the Society’s internal target capital levels.

In Canada, OSFI has established a capital adequacy measurement for life insurance companies incorporated under the Insurance Companies Act (Canada) and their subsidiaries, known as the Life Insurance Capital Adequacy Test (LICAT). LICAT establishes the standards used by OSFI to assess whether a life insurer maintains adequate capital or an adequate margin to support risks specific to the life insurance business.

OSFI has established supervisory target levels of 100% for total ratio and 70% for core ratio. FaithLife Financial’s 2020 total ratio was a strong 149%, up 2% from 2019’s 147%. Our core ratio was 110%, which was in-line with our 2019 result of 111%.

To read more about the company’s 2020 financial and capital ratio results, please review our 2020 audited annual financial statements and annual report to members.

Financial and Charitable Impact Reports