May 1, 2017
SSQ Financial Group Announces Positive Results and Welcomes New Chairman of the Boards
SSQ Financial Group posted positive results in 2016, marking a clear increase over 2015. Insurance business volume rose to $2,342.5 million, thanks to an excellent group insurance retention rate and record individual insurance sales.
Highlights – 2016 Financial Results
- Insurance business volume up by 7.9%
- Insurance sales up by 18.6%
- Equity attributable to shareholders up by 8.9%
- Net income up 19.8%, generating 10.2% in return on equity
- More than $11 billion in assets under management and under administration
Despite extremely competitive markets, SSQ finished the year with $289.5 million in insurance sales, up by 18.6%, and traditional group insurance sales up by 14.0%. In general insurance, business volume grew by 6.0%, whereas in individual insurance, the business volume accrued 27.6% with respect to 2015. In terms of savings, sales from the individual sector reached $558.1 million.
"In 2016, SSQ’s return on equity was 10.2%, based on net income of $77.6 million. In fact, net income is up 19.8% over last year, which is explained by a higher result in the savings sector, gains on the disposal of investments, in addition to excellent performance in group insurance," said Jean-François Chalifoux, SSQ’s Chief Executive Officer.
A year marked by change
Throughout its history, SSQ has shown itself to be remarkably resilient and 2016 was no exception. By relying on the company's strengths and values, an integrated and simplified corporate structure was implemented during the last year. The agility gained has already allowed the company to better position itself on the market and to seize all the opportunities. "In the years to come, this transformation will also result in better overall competitiveness as well as a more effective sales force, enabling SSQ to sell its products and services at the best possible cost, while enhancing its offer to our members and customers," said Chalifoux.
A number of accomplishments mark 2016, most notably:
- New rigorous and proactive management measures to control the costs of prescription drug insurance plans for the benefit of insureds and policyholders
- The launching of a 100% digital individual product designed for the needs of workers preparing their retirement
- The official opening of the SSQ Tower in Longueuil, which brought all Montreal-area employees under the same roof as well as several tenants, and which recently obtained the prestigious LEED® Gold certification
- The completion of a sustainable development and societal responsibility plan, one year ahead of schedule, a testament to SSQ's commitment to making a difference in the community
René Hamel appointed chairman of the boards
Pierre Genest presided over his last annual meeting, held on April 29, after having announced his retirement last March. His successor will be René Hamel, who was elected director and then appointed chairman by the boards of directors. SSQ Financial Group is therefore very pleased to welcome back René Hamel, who worked for the company from 1986 to 2015, with the last seven years of his tenure as Chief Executive Officer.
About SSQ Financial Group
With $11 billion in assets under management, SSQ Financial Group is a prominent mutualist diversified financial institution in Canada. It serves over 3 million customers and employs 2,000 individuals. The company is recognized for its leadership in the group insurance industry, and excellence and expertise in the general insurance, individual insurance and investment markets.
For more information, please visit: ssq.ca/about us