QUEBEC CITY, Sept. 14, 2012 /CNW Telbec/ - For the first time in its
history, SSQ, Life Insurance Company Inc. has received a credit rating
from A.M. Best Co. The credit rating agency today published the results
of its analysis and has assigned a financial strength rating of "A-
(Excellent)" to SSQ, Life Insurance Company Inc. The agency has also
assigned an issuer credit rating of "a-". The outlook for both ratings
"We are particularly pleased with this first experience with A.M Best.
The ratings we were assigned reflect our strength and performance.
Despite sluggish financial markets and relatively low, declining
interest rates, we pursued business growth and delivered stable and
reasonable financial results with returns varying between 10% and 15%
over the last 20 years all while continuing to offer our clients
world-class service. The fact that we are able to repeat this
performance year after year proves how solid and well-managed our
company is. In that regard, we honour our commitment to being a modern
and high-performing mutual financial institution with its values in the
right place," said SSQ Financial Group's Chief Executive Officer, Mr.
The credit rating reflects SSQ Financial Group's dominant position in
Quebec's group insurance market, consistent and solid earnings as well
as adequate levels of capitalization. SSQ is among the leaders in
Quebec's group insurance market, which is a sector providing solid
growth and earnings for the company.
According to the credit rating agency, SSQ maintains an adequate
risk-adjusted capital position, presents high credit quality in its
fixed income investment portfolio and continued increases in its
aggregate capital and surplus levels. SSQ's adequate capitalization has
enabled it to retain a significant portion of new business with
relatively low utilization of reinsurance to support growth
SSQ also benefits from the financial commitment of its principal
shareholder, the Fonds de solidarité FTQ, which facilitated the January
2012 acquisition of AXA Life of Canada, now known as SSQ Insurance
A.M. Best believes that the value proposition SSQ offers its clients, in
the form of advanced electronic tools for administrators and clients, a
state-of-the-art claims adjudication system and excellent customer
service, position the company well to incrementally increase its group
insurance market share outside of Quebec.
For more information on A.M. Best, go to ambest.com.
About SSQ Financial Group
With nearly $3 billion in annual revenue and more than $10 billion in
assets under management, SSQ Financial Group is a leading mutual
diversified financial institution.
The Group serves over one million clients and provides jobs to over
1,900 employees. SSQ, Life Insurance Company Inc., the Group's
principal company, is recognized as a leader in the group insurance
industry and as an expert in the investment and retirement sector. SSQ
Financial Group is also a rising star in home and auto insurance (SSQ
General Insurance Company Inc.) and individual insurance with its new
subsidiary, SSQ Insurance Company Inc. To find out more, consult our
site at www.ssq.ca.
SOURCE: SSQ FINANCIAL GROUP
For further information:
Corporate Communications and Marketing
418-652-2764 / firstname.lastname@example.org