To say 2022 was a challenging year is putting it lightly. High inflation in developed countries, rising interest rates and ongoing geopolitical challenges drove up commodity prices. Bond yields skyrocketed as most asset classes took a hit. And Canadian bonds, usually a good hedge against stocks, had their worst year since 1980. But through it all, Empire Life’s investment strategy played a significant role in the success of many
of our segregated fund mandates. Over 85% of Empire Life's segregated fund assets finished ahead of their peer group in 2022 with 18 of our funds in the top quartile.1
In a recent video, Paul Holba, CIO, reviews the key market events of 2022 and outlook for 2023. Watch now and share with clients.
1 Empire Life analysis based on AUM as at Nov.30, 2022 and Morningstar Research Inc. preliminary 2022 performance ranking report as at January 2, 2023.
The Empire Life GIF Growth Commission Bonus program has been extended for 2023!
Until December 29, 2023, earn a commission bonus for actively promoting the value of Empire Life Guaranteed Investment Funds (GIF) to new and existing clients.
Policyholder tax reporting for 2022 and RRSP season 2023
Deposits to a registered plan received within the first sixty (60) days of 2023 are eligible as a tax deduction for the 2022 or 2023 taxation year. A tax receipt will be issued stating that this deposit was made in the first 60 days of the year. This year, the deadline for a 2022 tax receipt is Wednesday, March 1, 2023.
Read information circular 2023-2 for important 2021 tax reporting and RRSP season 2022 cut off dates for all Empire Life investment plans.
Helpful hints for a smooth RSP season:
Please make sure to have the application or account number on the cheque
Please make sure the cheque is current dated with the correct year ( i.e. 2023)
Please do not send in duplicates (only send paperwork one way: email, fax or mail). If sending multiple copies, ensure to indicate that on the paperwork.
Emblem Asset Allocation Update – December 20, 2022
Find out more about the Investment Team’s views on the impact of recent events in the market and how the funds are positioned going forward. Download the latest asset allocation update for Emblem Portfolios.
Leveraging our 2022 success for 2023 Empire Life Investments webinar
We all know that 2022 was an unprecedented year. But through it all, Empire Life’s investment strategy played a significant role in the success of many of our investment mandates.
Over 85% of Empire Life's segregated fund assets finished ahead of their peer group in 2022 with 18 of our funds in the top quartile.1
Join us for a portfolio manager round table discussion with Q&A for insights on how the Empire Life investment team is looking at 2023. Hear how the team’s investment strategies reflect our cautious view of the environment, but with some positive outlooks and opportunities. Learn about the team’s defensive stance, diversifying investments, its approach to buying companies that can handle the slowing global economy or are “on sale” due to low valuation levels, and more.
1 Source: Empire Life analysis based on AUM as at Nov. 30, 2022 and Morningstar preliminary 2022 performance ranking report as at Jan. 2, 2023.
2023 Update: The Empire Life RRSP & TFSA toolbox
Now that it’s time to have retirement savings conversations with your clients and prospects, we’ve put together a handy online resource to help you navigate the season.
The toolbox gives you quick access to informative advisor and client resources that can help make your 2023 RRSP and TFSA season a success.
Empire Life December 31, 2022 Investment Statements
The Empire Life December 31, 2022 Investment Statements are now available online. Hard copies will begin mailing to customers on January 24, 2023. Customers registered for MyEmpire online who have opted in for electronic statements (eStatements) will not receive mailed copies and instead received an email notifying them to log in to their account. Advisor copies of all customer statements are available through the Advisor Dashboard / Business Centre. Our advisor Online Statements feature allows you to conveniently download statements as Individual (single policy) or Bulk (all policies in a .zip file).
For additional information about your customer’s statements, please see Information Circular 2023-01.
Until March 31, 2023, you can keep earning 15% or 20% more FYCby submitting new life and health insurance applications using the Fast & Full Life App when clients select and complete the Electronic Health Questionnaire (eHQ) and choose and receive eContract Delivery as compared to submitting paper applications and receiving a paper contract.
Make sure your letter gets to the Million Dollar Round Table (MDRT). Follow these steps and ensure your letter is received at Empire Life by Monday, February 20th, 2023.
Visit the MDRT website to download the qualifying letter and complete the appropriate sections.
Mail the completed letter to: Empire Life, 259 King St East, Kingston ON K7L 3A8 Attention: Leanne Dowling
Once received, we will complete the letter and send it back to you.
Updated!
Guidelines for Immigrants
The Underwriting Department is pleased to announce that updates have been made to the Guidelines for Immigrants. These include:
Increased life insurance face amounts for Temporary Residents to $500,000 with consideration to $1,000,000 for residents who have been in Canada for more than 2 years
Increased life insurance face amounts for Post Graduate Work Program Visa holders to $500,000
Student Visa holders age 18 and up may qualify for life insurance face amounts to $250,000
New Brunswick's Financial and Consumer Services Commission (FCNB) received Ministerial Approval to adopt Rule INS-001 Insurance Intermediaries Licensing and Obligations and Rule INS-002 Insurance Fees. The Rules are expected to come into force on Wednesday, February 1, 2023. Please review the notice for more details and to familiarize yourself with FCNBs expectations of intermediaries.
If you have any questions on this notice or the implementation of the Rules, contact the Insurance Division of FCNB at 866-933-2222 or by email at info@fcnb.ca.
The AMF published a Bulletin informing the financial services industry that all entities under its supervision will now be required to report consumer complaints only once a year, by May 1 of each year for the period from January 1 to December 31 of the previous year. However, single-representative firms and independent representatives who do not have any complaints in the year are not required to file a report.
Due to these changes, we have amended the “Complaint Handling (Quebec) Template” and the “Advisor Complaint Handling Policy” Reference Document to reflect these changes. These documents can be found on the compliance section of our website.
On November 17, 2022, the AMF released its updated Sound Commercial Practices Guideline (the “Guideline”) which came into force that same day. A copy of the Guideline is now available on the compliance section of the Empire Life website.
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