Participating Policyholder Disclosures

If you own an RBC Growth Insurance^® or RBC Growth Insurance Plus^® policy, your premiums are invested in an account that you and other participating policyholders can receive earnings from. These earnings are paid out as dividends to each policyholder according to the dividend payout option chosen.

Dividends are not guaranteed. We set our policy dividend rate each year based on factors such as how invested assets perform, our expenses and mortality experience.

Policy Loans

Effective April 1, 2025, if you would like to borrow from the accumulated cash value in your policy, the current interest rate for policy loans is 6.95%. This rate is reviewed on an annual basis, and is based on the Royal Bank prime rate +2%.

Dividends on Deposit

Dividends held in a dividends on deposit account earn interest daily at a rate we set which may change from time to time. The current interest rate is 2.3%.

RBC Growth Insurance & RBC Growth Insurance Plus Life Management Policies

Financial Disclosures

Participating policyholder financial disclosures – Participating Whole Life

All numbers are in millions of dollars, rounded to the nearest million, unless otherwise noted.

The insurance contract liabilities held are ($6) (2023 - $5) for the Participating Whole Life insurance portfolio, which was launched in 2021.

No dividend stabilization reserve was held in 2024 due to the small size of the portfolio.

A statement of the changes for the participating account in the last two financial years, in thousands of dollars, are shown below.

participating account
		Par Whole Life
Sub-Account Name		2024	2023
i.	Account surplus, start of year	35,447	38,467
ii.	Currency adjustment	0	0
iii.	Account net income	-2,041	-343
iv.	Transfers from account surplus to shareholder account per Section 462(a) of the ICA	-94	-13
v.	Other transfers to/from account surplus	-140	-127
vi.	Account surplus, end of year	33,172	37,985
vii.	Total account (Liabilities and Surplus), start of year	35,447	38,467
viii.	Total account (Liabilities and Surplus), end of year	33,172	37,985
ix.	Policyholder dividends (excluding experience rating refunds)
	- Gross	2,081	845
	- Assumed	0	0
	- Ceded	0	0
	- Net	2,081	845
x.	Transfers from account surplus to shareholder account per Section 462(a) of the ICA, if included in Net Income	0	0
xi.	Calculation of Section 462(a) transfers to demonstrate compliance with Section 461 of the ICA	0	0

For fiscal year 2024, $2 policy dividends were paid to policyholders. In aggregate, approximately 77% was due to investment income and 23% due to insurance factors. The transfer to the non-par account is 10% of the total distributable earnings, which will be made in 2025, is $231 thousand.

The current year and since inception annual dividend scale interest rate, total participating account investment rate of return and total participating surplus investment rate of return are shown below. Transactional costs are included in the calculation of the rates of return. The investment expenses are approximately 0.01% of investment assets.

Historical average annual rate
	Current year	Historical average annual rate
		Since inception	10	20
Dividend scale interest rate	6.25%	6.00%	n/a	n/a
Participating account investment rate of return	2.76%	2.00%	n/a	n/a
Participating surplus investment rate of return	3.78%	2.98%	n/a	n/a

The investment portfolio’s actual and target asset mix is as follows:

The investment portfolio
Asset Class		Permitted Range	Target Mix	Actual Mix
Fixeed Income	Short Term Government & Corporate Bonds Commercial Mortgages Private Placement	30% - 70%	50.0%	53.7%
Non Fixeed Income	Equity Commercial Real Estate	0% - 50%	27.5% 22.5%	23.9% 22.4%
Total			100%	100%

Legal Disclaimer¹

Includes best estimate liability and risk adjustment under IFRS 17 for 2024 number.

Legal Disclaimer²

Beginning balance does not equal to previous year’s ending balance due to the IFRS 17 transition impact.