Financial results - SSQ Financial Group ranks as one of the the best in Canadian insurance industry in 2010

QUEBEC CITY, May 2 /CNW Telbec/ - Despite the effects of the financial and economic crisis continuing to be felt, SSQ has continued to grow and obtain highly satisfactory results:

  • Assets under management and administration rose by 20.5%, from $5.1 billion to $6.1 billion
  • The total volume of premiums under management of SSQ enterprises stands at $2.3 billion, up by 15.6% over last year
  • Sales of SSQ enterprises increased by 36.4% over 2009, already an exceptional year
  • Net income reached $40.5 million, a 15.7% increase over the previous year
  • The return on shareholders' equity was 14.3%

"These numbers are in keeping with a long series of stable and reasonable results varying between 10% and 16% over the last 15 years. Producing the same performance year after year, in spite of uncertain financial markets, proves that our company is solid and is managed well," said Mr. René Hamel, the company's Chief Executive Officer.

Highlights - SSQ Group Insurance

  • Premium income exceeded $1.2 billion
  • SSQ Group Insurance ranked as one of the best in the country in terms of growth and sustained performance
  • Premiums under management reached the $1,233.6 million mark, a 6% increase over 2009
  • SSQ Group Insurance continued to improve its Health Insight program with a range of creative solutions to help clients offset increases in costs related to absenteeism and illness
  • Sales from individual health insurance, dental care and long term care coverage exceeded forecasts

Highlights - SSQInvestment andRetirement

  • SSQ Investment and Retirement posted record sales of $727.1 million, representing an increase of more than 50% over the previous year
  • Assets under management for this sector topped $3.8 billion, an increase of 26.4%
  • Premiums increased by 31.6% to reach $0.9 billion
  • New ASTRA Funds were created: 
    • Jefferies Commodities
    • Lazard Global Small Cap Equity Fund
    • Hexavest Hedged Global Equity Fund
    • Sigma Alpha Global Macro
  • Two new business niches were also created:
    • SSQ Private Wealth Management, an all new discretionary portfolio management service dedicated exclusively to clients with substantial funds to invest
    • Liability-driven investing (LDI), a solution developed for defined-benefit retirement plans

Highlights - SSQ General Insurance

  • SSQ General Insurance had a net income of $14.3 million
  • Premiums underwritten reached $180 million, a 19% increase over the previous year
  • SSQ General Insurance opened a new customer service centre to step up its merchandizing efforts and service offer in the Montreal area
  • SSQ General Insurance now offers vehicle replacement insurance, sold by dealerships to purchasers of recreational vehicles

Highlights - SSQ Realty

  • SSQ Realty made two acquisitions:
    • A 160,000 sq. ft. building in Toronto (SSQ Place)
    • The 3000 boul. Laurier in Quebec City, a choice site for SSQ to expand its business in the area
    • Major work was done on the boulevard Laurier building in Quebec City, which should enable it to receive LEED-NC certification
    • Work on the Cité Verte project is progressing well. The innovative eco-neighbourhood project obtained the Gold Seal certification given out by the Canadian Construction Association

About SSQ Financial Group

With $2 billion in annual revenue and more than $6 billion in assets under management, SSQ Financial Group is a leading mutual diversified financial institution. The Group serves over one million customers and provides jobs to over 1,600 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.


SOURCE SSQ FINANCIAL GROUP

For further information:

Marie Lamontagne
Senior Vice-President of Corporate Communications and Marketing
SSQ Financial Group
Telephone: 418-652-2764


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