QUEBEC CITY, April 29, 2019 /CNW Telbec/ - SSQ Insurance finished the fiscal year with an excellent net income of $94.6 million, representing a 4.6% increase over last year. This result yielded a 10.2% return on equity. The diversification of the company's operations and its ongoing efforts to reduce administrative expenses helped it reach this level of profitability.
"Our excellent profitability stems from a rigorous and diligent approach to reaching our financial and strategic objectives. With its solid balance sheet, clear growth strategy and excellent profits, SSQ Insurance continues to build on its success," said Jean-François Chalifoux, Chief Executive Officer of SSQ Insurance.
Investment and group insurance greatly contributed to these results and offset the less favourable results of individual insurance and general insurance. In individual insurance, the fourth-quarter market variations of 2018 and the revision of actuarial assumptions had a negative impact on the result. As for general insurance, it is still experiencing a market situation where the inflation of compensation costs exceeds that of premiums.
The insurance sector's business volume of $2.5 billion represents 0.5% growth overall. Individual insurance and general insurance both experienced remarkable growth, at 5.8% and 6.3% respectively. In investment, the unfavourable market explains the 1.2% drop in funds under management.
SSQ Insurance's financial situation is solid, having reached nearly $1 billion in equity and with assets under management and administration of more than $12 billion. The company's solvency ratio, which is subject to new capital adequacy requirements in the insurance of persons (CARLI), stands at an enviable 145%.
The annual report is available here ssq.ca/financialinformation
Newly elected Board Directors
SSQ Insurance welcomes three new experienced directors. They are:
- Patrick Audy, Vice-President of the Syndicat de la fonction publique et parapublique du Québec, who is also director on the Comité Entraide – secteurs public et parapublic.
- Marthe Lacroix, board member of the Financière agricole du Québec and of the Hôpital général de Québec, who is actuary by trade and who had a brilliant career in insurance.
- Élyse Léger, private portfolio manager at Fiera Capital, who holds several professional titles in the financial field in addition to being an actuary. She is also a board member of the Montreal Children's Hospital Foundation.
Donation Campaign for the 75th Anniversary
Founded on May 9, 1944, in a working-class neighbourhood of Quebec City, SSQ Insurance is celebrating its 75th anniversary this year. True to its origins, the company continues to put community at the heart of its actions. Through its foundation, it is able to support causes that are in line with its core values, including its commitment to social issues.
"This year, for its 75th anniversary, the SSQ Foundation allocated a special budget of more than half-a-million dollars to increase its community support. We asked our customers, members, delegates, employees and partners to submit worthy causes, which is a great way to have 'communities make us' take action," said René Hamel, Chairman of the boards.
From 280 applications, 27 causes were selected. Of these, three organizations received a $75,000 donation at activities surrounding the Annual Meeting:
- Covenant House in Toronto and Vancouver
- Le Centre Jacques-Cartier de Québec
The remaining organizations will be unveiled during the month of May, SSQ Insurance's anniversary month.
About SSQ Insurance
Founded in 1944, SSQ Insurance is a mutualist company that puts community at the heart of insurance. With assets under management of $12 billion, SSQ Insurance is one of the largest companies in the industry. Working for a community of over three million customers, SSQ Insurance employs over 2,000 people. Leader in group insurance, the company also sets itself apart through its expertise in individual life and health insurance, general insurance and the investment sector. For more information, please visit ssq.ca.
SOURCE SSQ Insurance
For further information: Danielle Rioux, 1-866-332-3806, [email protected]