The agency A.M. Best confirms Assumption Life’s financial solidity and creditworthiness

11/7/2017 12:00:00 AM

For the 18th consecutive year, the agency A.M. Best has given Assumption Life the excellent rating of A-. It has also confirmed the company’s financial soundness and creditworthiness.
 
A.M. Best’s mission is to report on the financial stability of insurance companies and the insurance industry. It is the oldest credit rating agency in the world and the most highly regarded. The agency collects data and prepares financial information exclusively on the insurance industry.
 
A.M. Best assigned the company this rating because of its financial soundness and creditworthiness. It pointed to its continued expansion within Canada and significant growth in the pension market in the past five years, particularly through major advances in segregated funds, enabling Assumption Life to outpace the competition.
 
Assumption Life’s Vice-President, Chief Financial Officer and Chief Risk Officer Sébastien Dupuis indicated that the company welcomes this announcement, particularly as it is going through a period of transformation: “For a number of years, Assumption Life has been undergoing a major transformation in its distribution and marketing capacity in a push to take its industry presence nation-wide. Our efforts are paying off nicely and resulting in new sales in Canada, as is the case in Ontario and Quebec, where we have made significant breakthroughs this year. So we are pleased to receive this A- rating from the A.M. Best agency for the 18th year running.”
 
A.M. Best’s rating signals to clients and investors that Assumption Life can meet its obligations to policyholders, because its solvency ratio, as at December 31, 2016, was 245%. The minimum requirement set by Canada’s Office of the Superintendent of Financial Institutions is 150%. The company also has sustained profitability and a high level of risk-weighted assets.

Founded in 1903, Assumption Life offers life insurance and critical insurance, group insurance, investments and retirement solutions, and mortgage loans. The company is now active in every Canadian province and territory. Its head office is located in Moncton, New Brunswick. For more information about Assumption Life, go to www.assomption.ca.

Founded in 1899, A.M. Best is the most highly regarded credit rating agency serving the insurance industry. Policyholders and depositors count on A.M. Best’s ratings and analyses as a means of assessing the financial strength and creditworthiness of risk-bearing entities and investment vehicles.