MONTREAL, June 12, 2012 /CNW Telbec/ - The Caisse de dépôt et placement du Québec announced today that it increased its investment in SSQ, Life Insurance Company Inc. ("SSQ"). The value of a $30-million loan, in the form of a subordinated debenture, was increased by $20 million, to total $50 million. Additionally, this debenture's December 18, 2016 maturity was extended to December 18, 2022, for a 10-year term.
"We are pleased to reaffirm our trust in a long-standing partner that has distinguished itself through steady growth of its operations and profitability," pointed out Normand Provost, Executive Vice-President, Private Equity. "Our increased investment in this Québec company that has become an insurance and financial services leader in Canada will result in stable, long-term returns for our clients, the depositors."
"The Caisse de dépôt et placement du Québec's investment will enable us to continue to grow and deliver on our strategic priorities: SSQ Financial Group will therefore be able to strengthen its position as a major player in the Canadian insurance and financial services arena," said René Hamel, Chief Executive Officer of SSQ Financial Group.
We recall that in fall 2011, SSQ Financial Group had announced the acquisition of AXA Life Insurance to strengthen its position in the Canadian markets.
The $20-million increase in the loan granted by the Caisse brings the total amount of its investments in SSQ Financial Group to $65 million, including a second debenture of $15 million granted in 2004.
ABOUT SSQ FINANCIAL GROUP
With nearly $3 billion in annual revenue and nearly $10 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 1,900 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 recently expanded into the individual insurance market thanks to its new subsidiary, SSQ Insurance Company Inc. For more information, please visit ssq.ca.
ABOUT THE CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
The Caisse de dépôt et placement du Québec is a financial institution that manages funds primarily for public and private pension and insurance plans. As at December 31, 2011, it held $159.0 billion in net assets. As one of Canada's leading institutional fund managers, the Caisse invests in major financial markets, private equity and real estate. For more information: www.lacaisse.com.
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Senior Director, Media Relations