April 20, 2015
2014 Financial Results: 70 years of collective success―Adapting to change
SSQ Financial Group is pleased to present its financial results for 2014. SSQ has once again recorded a sound performance with above-market growth results in spite of low interest rates and a tax increase.
In 2014, marking its 70th anniversary, SSQ demonstrated its financial strength and adaptability and that now more than ever it has its sights set on the future. The company's financial results are ample proof of this. Overall :
- The Group's total sales stand at $813 million
- Its business volume is approaching the $3 billion mark
- Its consolidated assets under management and administration stand at close to $11 billion
- Net profit is up by 13.5%
The financial results attest to SSQ Financial Group's bid to adapt and innovate during a pivotal year marked by development and enhanced synergies within the company.
Highlights in 2014:
- Insurance business volume up by 4.7% and general insurance sales up by 4.3%
- Controlled spending limited to a 2.2% increase, improving expense ratios
- Corporate restructuring to consolidate the two life and health insurance companies, enabling better integration of capital, greater flexibility, and conservation of a 198% solvency ratio for SSQ, Life Insurance Company Inc. and a 245% solvency ratio for SSQ Insurance Company Inc.
- Acquisition of assurancevoyages.ca, a company specialized in the sale of travel insurance, and integration of SSQ Évolution, previously F&I, its subsidiary specialized in the distribution of credit and replacement insurance
"We are proud of the course SSQ's history has taken since its foundation 70 years ago. Our financial results demonstrate that, to grow, we must adapt to change and continue to innovate while remaining true to our roots," said SSQ Financial Group's Chief Executive Officer René Hamel. "We have completed several of the initiatives of our strategic plan and are buoyed by our organization's performance considering the challenges of 2014."
About SSQ Financial Group
With a business volume of nearly $3 billion and nearly $11 billion in assets under management, SSQ Financial Group is a prominent mutualist diversified financial institution in Canada.
The Group serves over 1 million clients and employs 2,000 employees. SSQ, Life Insurance Company Inc., the Group's principal company, is recognized for its leadership in the group insurance industry and excellence and expertise in the investment and retirement sector. SSQ Financial Group has also made its mark through sustained growth in the home and auto insurance (SSQ General Insurance Company Inc.) and individual insurance (SSQ Insurance Company Inc.) markets.