Moncton, N.B., February 28, 2020 – At its annual general meeting held in Moncton on February 28
th, Assumption Life presented its positive financial results.
The following are a few of the reported highlights of the 2019 fiscal year:
- The organization finished with $7.5 million in profits;
- The organization exceeded planned sales targets in two major lines of business; and
- For the first time in its history, Assumption Life finished with more than $1 billion in assets under management within the Investment and Retirement’s line of business.
This favorable performance has a beneficial impact on Assumption Life's solvency ratio. "While regulators continue to impose new standards and guidelines to measure solvency and protect clients, Assumption Life continues to establish itself and to gain a high level of trust with its policyholders," said Sébastien Dupuis, President and Chief Executive Officer.
The Company's solvency ratio has reached the very enviable threshold of 152%. In addition, thanks to its financial strength, for the twentieth consecutive year, Assumption Life continued to receive an A- (Excellent) grading from the A.M. Best rating agency.
In 2019, Assumption Life continued to differentiate itself with its community involvement. “At Assumption Life, we have our community at heart, and we believe in the power of being united to make the world a better place. We are proud of our values, collaborations and commitments, which each year translate into substantial contributions to numerous causes and non-profit organizations," said Réjean Boudreau, Vice President, Chief Organizational Development and Customer Experience.
Last year, Assumption Life donated close to $450,000 while its employees volunteered hundreds of hours during normal business hours representing 6% of the Company's net earnings.
In addition, Assumption Life has just adopted a new three-year strategic plan that will differentiate itself and enable the Company to grow in a constantly evolving market.
Founded in 1903, Assumption Life offers individual and group insurance products as well as investment and retirement products and mortgages. It has offices in all provinces and territories of Canada. The Company's head office is located in Moncton, New Brunswick.
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