A year of significant change for the Assumption Group
2016 was particularly significant for the Acadian company, which aims to double its size by 2020 by doubling its in-force insurance premiums and assets under management in the Investments and Retirement sector.
"The industry is changing rapidly with the arrival of new players such as Fintech companies that reach customers in new and different ways. This new reality has prompted us to conduct a long evaluation of our market position. In order to achieve our long-term growth plan, we had to expand and strengthen our foundation in 2016,” stated André Vincent, Assumption Life's President and CEO.
In 2016, the company established many important strategic partnerships that are crucial to the development of products that meet the special requirements of new distributors. These strategic partnerships are in addition to the relationships with our traditional partners, namely Assumption Life's authorized advisors, who remain critical to our success.
2016 Financial Highlights
- In 2016, assets under management increased by 4% to reach $1.6 billion.
- The solvency ratio stands at 245%.
- Louisbourg Investments recorded an impressive 24% increase by reaching $1.7 million.
The Investments and Retirement sector achieved record results.
"Following 2015 record sales, our Investments and retirement sector continued to grow, reaching $133 million, an impressive increase of 12% in the sale of financial products in 2016. For the past three years, Investments and retirement has demonstrated the fastest growth among our business lines. We are delighted to report on its success and will continue to strive to achieve accelerated growth in the coming years," explained Mr. Vincent.
The Importance of Community Outreach
While the Assumption Group has big ambitions, it remains very close to its values as a mutual company and to its Acadian roots. As part of its Corporate Social Responsibility Program, the company contributed 6% of its net profits to community groups and organizations.
In 2016, the company made significant commitments to organizations that actively contribute to the development of the community's sense of pride in its identity and cultural background, and endeavour to meet the needs of its fellow citizens in relation to education, health and welfare.
Assumption Life employees took advantage of a half-day off to do volunteer work, to make a difference with the organization of their choice. "In the last two years, this appeal to our employees' generosity has been very successful. Our employees support the causes of various organizations, and we want to allow them to express their generosity even further by adding another half-day for volunteer work in 2017," proudly announced Mr. Vincent.
Established in 1903, Assumption Life offers individual insurance, group insurance, investment and retirement solutions, and mortgage loans. The company is active in every province and territory across Canada. Its head office is in Moncton, New Brunswick.