QUEBEC CITY, April 29, 2013 /CNW Telbec/ - It is with tremendous enthusiasm that SSQ Financial Group's administrators announced the Group's financial results for 2012 at the company's annual meeting held on April 27. Despite the challenging times facing the industry, SSQ Financial Group's growth is strong.
SSQ Financial Group's financial results show a remarkable progression, placing the company in an enviable position in the industry:
- $1.29 billion in sales, a 32% increase in the past 12 months
- Business volume over the $3 billion mark, a 19% increase over 2011
- Consolidated assets under management and administration close to $11 billion, 36% over 2011
- 12.8% return on equity
Highlights of the 2012 results once again demonstrate how SSQ Financial Group is able to do things differently when it comes to the market and doing business.
- SSQ Financial Group has now topped $1 billion in sales, an all-time record for the company.
- The Group has had another sales success, this time in group insurance, for the first time surpassing the $200 million mark, growth that is better than the market over the last three years in Canada.
- For the first year, SSQ Financial Group is reporting sales in individual insurance. The integration of AXA Life Insurance on January 1, 2012, now SSQ Insurance, served to relaunch sales in this sector with over $11 million, a result that indicates the very favourable reception by the market and financial advisors.
- Accelerated investment and retirement sales is without question a highlight of the year. The $1,002.8 million in sales represents a new record of consistent growth from one year to the next and allows for synergy with the individual insurance sector.
- $51.3 million in traditional general insurance business sales - auto and home - in 2012 is also an all-time time high.
"Our strong growth and stable and reasonable financial results demonstrate that it is possible to be a modern and efficient institution while strongly promoting the corporate values that have been our inspiration for 65 years. Our sales have increased by over 30% and our assets by 36%. Our 12.8% return on equity is well within our 10 to 15% target held over the past 20 years," said René Hamel, SSQ Financial Group's Chief Executive Officer. "This solid performance is the fruit of the values that guide us daily and which enable us to do things differently."
In 2012, for the first time in its history, SSQ Financial Group received a credit rating from A.M. Best Co. The credit rating agency assigned a financial strength rating of A- (Excellent) and an issuer credit rating of a-. The outlook for both ratings is stable. The credit ratings reflect SSQ Financial Group's dominant position on the group insurance market in Quebec, as well as consistently solid returns and adequate capitalization.
About SSQ Financial Group
With a business volume over $3 billion and nearly $11 billion in assets under management, SSQ Financial Group is a leading mutual diversified financial institution in Canada.
The Group serves over 1 million clients and provides jobs to nearly 2,000 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 under the SSQ General Insurance Company Inc. banner and has expanded into the individual insurance market thanks to its subsidiary, SSQ Insurance Company Inc.
For more information, go to ssq.ca/en/rapports-annuels.asp
SOURCE: SSQ FINANCIAL GROUP
For further information:
SSQ Financial Group
418-652-2764 / [email protected]