An unusual year produces exceptional results
Blue skies and green lights for Promutuel Insurance
Québec City, June 22, 2021 – 2020 was a year of sea changes. For Promutuel Insurance, it brought new leadership, strengthened our culture of helping one another and nurturing close ties, and generated exceptional financial results. This fine performance had much to do with the efficiency of our underwriting, pricing, and claims activities, as well as the strength, agility, and resilience of the 2,000 experienced employees who work for the Group’s 16 affiliated mutual insurance associations and the Promutuel Federation.
At its annual general meeting, Promutuel Insurance took stock of 2020 and highlighted the Group’s financial health, the soundness of its profitable growth plan, and the close ties it maintains with its 652,000 insured members. The numbers speak for themselves:
- $1,847,000 in assets held
- $950 million in premium volume, representing 3.6% growth
- $138.2 million in insurance earnings
- $23 million distributed to our members and communities as part of our commitment to community engagement
Pairing growth with profitability
"These financial results show that Promutuel Insurance was able to make progress despite serious headwinds. Our teams successfully navigated the challenges caused by the onset of the pandemic and a cyber incident because we have committed employees and a unique network of mutual insurance associations in every region of Québec", noted Yvan Rose, who was re-elected to a second term as chair of the Group’s board of directors.
More specifically, in 2020 the Group posted insurance earnings of $138.2 million. This outstanding result is chiefly attributable to a low level of claims stemming from reduced travel during lockdown periods and mild weather, as well as stronger-than-expected investment income despite financial market volatility early in the year, which brought comprehensive income to $131 million.
In addition, the high rate of insurance policy renewals shows that insured members appreciate the quality of our services and continue to trust Promutuel Insurance, which is a real source of pride. This loyalty from our insured members and the tireless work of our teams allowed us to wrap up fiscal 2020 with a premium volume of $950 million, a 3.6% increase over 2019.
"2020 brought one challenge after another. But at the same time, it was a chance for Promutuel Insurance to consolidate its status as our members’ preferred insurer. I’m so very proud of what we’ve accomplished and where we’re headed. Our ambitious profitable growth plan will enable us to continue improving the experience for our insured members while making sure Promutuel Insurance remains competitive and profitable going forward through the organic growth of our affiliated mutual insurance associations and the strategic growth of the Group working alongside them. We’re clearly in an excellent position to lead our organization into the future while remaining an employer that truly values and cares about its employees and is committed to helping them achieve their best", added Promutuel Insurance CEO Geneviève Fortier.
About Promutuel Insurance
Promutuel Insurance is one of the biggest property and casualty insurers in Québec. Known for its financial stability, superior products, and outstanding customer service, it boasts 2,000 employees serving more than 652,000 insured members. Promutuel Insurance’s mission is to promote and provide insurance products that meet the needs of its members. In doing so it provides exceptional, personalized service while fostering the mutualist values that have guided it for 169 years.
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Source :
Émilie Dick Roy
Public Relations
418-840-1188, ext. 2778[email protected]