Assumption Group’s financial health remains sound

2/26/2016 12:00:00 AM

The Assumption Group posted positive financial results in the past fiscal year and has kicked off 2016 full of energy and optimism, attendees were told at the Group’s AGM, held in Moncton on Friday, February 26.

Premium income rose to $182 million in 2015, from $174 million the previous year.

At the close of fiscal 2015, profit attributable to policyholders was $8.9 million. The company’s solvency ratio gained 10 percentage points to reach 242%*. Policyholders’ equity was valued at $117 million, an increase of $7 million over the year before. Assets under management stood at $1.6 billion.

Record sales in 2015 in its three main lines of business Life insurance sales reached $9.2 million, up 8% compared with last year.

Group insurance sales climbed to $13.1 million. Sales of investment and retirement products stood at $119 million, up 9% over 2014.

”We are very proud of what we have achieved over the past year, announced Assumption Life President and CEO, André Vincent. We are delighted to be in such a sound financial position, because it means we will be able to contribute even more, and for many years to come, to our economy and the vibrancy of our community.”

To ensure its proactive involvement and maximize the impact of its contribution to its community, the Group established a social responsibility program in 2015. The Assumption Group has elected to donate 6% of its net profit to the community. Another key element of the new program was the introduction of volunteer hours for employees. “Our ties with the community are strong and this social responsibility program only serves to make them stronger,” noted Mr. Vincent. “We must activate the levers of mutual benefit and cooperation, and remain true to Assumption Life’s original values,” he added.

Growing, together On the strength of its positive financial performance and to sustain its growth, the Assumption Group plans to double its size in Canada by 2020, through the development and distribution of insurance, investment, and retirement solutions to promote sustainable social and economic growth. Two strategic avenues for growth have been identified. The first aims to maximize productivity in existing distribution channels, while the second involves new activities and alternative, non-traditional channels.

“While we are targeting growth, we must know the reasons why. First and foremost, growth is imperative for our longevity, explained Mr. Vincent. We also want to honour our Acadian roots by contributing to our community and participating in its development. By growing the Assumption Group, we will be able to achieve these goals.”

* Solvency ratio at December 31, 2015, well above the 150% minimum requirement set by the Office of the Superintendent of Financial Institutions Canada.

Emmanuelle Robinson, Communications Advisor Assumption Life