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A year of “satisfactory” for SSQ Insurance, despite a decrease in sales



April 30, 2018 09:45

Jean-François Chalifoux | Photo : Réjean Meloche

With a consolidated net income of $ 90.4 million ($M) in 2017, an increase of 16.5% compared to the previous year, SSQ Insurance qualifies its financial results were ” satisfactory “. The overall result has seen a 43% increase compared to 2016, to reach$93 Million.

“The synergies achieved following the transformation of the company began in 2016 continue to be realized, and efficiency gains were recognized in the fiscal year 2017. These elements, combined with optimization projects arising from the strategic objectives, have enabled the management of a business volume more important while keeping the cost at a level almost equivalent to that of last year, ” said Jean-François Chalifoux, president and chief executive officer.

Sales decline

The insurer has registered a rise of 4.9 % of its insurance premiums, with a premium volume up to 2.5 billion dollars (G$), despite the fact it was shown to have had difficulty in achieving its sales targets. The total sales of insurance fell by 10.4 % to $ 259.4 M$ for the year.

Sales in group insurance and individual insurance were less important than the sales for these sectors by 2016, rising from 184,5 M$ 162.8 M$ 48 M$ 34.9 M$.

Only the sector of damage insurance has seen an increase in sales, reaching$ 61.7 Million compared to$ 57 Million in 2016. SSQ Insurance highlights the difficult nature of conditions in motor insurance, where the ” competition remains strong and sales levels were not achieved for the traditional insurance products “. The overall growth of 5.7 % in the sector has been supported by the development of SSQ’s business with the dealer network.

The assets under management and under administration amounted to a little over 12 G$.

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