A demanding market that calls for solidarity
Over the past few years, political and socio-economic upheavals have profoundly 
reshaped our business environment. In 2025, uncertainty stemming from trade 
tensions added to an already unstable environment marked by an economic 
slowdown, inflationary pressures, labour shortages, and the accelerating 
transformation of business models. In this environment, our mutualist approach is 
proving more relevant than ever.
Over the course of the year, I had the opportunity to visit our mutual insurance 
companies and gain a thorough  understanding of the realities unique to each 
region. Those meetings confirmed the strength of our model, sustained by 
dedicated teams working toward a common goal: delivering quality, people-
focused service to our members and our employees. They also underscored the 
vital role our mutual companies play in the economic and social development of 
the regions, rooted as they are in the communities they serve over the long term.
Sustained growth and strong results
Once again this year, our teams are proud to present very strong financial 
results that reflect the solidity of our strategic plan and the commitment of 
nearly 2,500 employees.
For the fiscal year ended December 31, 2025, our premium volume reached 
$1.4 billion, an increase of 7.4% over 2024. This growth reflects both an 
increase in the number of policies and a higher average premium, in line with 
the industry and made necessary by claims that are becoming more frequent 
and more costly. 
In 2025, our members were less affected by losses caused by wind, 
water and snow. This helped reduce the number of claims and resulted in 
an excellent net loss ratio of 48.4%, down 1.9% from 2024. Thanks to the 
effectiveness of our prevention and risk management practices, we closed 
the year with insurance service result of $218 million, up 18.5% from 2024. This 
performance, together with the excellent return on our investment income, 
which exceeded our target by more than $70 million, confirms the strength 
of our overall performance and the stability of our financial foundations. This 
brings our comprehensive income to $219 million.
These outcomes reflect the rigour of our practices and our determination 
to safeguard our members’ assets. As a result, return on equity reached 
13.6% for 2025. It is an achievement that fills us with great pride!
In a challenging environment for our industry, 
our strong results reflect the rigour 
of our practices and our determination
 to safeguard our members’ assets.
“
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2025 – ANNUAL REPORT 
19

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