SSQ Insurance unveils solid financial results at its “communities make us”-themed Annual Meeting, Quebec City
SSQ Insurance continued its growth in 2017, delivering satisfactory financial results. The company is once again proving that its foundation is solid, while continuing to evolve through its willingness to adapt and seize every opportunity to innovate.
Highlights – 2017 Financial Results
- Insurance business volume is up 4.9%
- Net income is more than $90 million, up by 16.5%
- Return on equity is 10.8%
- Assets under management and administration stand at more than $12 billion
The consolidated net income of $90.4 million is up 16.5% from last year, while the comprehensive income stands at $93.0 million, up 43% from 2016. The company posted a return on equity of 10.8%. These positive results, combined with capital deployment actions, have led to an improved solvency ratio of 206% as at December 31, 2017. Assets under management and administration now stand at more than $12 billion.
“The synergies stemming from the company’s transformation that began in 2016 continue to manifest themselves and efficiency gains have been observed throughout the 2017 fiscal year. These results, combined with optimization projects based on strategic objectives, have enabled the company to manage a larger business volume while keeping its operating expenses at almost the same level as last year,” said Jean‑François Chalifoux, CEO.
Despite having difficulty reaching its sales objectives because of a very competitive market, SSQ Insurance nevertheless recorded a growth of 4.9% in business volume in 2017, closing the year with nearly $2.5 billion in insurance volume. In fact, all of the company’s business sectors experienced positive growth. In group insurance in particular, SSQ Insurance’s reputation for quality customer service and expertise greatly contributed to group retention.
Communities make us
The Annual Meeting held on April 28, 2018, under the theme of “communities make us,” offered workshops, conferences and activities focused on the concept of community. “SSQ Insurance is a company that was founded on the notion of solidarity, nearly 75 years ago. This truly encompasses SSQ Insurance’s true spirit, and as such, it continues its ambition of becoming the preferred insurance destination for its members and customers," said Chalifoux.
2017 stands out for many achievements, including:
- The merger of the two insurance subsidiaries on January 1, 2017, into one company covering both general and life and health insurance activities; a highly innovative corporate model in Canada
- The introduction of myally, a new group insurance program that focuses on enabling employees to help their colleagues in an effort to prevent mental illness
- An agreement with the Dialogue telemedicine service to provide online access to health care professionals to SSQ Insurance employees and plan members, circumventing the need to go to a clinic
- The deployment of the first phase of SSQ’s Customer Centre, a platform that gives general insurance customers access to their documents, obtain coverage information and monitor their claims online
- The launch of a new auto insurance quick quote, with only 9 questions, making it one of the shortest on the market
- A 96% overall occupancy rate of the company’s real estate properties.
Since January 2018, SSQ Insurance has been rolling out its new brand identity. In an effort to strengthen the brand and support distribution networks, an integrated pan-Canadian campaign was deployed. Several strategies currently support the “communities make us” signature, namely advertising in high traffic areas in Toronto, the sponsorship of coast-to-coast news bulletins, as well as online publicity and ads on social networks.
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 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: ssq.ca/about-us/financial-information