May 2, 2016
SSQ Financial Group posts solid financial results and sets focus on agility
SSQ Financial Group posted positive results for 2015, maintaining its focus on growth despite very competitive markets and a difficult economic climate.
The Group’s financial results are proof of its sound financials and business strength:
- Business volume in insurance was $2.17 billion, up by 4.7% over previous year
- Insurance product sales reached $244 million, up by 4.2%
- Savings products sales totalled $695 million, representing a 20% increase and posting growth significantly higher than that of the industry
- Controlled expenses in insurance have helped to limit the increase to only 3.2%, significantly lower than that of the business volume
- Profits were up by 20%, reaching nearly $65 million, generating a return of 9.3%
- Consolidated assets under management and administration were in excess of $11 billion
2015 marked the arrival of Jean-François Chalifoux at the helm of SSQ. An experienced and dynamic leader, Chalifoux took on the challenge with a clear vision: to further exploit synergies within the company and improve customer experience. "Business synergies will fuel the Group's growth and operational gains will improve performance. Now more than ever, we are focusing on quality of service to meet the needs of our members, customers and partners in an innovative way," said Chalifoux. The Group's solid foundations will be assets in adapting to and coping with the challenges facing the insurance and financial services industry.
In addition, 2015 included the following highpoints:
- Record conservation rate posted in group insurance despite an extremely competitive environment.
- Implementation of measures to limit rising costs for plan sponsors, including a prior authorization program for certain expensive drugs, big claim management and incentives to encourage the use of generic drugs.
- Launch of SSQ SMEs, a 100% online group insurance product for small businesses, and the complete overhaul of critical illness insurance in group insurance illustrate our commitment to innovation.
- Construction of SSQ Tower, a prestigious building located at the heart of Place Charles-Lemoyne in Longueuil was designed with sustainable development principles in mind. The Tower will provide office space for all SSQ employees in the greater Montreal area as well as many other tenants.
About SSQ Financial Group
With $11 billion in assets under management, SSQ Financial Group is a prominent mutualist diversified financial institution in Canada. The Group serves over 3 million customers and employs 2,000 individuals. SSQ Financial Group is recognized for its leadership in the group insurance industry and excellence and expertise in the investment sector. SSQ Financial Group has also made its mark through sustained growth in the general insurance and individual insurance markets.
For more information, go to the financial information page.