SAINT-HYACINTHE, QC, April 7, 2016 /CNW Telbec/ - During Humania Assurance's annual general meeting held today, Richard Gagnon, President and CEO, announced the financial results for 2015.
"We are particularly proud of the progress we made toward achieving our strategic goals, despite the unstable environment within which we currently find ourselves," said Mr. Gagnon.
Throughout 2015, Humania Assurance was able to maintain its presence in markets in the ROC, with 31% of individual insurance sales, including those of its subsidiary LS-Travel, completed primarily in Ontario and Western Canada. In addition, 22% of Humania Assurance's sales were completed online by independent advisors.
The Company's gross revenue jumped by 12.1% to a total of $152.5 million, while assets rose by 7.7%, totalling $514 million. Meanwhile, our net earnings for 2015 totalled $4.5 million, slightly down from the previous year. The primary factors tied to the drop in earnings include the strengthening of actuarial reserves derived from components of some products' premium returns and ongoing investments in line with the Company's strategic plan.
Main Challenges for 2016
In 2016, Humania Assurance will boost market development in the ROC and will continue to strengthen its partnership with the independent advisor network. The Company will also continue to prioritize the development of products and services for its web-based clientele. Indeed, management firmly believes that there is increasing customer demand for quality online insurance products. Furthermore, the customer service model reform, which began in 2015, will continue over the next few years. The purpose of the reform is to better meet new challenges related to web-based service and a growing clientele in the ROC.
Annual online report: ra.humania.ca
SOURCE Humania Assurance
For further information: Josée Courteau, Executive Secretary, Humania Assurance, 1 800 363-1334, ext. 275, firstname.lastname@example.org