The Insurer crosses $1 billion mark in written premiums
Rivière-du-Loup, April 27, 2023 – As the global economy contracts and inflationary growth pushes up claims costs for damage insurers, Promutuel Insurance has once again achieved outstanding financial results, furthering its tradition of growth and excellence. The mutual celebrated its 170th anniversary in 2022, marking the occasion by crossing the billion-dollar mark in written premiums - a reflection of the trust and loyalty of its 634,000 insured members.
Unveiled during the annual general meeting, these results show that Promutuel Insurance and its 16 mutual associations are thriving. They provide momentum for the Group to continue its transformation and implement its strategy to ensure the organization’s continued success in the long term.
Highlights of a milestone year:
- Written premiums of $1.06 billion, representing a growth of 7%
- Insurance earnings of $83 million, twice the forecast
- $2.04 billion in assets
- 384% solvency ratio
- Equity of $950 million
- Return on equity of 3%
Outstanding insurance earnings due to a favourable loss ratio largely offset the negative impact of equity markets on our investment performance, thereby limiting the negative effects on comprehensive income, recorded at $28 million.
Throughout 2022, our entire 2,100-person team worked tirelessly to deliver a distinctive member experience, optimize our business model, and ensure our successful transformation.
Looking at the future: Straight ahead!
As Promutuel Insurance consolidates its status as a leader in the damage insurance industry, the organization is preparing its next strategic plan. It intends to continue pursuing its profitable growth strategy and transforming the organization and its governance in order to keep generating value for insured members.
In the coming months, Promutuel Insurance will also accelerate the deployment of its Corporate social responsibility strategy. As a damage insurer and a responsible corporate citizen committed to the communities in which it operates, Promutuel is preoccupied by the impact of climate change on our insured members, and ultimately on our Group and the insurance industry.
Therefore, it only makes sense for Promutuel to be amongst the leaders in fighting climate change while remaining strongly committed to its communities.
Quotes:
“170 years after its founding, Promutuel Insurance continues to show just how relevant it is,” said Yvan Rose, President, Groupe Promutuel. “Not only has the past year been a celebration of who we are, it has been an opportunity to lay the groundwork for what we want to become and achieve in the years ahead. The proximity resulting from our network of our mutual associations and our dedicated employees continues to set us apart among our insured members.”
“Once again, Promutuel Insurance delivered a very solid performance in 2022, furthering our tradition of growth and excellence.” stated Geneviève Fortier, CEO, Promutuel Insurance. “We remain committed to creating value for our insured members, through a products and services offering connected to their evolving needs and a strong presence in the communities where we operate’’.
About Promutuel Insurance
Promutuel Insurance is one of the biggest damage insurers in Québec. Renowned for its financial stability, superior products, and outstanding customer service, it boasts 2,100 employees serving 634,000 insured members. Promutuel Insurance’s mission is to promote and provide insurance products that meet the needs of its clients. It does this by delivering outstanding, personalized service while fostering the mutualist values that have guided it for 170 years.
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Source:
Marie-Hélène Cliche, Senior Director, Communications and Public Affairs
Promutuel Insurance
514-347-5939
[email protected]