A.M. Best agency confirms Assumption Life’s financial strength.

6/30/2016 12:00:00 AM

A.M. Best specializes in independent evaluations of the financial health and creditworthiness of insurance and reinsurance companies around the world. In a letter addressed to Assumption Life, the agency attributes the Company’s rating to its financial results and adequate capitalization. The Company’s continued efforts to ensure growth in the Canadian market is highlighted. A.M. Best also mentions the diversification of distribution channels, as well as the transition to a complete electronic process, from the insurance application to the policy’s delivery.

The New-Brunswick based insurance company welcomes the news with great satisfaction. "We are currently in a significant growth period explained the Vice President Chief Financial Officer and Risk Officer, Sébastien Dupuis. We feel it is important to sustain this growth to ultimately secure our long-term success. "

This rating gives confirmation to Assumption Life’s insured and investors that the Company can respect its obligations to policyholders. As of March 31, 2016, Assumption Life’s solvency ratio stood at 239%. This percentage is well above the Office of the Superintendent of Financial Institutions Canada’s minimum requirement of 150%.

In 2015, Assumption Life posted positive financial results. Premium income rose to $182 million, from $174 million the previous year. Record sales were recorded in all three main lines of business in 2015.

Established in 1903, Assumption Life offers a full range of products, including life 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.

Founded in 1899, A.M. Best is the most highly regarded credit rating agency serving the insurance industry. Policyholders and depositors count on A M. Best’s ratings and analyses as a means of assessing the financial strength and creditworthiness of risk-bearing entities and investment vehicles