Promutuel Insurance post 11% growth in 2013
Quebec City, April 10, 2014 —
At Promutuel Insurance’s 58th Annual General Meeting in Quebec City last night, there was a sense of collective achievement as Chief Executive Officer Sylvain Fauchon unveiled Promutuel’s financial results for the past year.
By year-end 2013, growth in written premiums reached 11%, taking the Group’s sales figures up to $660,000,000. “These results speak for the considerable effort our 26 mutual associations put into helping the Group achieve its goals every single day. This past year saw many projects brought to completion and stamped with the seal of success,” highlighted Mr. Fauchon during the AGM.
The Group’s claims ratio was impacted by a number of climatic events during the year, which stood at 64.7% at the close of 2013, for a combined ratio to 101.7%. Thanks to strong returns on investments, the Group cleared a net profit of $3,200,000. Members’ equity grew to $459,000,000, an increase of $28,000,000 over the previous year.
“We are very proud of what we achieved this past year. We rolled out a number of initiatives that are already beginning to bear fruit. The Group is changing for the better and we have even more promising projects still to come in the next few years,” said Omer Bouchard, Chairman of the Board of Directors.
In 2013, Promutuel Insurance brought in some significant changes that are expected to mark an important milestone in the Group’s history. One of the key initiatives taken was to create Promutuel Insurance Inc., a brand new subsidiary of the Group that will boost growth for Promutuel by developing new markets. Promutuel also redesigned its entire website, which now boasts a more user-friendly interface for consumers and includes a module that allows customers to request a quote online. “This is a trend that will continue throughout 2014, since the Group launched its fresh new brand image at the start of the year. These are the tools we need to reach our goals, and Promutuel is counting on nothing but the best to reach out to its target customers,” confirmed CEO Sylvain Fauchon.
About Promutuel Insurance
Promutuel Insurance is among the largest property and casualty insurers in Quebec. Known for its financial strength, high quality products and customer service excellence, it employs more than 1,850 people and serves some 575,000 insureds. Promutuel Insurance’s mission is to promote and offer insurance products that meet the needs of its clients. It is committed to offering personalized quality service and to promoting the mutualist values that have guided its activities for more than 160 years.
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Source:
Émilie Dick-Roy
Public Relations Advisor
[email protected]