Assumption Life Financial Results as Impressive as Ever
2/27/2015 12:00:00 AM
Assumption Life revealed some outstanding results at its Annual General Meeting , held today in Moncton. Profit attributable to the New Brunswick company’s policyholders jumped 44% in 2014, to $9.5 million.
Management credits the solid performance of all the Company’s business lines as well as sound management for this excellent performance.
Sales for fiscal year ending December 31, 2014 Assumption Life posted a second record year for investments: $100 million this year compared to $79 million in 2013. Group insurance sales reached $10.6 million, a significant increase in that line of business. Just a few years ago, group insurance sales hovered around $6 million.
Life insurance sales rose 11% over 2013 figures, reaching $8.5 million. Policyholders’ equity was $110 million in December 2014, $14 million higher than a year earlier.
As for assets under management, these were valued at $1.5 billion. Premium income climbed from $153 million in 2013 to $174 million in 2014, an increase of 14%. The Company’s solvency ratio stood at 232% at December 31, 2014.
Highlight: Assumption Life unveils new Social Responsibility Program André Vincent, President and CEO of Assumption Life, unveiled the Company’s new Social Responsibility Program at the AGM. “Charitable giving and philanthropy are wired into Assumption Life’s DNA. In 2014, we developed a social responsibility program to make our commitment as a good corporate citizen official,” enthused Mr. Vincent.
In 2014, Assumption Life donated nearly 4% of net profits to various social causes. “The Assumption Group undertakes to return 6% of net profits to the community,” stated Mr. Vincent. “Through its Social Responsibility Program, Assumption Life wishes to keep giving back by being involved in activities mostly at the local level, but also by extending its involvement through nation-wide initiatives.”
Founded in 1903, Assumption Life offers a full range of products, including life insurance and critical illness insurance, group insurance, investment and retirement solutions, and mortgage loans. The company is now active in every Canadian province and territory. Its head office is located in Moncton, New Brunswick. For more information on Assumption Life, visit www.assumption.ca or follow us on Facebook.