18 February 2019 13:30
The holding company Step Financial Holdings has made a net profit of 2.38 million dollars (M$) for the year 2018. It is a not increase compared to the year 2017, while the company had registered a net profit of 1.79 M$. These results include the current activities and those discontinued by the insurer over the years.
Echelon reported a loss of$ 7.8 Million in the fourth quarter of 2018, which is higher than that of the corresponding quarter of 2017, which was$4.8 Million.
The combined ratios, however, are improved, both for the year 2018 for the fourth quarter, respectively 97.4 % and 99.3 %.
“While we are committed to continuing to improve our profitability, we are encouraged by the marked improvement in our results for the fourth quarter and year-end, compared to the same period of the previous year,” said Serge Lavoie, ceo of Echelon.
Higher fee income in all sectors
Fee income improved by individual insurance companies. Contrary to the end of the year 2017, Echelon has recorded a revenue of subscription positive to 2018 personal insurance. It is $ 3.69 M$, compared to a loss of 9.19 M$.
“Our insurance division has ended the year with a combined ratio cost-effective. These positive results in the end of the year have again been driven by a solid performance and profitable growth in Ontario, ” said Mr. Lavoie.
In the insurance business, the income of subscription is $ 4.87$ M for the full year, compared to$ 4 Million for the same period of the previous year. These activities represent 39% of the total portfolio of Echelon, has pointed out to the insurer. “A portfolio of activities is more balanced, in support of our profitability in the future. “
“The insurance companies had a good performance during the fourth quarter, with a combined ratio of 87 %. The segment was also profitable for the year, with a combined ratio of 96 %. We have recorded a continued growth in this sector, with a 55% increase in written premiums by direct comparison with the previous year, ” said Mr. Lavoie.