April 6, 2018 11:30
Photo : Freepik
The year 2017 of The Capital of mutual public administration proved to be auspicious whereas, the company has experienced a 66% increase in its net profit to $ 75 million ($M). In 2016, this one was$45.2 Million.
“In 2017, the efforts made have borne fruit in the sector of insurance of persons and financial services. The success of this sector are added to those of the very strong sector of damage insurance, to enable the mutual to know a very good year, ” says Jean St-Gelais, chairman of the board and chief executive officer of The Capital.
The sector of insurance of persons and financial services has grown to ten times its consolidated net profit, after having experienced difficulties in 2016. The previous year, consolidated net income was$ 2.3 Million and reached$ 31.1 Million in 2017. The consolidated revenues premiums increased by 6.4 %, or 1.23 billion dollars (G$). Premium sales individual insurance and deposits increased by 17 %, totaling $ 498 M$. Sales in the collective have reached$ 60.3 Million, and premiums in force amounted to 674,9 M$.
Modest growth in damage
The growth of the sector of damage insurance has been more modest for The Capital in 2017. Its consolidated net profit has increased by a million dollars, to settle at$ 43.9 Million, which includes net income of$ 11.3 Million for The Unique property and casualty insurance, and a net income of$ 8.9 Million for Unica insurance.
The gross premiums written consolidated recorded a growth of 4.8 %, totaling $ 963,5 M$. Of this number, La Capitale general insurance holds 601,2 M$, The Unique 235 Million$ and Unica Usd 127.3 M$. The gross written premiums to consolidated insurance companies increased by 8.8 %.
“This is the highest level of annual net income achieved to date for this sector, and this, despite a year punctuated by several climatic events. These excellent results are explained by the strong performance of our three companies, ” stresses Christian Fournier, senior executive vice president and chief operating officer, property and casualty insurance segment.