Insurance, Investments and Group Benefits

The investment landscape for the second half of 2026 is defined by a paradox: a world navigating the severe geopolitical shocks of the war in Iran while simultaneously witnessing an unprecedented acceleration in AI infrastructure and the commercialization of space.

The de facto closure of the Strait of Hormuz earlier this year has caused a spike in energy prices around the world, as many countries are already grappling with an affordability crisis. As we enter the second half of the year, these are some of the key themes we continue to monitor. 

Join Paul Holba, President and CIO, Empire Life Investments Inc., as he analyzes shifting global markets in the second half of 2026, offering insights on inflation shocks, trade tensions, and active portfolio management.

Mental health in the workplace has become an increasingly important topic for organizations across Canada. Yet, one issue remains widely under-discussed: men's mental health. While the stigma around mental health is declining overall, many men still face significant barriers to seeking support. Cultural expectations around masculinity, self-reliance and emotional control can make it difficult for men to acknowledge mental health challenges or ask for help.

Caregivers are the invisible workforce within your organization; employees who balance their primary job with what amounts to a second, unpaid full-time job. According to the Canadian Centre for Caregiving Excellence, caregivers provide an average of 5.1 hours of care daily, which is nearly equivalent to another full-time job.¹

My friend Tania was recently diagnosed with breast cancer. While dressing for work, she noticed something didn’t look right. Then she felt it —a tiny, stony presence beneath her skin. Weeks later, Tania had her diagnosis and treatment plan confirmed for breast cancer—surgery, chemo and radiation, and this involved months off work.

Senior Portfolio Manager David Mann discusses findings from a recent Japan due diligence trip, highlighting the massive catch-up potential in digital transformation, Japan’s critical role in the global AI supply chain, and the impact of a weakening Chinese economy on regional competition.

Annual update discusses potential headwinds for the Canadian and U.S. economies in 2026 as well as projections for corporate bond spreads in the new year, and how AI spending will continue to impact the debt markets. 

Although tariff uncertainty still exists, we recognize some pockets of growth and resilience in global equities. We will continue to monitor tariffs and geopolitical developments, however, there are some emerging global themes that leave us feeling encouraged.

As we head into the new year, tariff and trade uncertainty remain a key issue. There has been some real progress through 2025, but an agreement has remained elusive between the U.S. and some of its key trading partners (such as Canada and Mexico), and we have seen flareups and cool-downs in trade tensions with China. 

Uncertainty around tariffs remains a sticking point for the Canadian economy as 2025 comes to an end. The banking sector has maintained resilience as we close out the year, and gold has  continued to rally. The S&P/TSX was one of the strongest indices in the developed market, up nearly 30%¹, with sectors such as Materials, and Financials leading the way.