All business lines delivered sustained profitable growth
Saint-Hyacinthe, May 9, 2024 – During its annual meeting, Promutuel Insurance unveiled exceptional results that demonstrate the outstanding strength of its mutual insurance companies and their ability to generate value for their insured members. With positive key performance indicators, financial results exceeding expectations, and the launch of a new strategic plan, everything is in place at Promutuel Insurance to support its ambitious profitable growth vision.
This performance comes at a time when several factors are disrupting the insurance business environment, including climate changes—which are increasing the incidence of severe and unpredictable weather events—a challenging economy, rising insurance claims costs, and the concerning situation surrounding vehicle theft. Clearly, Promutuel Insurance continues to stand out for its long-standing experience and expertise and is reaping the benefits of a winning business strategy and disciplined approach. Groupe Promutuel is also benefiting from the positive stock market rebound and the fact that its insured members were relatively spared by natural disasters this year.
Highlights of an exceptional year:
- $1,172 million in gross premiums,1 representing 10.3% growth over last year.
- $152 million insurance service result, up 12.6% from the previous year.
- 51.8% net loss ratio.
- Comprehensive income of $143 million, representing an increase of $110 million from last year.
- Combined ratio of 86%.
- $1,859 million in assets.
- 372% solvency ratio.
- $1,133 million in equity, a return of 14.8%.
- $9.4 million returned to the community.
“The results achieved in 2023 demonstrate our organization’s collective commitment to exceed our members’ expectations, deliver on our major projects, and achieve our goals. This exceptional effort has allowed us to combine growth and profitability to make Promutuel Insurance stand out,” said Geneviève Fortier, Promutuel Insurance CEO.
A new strategic plan to accelerate profitable growth
Since the beginning of the year, Promutuel Insurance has entered a new strategic planning cycle that will enable it to make progress toward its 2030 target. Three main priorities will guide actions between now and 2030:
- Double the organization’s size through its approach based on profitable growth
- Be a market leader in both member and employee experience
- Ensure competitiveness by optimizing operational performance
To achieve these objectives, the significant transformation work already underway will help accelerate the deployment of strategic initiatives tied to:
- Technology, analytics, and innovation
- Governance and operational decision-making
- Corporate social responsibility
- Execution capabilities and agility
- Evolution of our organizational culture
“To achieve its strategic objectives and remain relevant, Promutuel Insurance must accelerate the pace, continue it’s transformation, and build on its agility. The organization has adopted an ambitious transformation plan which will allow us to optimize our processes and, in doing so, our operational efficiency. Everyone is committed to doing what it takes to achieve this target in the coming years. We have a plan and a great team to execute it. Above all, we know what our destination is: straight ahead!” said Geneviève Fortier.
“Promutuel Insurance has big plans for the years to come! The organization’s renewed mission, vision, and values will certainly guide the Board of Directors and senior management in their key role in achieving Groupe Promutuel’s strategic ambitions,” added Yvan Rose, President of Groupe Promutuel.
Inaugural CSR report
Over the past year, Promutuel Insurance has laid the foundation for a cross-cutting corporate social responsibility (CSR) strategy. The strategy aligns not only with the United Nations’ Sustainable Development Goals, but also with Promutuel Insurance’s values and priorities.
The three pillars of Promutuel Insurance’s CSR strategy are the following:
- Create value for its members and communities
- Live and grow responsibly
- Value diversity and inclusion
With a well-established roadmap and a dedicated, committed team, Promutuel Insurance now has everything it needs to achieve its ambition of becoming an active, responsible leader that makes a real and tangible difference in the communities where it operates. In 2024, the Group will establish performance monitoring indicators and specific objectives to achieve its goals, particularly with regard to Scope 3 emissions.
“Already fuelled by our values of solidarity, openness, engagement, and ambition, Promutuel Insurance has long made environmental, social, and governance principles differentiating elements of its brand. Even when we were founded 172 years ago, our mutualist model was ahead of its time in terms of corporate social responsibility. Thanks to our decentralized model, our mutual companies have a strong and real impact in the communities they serve. In the past year, we’ve formalized what was already part of our DNA. In the coming years, we’ll go even further. With the help of a well-established roadmap and an engaged team, we are on course to achieve one of our key goals: net zero emissions by 2050,” concluded Yvan Rose and Geneviève Fortier.
Promutuel Insurance’s annual report is available on its website, in the media section. For more information on Promutuel Insurance’s corporate social responsibility strategy, visit the page on this topic.
1Gross written premiums are a financial metric that does not meet International Financial Reporting Standards (IFRS). The closest IFRS-compliant metric is insurance revenue.
About Promutuel Insurance
Promutuel Insurance is among Québec’s largest damage insurers. Its financial stability, superior products, and outstanding service are well known and backed by a staff of over 2,200 — who serve near 639,000 insured members. Its mission is to ensure the well-being and peace of mind of its insured members, employees, and communities. It does that with great, personalized service and by exemplifying the mutualist values that have guided it for over 170 years.
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Source :
Marie-Hélène Cliche, Senior Director, Communications and Public Affairs
Promutuel Insurance
514-347-5939 | [email protected]