Another year of growth for La Capitale
QUEBEC CITY, April 7, 2014 /CNW Telbec/ - La Capitale was once again able to balance growth and profitability in 2013 and even surpass some of the ambitious goals set in its five-year strategic plan. "On the eve of its 75th anniversary, the company is stronger, more stable, and performing better than ever," declared René Rouleau, Chairman and Chief Executive Officer of La Capitale Civil Service Mutual during the Annual General Assembly held in Quebec City on April 7, 2014.
"In spite of volatile markets, very low interest rates and stricter regulatory requirements, our organization continues to grow by focusing on what counts the most: its clients." he stated. "That's why we stand out. This approach was also the key to consolidating business relationships in our niche market of Quebec public service employees, as well as in our other markets."
At the end of the last fiscal year, La Capitale Civil Service Mutual had consolidated income of $1.7 billion and assets worth $4.9 billion, an increase of 5.1% over 2012. In spite of a difficult year for Property and Casualty Insurance's loss experience, the Mutual cleared a net consolidated income of $65.2 million thanks to its diversification and integration. Equity totalled $839.9 million, generating an 8.8% return.
Life and Health Insurance and Financial Services Sector
The Life and Health Insurance and Financial Services Sector experienced a record year for sales and inforce premiums in practically all lines of business. It showed a net income of $49.6 million, a 45% increase, and accumulated premium income of $862 million, a jump of nearly 18% over the previous year. "In addition to this success, we continued enhancing our product and service offering," said Steven Ross, President and Chief Operating of the Life and Health Insurance and Financial Services Sector. "Our strong growth over the past year has allowed us to increase our market share so that today we are the 12th largest life and health insurance company in Canada."
Property and Casualty Insurance Sector
Several extreme weather events in 2013 led to a record number of claims in Canada, putting property and casualty insurers to the test. In spite of this difficult situation, La Capitale's Property and Casualty Insurance Sector posted excellent results with business growth of 7.4% and a satisfactory profitability rate overall. "La Capitale General Insurance made progress in all its business lines and significantly consolidated its market share, particularly in the Greater Montreal region," emphasized Constance Lemieux, President and Chief Operating Officer of La Capitale General Insurance who is also responsible for the Property and Casualty Insurance Sector which also includes La Capitale General Insurance, L'Unique General Insurance and Unica Insurance. The combined premium income of the three companies totalled $812.4 million. La Capitale is the third largest casualty and property insurer in Quebec.
About La Capitale
La Capitale Insurance and Financial Services has a strong presence across Quebec and throughout Canada. With over 2,500 employees and guided by the values of mutualism on which it was founded, La Capitale works with clients to build, protect and value what they feel counts for their financial security. It offers insurance products and financial services to the general public as well as to Quebec public administration employees. La Capitale holds a coveted spot among leading insurers in Canada. Given the key social and economic role La Capitale plays, it is proud to contribute to the progress and well-being of the whole community through the La Capitale Financial Group Foundation.
SOURCE La Capitale Financial Group Inc.
Image with caption: "René Rouleau, Chairman and Chief Executive Officer of La Capitale Civil Service Mutual (CNW Group/La Capitale Financial Group Inc.)". Image available at: http://photos.newswire.ca/images/download/20140407_C8956_PHOTO_EN_38939.jpgFor further information: