Assumption Life keeps moving forward

2/28/2014 12:00:00 AM

As Assumption Life marks its 110th anniversary, the company is reporting a strong increase in sales for the year, as well as significant technology positioning.

Sales in group insurance and retirement and investment services jumped 80% and 53% respectively. Individual life insurance sales remained constant and continue to originate mainly from Ontario and Western Canada.

According to President and CEO André Vincent, who took the helm of Assumption Life in April 2013, these excellent results can be attributed to an effective balance between calculated risk and reasoned decisions."Assumption Life regularly reviews its work processes to ensure operational efficiency at every level. We also continued our Canada-wide expansion by increasing our presence in our distribution network. These two factors have allowed the company to gain a foothold in less sought-after markets," explained Mr.Vincent.

Assumption Life set itself apart from the competition with its 2012 launch of a new electronic sales platform for life insurance products. LIA (Life Insurance Anywhere) allows brokers to work directly on tablets and laptops, eliminating the challenges and wait-times associated with paper transactions.

"It's through innovations like this that our company is building a reputation in markets dominated by the major players," said the new CEO. "One of our greatest strengths is our ability to find something that can set us apart from the competition, to run with it and implement it. Whether it's through technology or product design, the results we are reporting today clearly show that we have the right formula," added Mr.Vincent.

Highlights of Fiscal 2013
 

• Assets under management held steady at $1.3 billion.

 

• Profit attributable to policyholders totalled $6.6 million, up 40%.

 

• Policyholder equity reached $96million.

 

• The company's solvency ratio was 251%.

 

• Assets under management at Louisbourg Investments exceeded the $2 billion mark.

Looking ahead to 2014

This year, the company plans to continue reshaping its priorities. According to Mr.Vincent, "As we've said before, innovation is what drives our growth. But innovation doesn't just happen – it requires careful analysis of our existing markets and those we are targeting. We also intend to review all aspects of the customer experience. We want to make sure we provide the best possible service to everyone, from policyholders to distributors. And all of our teams are committed to this goal."