Another good year for Assumption Life

2/22/2019 12:00:00 AM

2018 ended on a positive note for the Assumption Group which held its Annual General Meeting (AGM) on February 22 in Moncton. The executives took the opportunity to highlight several achievements over the last year that saw the company achieve positive net financial results.
 
Assumption Life continued its technological transformation initiated in previous years to enhance its customer experience. "Drawing on this strong foundation, the management team is developing a new strategic plan to meet the challenges of the future by answering some fundamental questions, without forgetting where we're coming from. The values of mutual aid and support that guide our philanthropic actions will continue to enlighten us, as we continue our technological transformation to meet the new demands of the market" said the new President and CEO, Sébastien Dupuis.
 
An important transition at the executive level has marked the end of 2018 since Sébastien Dupuis took over from André Vincent as President and Chief Executive Officer. Mr. Vincent, who is now senior advisor to the CEO until he retires in June, attended the AGM to present the results of the past year. It should be noted that Assumption Life has maintained its "A-" rating from A. M. Best for the nineteenth year in a row, further confirming the company's financial strength and solvency. Assumption Life has also improved the profitability of its group insurance line of business and has launched a new retirement investment product for group and individual products. Assumption Life is also honored to have received the prestigious 2018 Business Excellence Award from the Chamber of Commerce for Greater Moncton.
 
Highlights for 2018 Financial Results
  • Assets under management reached 1.7 billion $.
  • The solvency ratio (LICAT) 135%.
  • The fiscal year result was 7.6 million $.
 
A social commitment that started 115 years ago
 
Taking great pride in its roots that go back to its founding in 1903, the Assumption Group exemplifies its values of mutual aid by dedicating six percent of its net profit to social causes. In 2018, our philanthropic actions have supported 139 organizations and initiatives that affect almost all spheres of society. In addition, employees did 656 volunteer hours outside of office hours and an additional 560 hours of volunteer work during office hours.
 
"I would like to emphasize the importance of the social work that our company has done, which is a great source of pride for all our employees. We are pleased to support them in their community work through two half-days of volunteer work that add a personal dimension to the company's philanthropic actions. Assumption Life is pleased to support many projects that contribute to the social vitality of our communities" says Sébastien Dupuis.
 
Finally, Assumption Life has maintained its B Corp certification, which recognizes companies that improve the economic and social well-being of the population and promote a sustainable prosperity.
 
Founded in 1903, Assumption Life offers individual and group insurance products as well as investment and retirement products and mortgages. It has offices in all provinces and territories of Canada. The company's head office is located in Moncton, New Brunswick.