Promutuel Insurance posts positive financial results and builds on increased agility

Promutuel Insurance posts positive financial results and builds on increased agility

Highlights in 2016

  • Sales were $778 million, up 3% over 2015. Promutuel Insurance’s average growth over the last five years is 6.9%
  • Business insurance sales were up 6.4%, with an average increase of 8.8% over the last five years
  • The share of premium volume from the brokerage network was 27%

Québec City, April 27, 2017 — Promutuel Insurance released its financial results for the period ending December 31, 2016, during its annual general meeting yesterday in Montréal. In an extremely competitive industry that has undergone major changes, Promutuel remains focused on driving growth and adapting to consumer needs.

Despite numerous severe weather events, Promutuel Insurance wrapped up the year with a loss ratio of 63.8%, compared to 63.6% in 2015. Q1 2016 brought numerous claims, and a lot of water damage was reported in June, which was very rainy. Furthermore, snowstorms at the end of the year increased the frequency of car insurance claims. In total, $472 million was paid out to insured members for losses.

The net combined ratio was 99.1% at the end of 2016, compared to 99.3% in 2015. Top-performing investments allowed the company to post net income of $27 million, compared to $15 million in 2015. And member assets continued to increase, reaching $540 million, compared to $485 million in 2015.

“We are continuing to grow and generate a profit, which is encouraging. We’re still focused on increased agility, greater operational efficiency, and an unparalleled customer experience. In an ever-changing industry where tough challenges crop up everywhere, being agile will set us apart and help us come out on top,” said Promutuel CEO Sylvain Fauchon.

Key projects

In 2016, Promutuel adopted a new strategic plan. The plan was the result of joint efforts by the 17 mutual insurance associations that make up Groupe Promutuel and was created to spearhead numerous key projects. Some of last year’s projects include:

  • Wrapping up the rollout of a new business and farm insurance policy management tool, which yielded very encouraging results, and launching a large-scale car and home insurance policy management project
  • Rolling out a new employer brand image spotlighting the “agent of change” concept
  • Making website improvements, including a responsive design for online quotes that adapts the display to any screen resolution and makes navigation easy

Promutuel Insurance also received more prestigious awards in 2016. In New York City, its innovative efforts were rewarded with the Celent Model Insurer award for its CAMPUS online training platform. Its farm and business insurance policy management tool also won an OCTAS from the Project Management Institute for Lévis-Québec, and was the first runner-up for the ICTA People’s Choice Awards.

“In 2016, we took Groupe Promutuel in new and promising directions. Our employees, directors, and officers are highly committed to making sure everyone succeeds. They’ve helped us be there for our insured members for 165 years. And our members are the reason we exist,” said Omer Bouchard, chair of the board of directors.

View the 2016 annual report.

About Promutuel Insurance

Promutuel Insurance is one of the biggest damage insurers in Québec. Renowned for its financial stability, superior quality products, and outstanding customer service, Promutuel Insurance boasts 1,925 employees serving more than 640,000 insureds. Promutuel Insurance’s mission is to promote and provide insurance products that meet the needs of its clients. In doing so it provides exceptional, personalized service while fostering the mutualist values that have guided it for 165 years.

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Source
Émilie Dick-Roy
Public Relations Advisor
[email protected]
1-800-463-4888, ext. 2778