UV Insurance

What UV Insurance does

UV Insurance (legal name: The Union Life Mutual Assurance Company / L'Union-Vie, compagnie mutuelle d'assurance) is a Quebec-based mutual insurance company founded in 1889 in Drummondville, operating as a private, policyholder-owned entity with no external shareholders. It provides individual life and critical illness insurance, employer-sponsored group insurance, and investment and retirement products, distributed primarily through a national network of independent financial advisors and brokers.

The product shelf spans whole life payable to age 100, term life in 10/15/20/25/30-year durations, 20-pay whole life with high cash values, simplified issue life products (Express and Immediate Issue without medical exams), critical illness, child-focused offerings (Early Learning, AdapCI), segregated funds, and registered investment accounts. Underwriting and policy administration are supported by the proprietary My Universe platform (illustration, electronic application, advisor and client portals) and the M@gik-Net group insurance management system, acquired in 2018. A mobile app extends digital access for group plan members, while the company is Canada-only with a primary footprint in Quebec and Ontario and national reach via the Assumption Life investment partnership and the 2025 BMO Insurance portfolio acquisition.

Revenue is generated through recurring insurance premiums (individual and group) and investment/retirement fees; pricing is subscription-based with annual billing on most individual products and monthly billing on the Early Learning program. The company is among the top 10 life and health insurers in Quebec, reported FY2025 net income of $7.9M, member equity growth of approximately 10%, and a 35% rise in assets driven by the BMO Insurance block acquisition. Distribution is advisor-led and supported by accredited training webinars, advisor portals, and traditional corporate communications rather than direct-to-consumer marketing.

Name

UV Insurance

Legal name

The Union Life Mutual Assurance Company (L'Union-Vie, compagnie mutuelle d'assurance)

Website

https://uvassurance.ca

Company type

Private

Founded year

1889

Operating status

Operating

Headcount range

51–100 employees

Short description

UV Insurance is a Quebec-based mutual insurer offering individual life and critical illness insurance, employer-sponsored group insurance, and investment/retirement products to Canadian policyholders, distributed primarily through a national network of independent financial advisors.

Ownership category

akta.pro rank

Product category

Life and Health Insurance

NAICS

Direct Life Insurance Carriers (524113), Direct Health and Medical Insurance Carriers (524114)

SIC

Life Insurance (6311), Accident & Health Insurance (6321)

akta.pro primary industry

Universal Life (UL) Insurance (FSAIABAB)

akta.pro secondary industries

Ancillary & Supplemental Health Products (Accident/Critical Illness/Hospital Indemnity) (HLAEABAJ), Individual Supplemental Health (Hospital Indemnity, Critical Illness, Accident) (FSAIAEAD)

Keywords

• Mutual life insurance
• Group insurance plans
• Critical illness coverage
• Individual insurance products
• Segregated funds investment

Headquarters

HQ city

Drummondville

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Individual Life and Critical Illness Insurance Premiums: Collection of insurance premiums from individual policyholders for life insurance and critical illness coverage. Products include whole life payable to age 100, term life (10, 15, 20, 25, 30 year terms), and simplified issue products.
2. Group Insurance Premiums: Comprehensive group insurance products including health benefits, disability coverage, and pension plans for employer-sponsored plans.
3. Investment and Retirement Products: Segregated funds and registered investment accounts offered in partnership with Assumption Life, as well as other investment-retirement products.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

UV Insurance is a mutual insurance company that sells individual life and critical illness insurance, group (employer-sponsored) insurance covering health, disability and pension plans, and investment/retirement products (segregated funds and registered investment accounts). Distribution occurs through a national network of independent financial advisors and via proprietary digital platforms (My Universe portal and M@gik-Net group insurance management system), with mobile apps supporting on-the-go policyholder access.

Product overview

UV Insurance is a mutual insurance company offering a comprehensive portfolio of individual and group insurance products, critical illness coverage, and investment/retirement solutions. The product portfolio is organized around three core business lines: (1) Individual Insurance (including Whole Life Payable to Age 100, 20-Pay Whole Life High Values, Term Life in 10/15/20/25/30-year terms, Simplified Issue products, Critical Illness, Early Learning child program, and AdapCI juvenile coverage), (2) Group Insurance (employer-sponsored plans managed through the M@gik-Net platform), and (3) Investment products (Segregated Funds and Registered Investment Accounts distributed in partnership with Assumption Life). These products are supported by the My Universe technology platform featuring illustration software, electronic application capabilities, and client/advisor portals, plus a mobile app for on-the-go access.

Differentiator

Problem solved

Functional benefit

Products and services

• Individual Insurance Life and critical illness insurance products for individuals and families, including whole life, term life and simplified issue options. Covers individual financial protection needs with flexible coverage amounts and term lengths.
• Group Insurance Comprehensive group insurance products including health benefits, disability coverage and pension plans designed to promote the health and well-being of employees, offered through employers and plan administrators.
• Investment and Retirement Products Investment and retirement products including segregated funds and registered investment accounts, distributed through a network of independent advisors and offered in partnership with Assumption Life.
• Whole Life Payable to Age 100 Permanent life insurance with premiums guaranteed and paid up at age 100, offering lifelong protection with surrender values starting from the 5th policy anniversary. Available for ages 0-80 with coverage amounts from $10,000 to $2,000,000. Replaced the Integral product when launched.
• Term Life Insurance (10/15/20/25/30 year terms) Term life coverage available in 10, 15, 20, 25 and 30 year terms. Includes conversion options and simplified issue availability. The 15-year term is available for ages 18-65 starting at $25,000 and is convertible to longer terms within first 5 years or to permanent insurance before age 70 without proof of health.
• Critical Illness Insurance Coverage for serious illnesses providing financial protection during health crises, available to individuals and families.
• 20-Pay Whole Life High Values Whole life insurance with 20-payment schedule and high cash values. Available for insureds ages 0-75 with insurance amounts from $50,001 to $2 million. Fixed premiums with low introductory rates and guaranteed cash values up to 50% of coverage amount at age 65.
• Early Learning (Juvenile Insurance Program) Insurance program for infants 0-12 months offering $2,500 natural death benefit, $10,000 accidental death benefit and accidental dismemberment coverage up to $50,000. Free for the first year, then $1.50 per month.
• AdapCI (Child Critical Illness) Child critical illness insurance covering 31 illnesses with monthly benefit for extended disability. Available from age 0 with a 20-payment option.
• Segregated Funds Investment funds with insurance features, distributed across Canada through the partnership with Assumption Life.
• Registered Investment Accounts Tax-advantaged registered investment account products available through the UV Insurance investment platform.
• My Universe Platform Electronic platform for individual insurance including illustration software, electronic application processing, and advisor and client portals. Simplifies the insurance purchase and policy administration process.
• M@gik-Net Group Insurance Management Platform Group insurance management software platform providing comprehensive management for insurers, firms, plan administrators, advisors, employers and plan members in one technological environment. Acquired in August 2018 and operated autonomously from Rimouski.
• UV Insurance Mobile App Mobile application available on iOS and Android for group insurance members to access their coverage, policy information and benefits on the go.
• T-25 (25-Year Term Life Insurance) 25-year term life insurance added to UV Insurance's term life offerings.

Quantifiable outcome

• Net income of $7.9 million in 2025 fiscal year
• +4 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core.

• BMO InsurancecoreOthers · 9 June 2025Acquisition of a closed block of life and health insurance contracts from BMO Insurance. This was the largest acquisition in UV Insurance's history, nearly doubling the number of individual insurance members nationally. Transition will take place gradually to ensure smooth experience for contract holders.
• SOCODEVIcoreStrategic or Co-development Partner · 24 May 2023Partnership for inclusive and sustainable development of communities in developing countries. UV Insurance has been involved with SOCODEVI for nearly 20 years. Major donation of $100,000 for economic development initiative in Guatemala's Lake Atitlán region. UV Insurance also participates in SOCODEVI's carbon tracking and offsetting initiatives.
• Assumption LifecoreStrategic or Co-development Partner · 13 September 2021Strategic partnership for marketing Segregated Funds and Registered Investment Accounts across Canada. Joint distribution agreement combining UV Insurance's product capabilities with Assumption Life's investment product expertise.
• M@gik-Net Inc.coreTechnology or Integration · 22 August 2018Acquisition of M@gik-Net, which provides a comprehensive management platform for all players in the group insurance industry. M@gik-Net designs solutions encompassing insurers, firms, plan administrators, advisors, employers and plan members. Operates autonomously from Rimouski headquarters with UL Mutual as strategic and financial partner.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• iA Financial Group (Industrial Alliance): Quebec-headquartered life and health insurer and wealth manager offering individual life, group benefits, and investment products across Canada. Highly comparable to UV Insurance in product mix (life, group, investments), Quebec roots, and multi-channel advisor distribution, though materially larger.
• Beneva: Mutual insurer formed by the merger of La Capitale and SSQ Insurance, headquartered in Quebec with national reach in life, health, and property and casualty insurance. Directly comparable to UV Insurance as another Quebec-based mutual offering individual and group insurance with mutualist governance.
• Desjardins Insurance: Insurance arm of the Desjardins Group cooperative, offering life, health, and P&C insurance to individuals and groups, with strong Quebec market presence. Comparable to UV Insurance in mutual/cooperative structure, Quebec concentration, and broad product portfolio.
• SSQ Insurance: Quebec-based mutual insurer specializing in group insurance and individual life products. Closely comparable to UV Insurance in mutualist structure, Quebec roots, and focus on group benefits with individual life offerings.
• Assumption Life: Canadian mutual life and health insurer headquartered in New Brunswick with national reach through advisor networks. Comparable to UV Insurance as a fellow Canadian mutual; also a strategic distribution partner of UV Insurance for segregated funds and registered investment accounts.

Broad incumbents

• Canada Life: Subsidiary of Great-West Lifeco and one of Canada's largest life and health insurers, offering individual life, group benefits, and wealth products. Comparable to UV Insurance across all three core product lines, but operates at national scale with significantly larger balance sheet and broader portfolio.
• Manulife Financial: One of Canada's largest life and health insurers with deep group benefits and individual insurance offerings. Comparable as a competitor in UV Insurance's core individual life and group insurance segments, though far larger and globally diversified.
• Sun Life Financial: Major Canadian life and health insurer with strong group benefits and individual insurance franchises. Comparable to UV Insurance in product offering and advisor distribution, with materially greater scale and brand reach across Canada.

Emerging players

• Empire Life: Canadian life and health insurer offering individual life, group benefits, and wealth management through advisor channels. Comparable to UV Insurance as a smaller, advisor-distributed Canadian life and health insurer competing in similar segments, though operating at slightly larger scale.

Others

• BMO Insurance: Insurance arm of Bank of Montreal offering life, health, and creditor insurance. Not a direct peer but a directly relevant counterparty: UV Insurance acquired a closed block of BMO Insurance life and health contracts in 2025, making BMO both a former competitor and source of UV's largest-ever acquisition.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/uv-insurance
• Facebookfacebook.com/uvassurance

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles23 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about UV Insurance