Quebec City, April 28, 2014 /CNW Telbec/ - At the Annual Meeting held on April 26, the managers of SSQ Financial Group announced the Group's financial results for 2013. While the industry is still faced with the volatility of financial results for insurers as a result of the new international accounting standards, SSQ Financial Group continues to grow and has seen another year of strong business.
SSQ Financial Group's range of insurance products shows strong growth. As for savings and retirement products, although in the process of a strategic reorganization, nevertheless reached the budgetary targets. For its activities as a whole, the company presents stable and reasonable financial results, an enviable position in the industry. Overall:
•the Group's total sales reached $1.01 billion•its business volume is close to $3 billion, including an increase of nearly 11% in its insurance sector •consolidated assets under management and administration are over $11 billion, a 5% increase over 2012 •10.2% return on equity
The highlights of the 2013 results again demonstrate SSQ Financial Group's ability to reach and even exceed its business targets during the first year of its strategic plan.
•In group insurance, the Group regained the top spot in Quebec and continues its high increase in sales in other Canadian provinces. •SSQ Financial Group has set sales records in individual insurance and specialized group insurance products. •As for traditional insurance sales at SSQauto, they exceeded the previous year's record. •Our network of partners that distribute savings and retirement products and individual insurance products is growing rapidly. Over 3,000 brokers across Canada have joined our ranks in the last two years.
"Our growth and our financial results demonstrate our ability to do things differently and ensure stability, an indicator of our success and our favourable position for the future. Our insurance product sales increased significantly and our assets continued to grow, ending 5% above 2012 levels. Our 10.2% return on equity has stayed within our 10 to 15% target held over the past 20 years," said RenÉ Hamel, SSQ Financial Group's Chief Executive Officer, adding that "the mutual values that have guided us for over 25 years go hand-in-hand with the modern vision and solid performance of our institution."
About SSQ Financial Group
With a business volume of $3 billion and over $11 billion in assets under management, SSQ Financial Group is a leading mutual diversified financial institution in Canada.
The Group serves over one million clients and provides jobs to nearly 2,000 employees. SSQ, Life Insurance Company Inc., the Group's principal company, is recognized as a leader in the group insurance industry and as an expert in the investment and retirement sector. SSQ Financial Group is also a rising star in home and auto insurance under the SSQ General Insurance Company Inc. banner and has expanded into the individual insurance market thanks to its subsidiary, SSQ Insurance Company Inc.
For more information, please visit ssq.ca/en/rapports-annuels.asp
SOURCE SSQ FINANCIAL GROUP