Assumption Life Keeping the Momentum
2/22/2013 12:00:00 AM
As industry sales stagnate or decline, Assumption Life is setting new sales records and continuing its growth on all markets. In 2012, Assumption Life achieved stable profits of $4.6 million. The Company achieved a record $12.8 million in life insurance sales, an increase of 24% over 2011. In addition, in spite of stock market volatility in 2012, Assumption Life saw sales in financial products in the order of $51.9 million.
“The year 2012 was a volatile one in the financial industry,” said Denis Losier, president and CEO of Assumption Life, at its annual meeting on February 22 in Moncton. “Many global political factors affected the Canadian life insurance industry. The largest insurance companies in Canada were not spared the impact of the world economy and some of our competitors were affected. Assumption Life was able to keep up the momentum in 2012, in part due to a line of niche products and investments in technology, positioning us in a specialized market where no other company has succeeded in joining us. Our distribution network continues to grow, and we now have over 5,000 brokers coast to coast. We take the time to develop solid business relationships with them, which greatly contributes to our success.”
Financial highlights for 2012
Assumption Life’s results are testimony to its sound management and the continued commitment of its employees. Here are some of the highlights as at December 31, 2012:
-Assets under management grew to $1.3 billion.
-Profit attributable to policyholders was $4.6 million.
-Policyholders’ equity was $99 million.
-Group insurance sales were $6.6 million.
-The Company’s solvency ratio was 239%.
-Louisbourg Investments’ assets under management was $1.6 billion.
Assumption Life’s secret
“Many people want to know Assumption Life’s secret to success, given that the industry is going through some pretty volatile times,” Mr. Losier said. “Our employees are the secret ingredient of our success. Our clients and our distribution network consistently comment on our educated, motivated and committed employees. Our most recent sales force survey showed to same results: an overall satisfaction rate of 92%, and 95% of those surveyed said that it is easy doing business with us, proof that our philosophy is working and is valued.”
Assumption Life’s management practices were recognized once again in 2012. “We are a top employer thanks to our employees and their efforts,” Mr. Losier said. “We are proud to have ranked 12th among the top employers in Atlantic Canada and 21st among small and medium businesses across Canada. Our employees are never afraid to innovate and suggest something new, which constantly improves our service delivery for the benefit of our clients.”
The next chapter
The future is bright for Assumption Life. The Company intends to bank on innovation, process improvements and close monitoring of operational expenses to continue its growth. “Continuous improvement in our service is also critical,” Mr. Losier said. “Products and prices being equal, the only thing that will distinguish us from the competition is service.”
In 2013, Assumption Life will turn a page as Denis Losier takes his leave as president and CEO. “After 19 years ? or 31.1% of my life, for those who like statistics ? I am leaving with my head held high, proud of what we have accomplished together,” Mr. Losier said. “I stayed in position for all these years because of the pleasure I took in coming to work every morning and being greeted by the smiles of employees who are proud to contribute to Assumption Life’s success and in doing so ensure a brighter future for their families. And for this, I thank them from the bottom of my heart.”