QUEBEC CITY, Sept. 26, 2011 /CNW Telbec/ - SSQ Financial Group announces
today that it has reached an agreement to acquire AXA Life Insurance
with the support of its majority shareholder, Fonds de solidarité FTQ
(FSTQ). The acquired company, who will be known as SSQ, Insurance
Company Inc., will become an entity of SSQ Financial Group.
Based in Montreal, AXA Life Insurance offers a full range of individual
insurance and specialized group insurance products and has offices in
Toronto, Vancouver, Calgary and Dartmouth. Including its two
distribution subsidiaries (SFAA and SécuriGroupe), AXA Life Insurance
generated $169 million in premiums, $856 million in reported assets and
$129 million in equity in 2010, while providing jobs to approximately
"Today's announcement reflects our strategic priorities which are to
accelerate our growth and diversify our activities through
acquisitions. We are proud of this acquisition which is in line with
our objectives. The range of services offered by AXA Life Insurance
will fit right in with our existing product offering and strengthen our
position as a key player in insurance and financial products in
Canada," declared Mr. René Hamel, CEO of SSQ Financial Group.
This acquisition will especially help SSQ Financial Group strengthen its
position on the individual insurance market, increase its presence
throughout Canada, broaden its distribution network for its range of
segregated funds (ASTRA Funds), and add a complementary group insurance
Moreover, SSQ Financial Group is extremely pleased with the trust shown
by FSTQ. This support is greatly appreciated and is a clear
demonstration that FSTQ is behind SSQ Financial Group as it becomes a
major diversified player in Canada.
About SSQ Financial Group
With over $2 billion in annual revenue and more than $7 billion in
assets under management, SSQ Financial Group is a leading mutual
diversified financial institution. The Group serves over 1 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 (SSQ General Insurance Company Inc.).
To find out more, consult our site at www.ssq.ca.
SOURCE SSQ FINANCIAL GROUP
For further information:
(418) 650-3457 ext. 6292