MONTRÉAL, Jan. 9, 2026 — Leads & Copy — Laurentian Bank of Canada (TSX: LB) has announced the purchase of group annuity contracts from a Canadian insurer, transferring approximately $60 million in obligations and related assets from its three registered defined benefit pension plans.
Under the agreement, the insurer will issue annuities covering the responsibility for pension benefits owed to roughly 400 Laurentian Bank retirees, beneficiaries, and deferred members. The insurer will begin administering all benefits to these participants starting in April 2026.
Following the transaction, benefits for plan participants will be protected under Assuris, the life insurance compensation association designated under the Insurance Companies Act of Canada. The obligations related to pension benefits for active plan participants remain with the Bank and will continue unchanged.
Yvan Deschamps, Chief Financial Officer of Laurentian Bank of Canada, stated the agreement helps ensure that retirees, beneficiaries, and deferred members can receive their benefits from a leading Canadian insurer.
The agreement reduces Laurentian Bank’s non-operating financial risk and administrative costs, further simplifying its operations. TELUS Health, a provider of technology-enabled total wellbeing solutions with expertise in pension risk, advised Laurentian Bank on the transaction.
The agreement will have no significant impact on the financial results for the first quarter of 2026.
Founded in Montreal in 1846, Laurentian Bank operates across Canada – primarily in Québec and Ontario – as well as in the United States. It competes where it sees market opportunity and has an edge, while harnessing the power of partnerships and collaboration.
Source: Laurentian Bank of Canada
