Promutuel Insurance announces growth and profitability at agm
Québec, le 14 avril 2016 — At the 60th annual general meeting in Québec City yesterday, Promutuel Insurance’s CEO Sylvain Fauchon announced the company’s financial results for the past year.
At the end of 2015, Promutuel Insurance’s premium volume was $755,000,000, compared to $720,000,000 in the previous year—a nearly 5% increase in written premiums. In addition to continuing to expand in a highly competitive market, Promutuel Insurance returned to profitability. In 2015, the company’s net combined ratio was 99.3%, mainly due to an improvement in the loss ratio to 63.6%, down 3% from 2014.
“Despite the difficult climatic conditions in early 2015 and a highly volatile year for financial markets, we recorded positive and promising results,” said Fauchon during the meeting. “This shows that the comprehensive and ambitious transformation program we have implemented over the last few years, coupled with positive steps to secure our future, have been successful and allow us to continue to grow to better serve our insured members.”
Despite the challenging circumstances of 2015, the combined results of Promutuel Insurance and its associated institutions generated a net income of $15,000,000. Member assets continued to grow, reaching $485,000,000, compared to $480,000,000 at the end of fiscal year 2014.
“Last year’s positive results reflect the vitality and adaptability of Promutuel Insurance and its mutuals,” said Omer Bouchard, chair of the board of directors. “We are taking the necessary action and continuing to expand, while upholding our core values of mutuality and cooperation.”
Over the past year, Promutuel Insurance has developed several projects. Achievements include the deployment of a new business and farm insurance policy management tool, which improves operational effectiveness and enhances the client experience. Web tools have also improved through a number of projects that aim to address the growing technology needs of consumers.
Promutuel Insurance’s efforts were rewarded at various events in 2015, including the Governance Gala hosted by Les Affaires Group, which celebrates best corporate governance practices.
“Our major initiatives have injected new energy and determination into Groupe Promutuel. It’s a huge motivator and gives us confidence in the future, which appears very promising,” concluded Bouchard..
About Promutuel Insurance
Promutuel Insurance is one of the biggest damage insurers in Québec, known for its financial stability, superior quality products, and outstanding customer service. It boasts over 1,900 employees serving more than 630,000 insureds. Promutuel Insurance’s mission is to promote and provide insurance products that meet the needs of its clients. This also involves providing exceptional, personalized service while fostering the mutualist values that have guided it for over 160 years.
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Source:
Émilie Dick-Roy
Public Relations Advisor, Promutuel Assurance
[email protected]
1 800 463-4888, ext. 2778