Promutuel Insurance announces positive results for 2014
Quebec City, April 23, 2015 — At the 59th annual general meeting in Montreal yesterday, Promutuel Insurance CEO Sylvain Fauchon announced the company’s financial results for the past year.
At the end of 2014, Promutel Insurance’s premium volume was $720,000,000, compared to $660,000,000 in the previous year—a nearly 9% increase in written premiums. “For the third year in a row, our growth has surpassed industry trends. This is a sure sign of our Group’s vitality and reflects the hard work of our 24 mutual companies,” Sylvain Fauchon said during the meeting.
“Unfortunately, our insureds were heavily affected by numerous losses, especially early in the year. Clearly, it’s in times like these that an insurance company shows its worth. We’re proud of having helped our insureds get through these difficult moments,” said Omer Bouchard, chair of the board of directors. By the end of 2014, the company’s loss rate was 66.5%.
The combined results of Promutuel Insurance and its associated institutions coupled with a number of prevention initiatives reduced the impact of these losses on the net combined rate, which totalled 102% at the end of the last fiscal year. Furthermore, top-performing investments generated net earnings of $15,000,000. Member assets continued to grow, reaching $480,000,000, compared to $459,000,000 at the end of fiscal year 2013.
Promutuel Insurance launched numerous initiatives in the past year to help it continue growing. In November it became the first insurer in Quebec to offer combined home and auto quotes online to meets the needs of consumers who are looking for faster, more flexible service when shopping for insurance.
About Promutuel Insurance
Promutuel Insurance is one of the biggest damage insurers in Quebec. Renowned for its financial stability, superior quality products, and outstanding customer service, Promutuel Insurance boasts over 1,870 employees serving nearly 650,000 insureds. Promutuel Insurance’s mission is to promote and offer insurance products that meet its clients’ needs. It is committed to providing high quality, personalized service and promoting the mutual industry values that have guided it for over 160 years.
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Source:
Émilie Dick-Roy
Public Relations Advisor
[email protected]
1 800 463-4888, ext 2778