Economic Backdrop and Financial Performance Objectives
Insurance
Strategic Priorities
■ Harness the power of RBC and the RBC Brand to grow our
Insurance business
■ Deliver a market-leading client experience
■ Lead in digital, data and technology
■ Drive operational excellence through automation and
streamlined processes
■ Attract, develop and retain future-ready talent
Highlights
One of the largest Canadian bank-owned insurance organizations (1)
serving 4.8 million clients
#2 in individual disability new business sales (2)
#2 in group annuity new business sales (2)
#1 in creditor protection (3)
#5 in term new business sales (2)
Net Income ($ millions)
889
857
546
220
66
2021
2022
2023
(IFRS17)
Q1/23
(IFRS17)
Q1/24
Contractual Service Margin ($ millions)
1,767
1,804
1,894
1,956
1,977
Q1/23
Q2/23
Q3/23
Q4/23
Q1/24
(1) On a total revenue basis. (2) As measured by insured balance reported by CAFII and Supplementary Financial Reports. (3) LIMRA Canadian Insurance Survey, YTD 3rd Quarter 2023.
BUSINESS SEGMENTS
24
RBCView entire presentation