Assumption Mutual Life Insurance Company

02/24/2023 | Press release | Distributed by Public on 02/24/2023 11:59

Assumption Life reports an outstanding year

Assumption Life reports an outstanding year

2/24/2023 12:00:00 AM

Moncton, NB, February 24, 2023 - Assumption Life proudly announced that it had an outstanding financial year in 2022. This news was announced this morning at the company's annual general meeting, which took place simultaneously in-person and virtually.

"The year 2022 was a period of multiple accomplishments that were reflected in our unwavering commitment to our clients, our partners and our communities. These accomplishments in all areas of our company give us confidence for the future. We are building on our transformed organizational culture and our exceptional people to achieve solid performances that allows us to occupy an enviable place in our competitive sector," said with pride Sébastien Dupuis, President and CEO of Assumption Life.

Here are a few highlights from the 2022 fiscal year:
  • Total revenues of $92.1 million compared with total expenses of $74.2 million, resulting in a historic high net profit for the year of $12.1 million;
  • Assets under management reached $1.9 billion;
  • The solvency ratio was 131%;
  • The A.M. Best agency awarded Assumption Life an A- Excellent rating for the 23rd consecutive year, once again confirming its financial strength.

Accomplishments to highlight

The year 2022 was marked by numerous achievements, including a major transformation of the organizational culture to adopt constructive approaches and methods in daily interactions. This emphasis on achieving objectives and developing people led to Assumption Life winning a national award from Human Synergistics International.

Assumption Life was also recognized for the third consecutive year as one of the best employers in Atlantic Canada thanks to its exceptional employee experience.

In addition, this collective effort to build a positive culture environment where everyone can reach their full potential has led to outstanding results in all lines of business at the company.

In Individual Insurance, teams demonstrated creativity and innovation by reviewing their work processes to increase efficiency.

In Investments and Retirement, a first cross-Canada tour to meet and present Assumption Life offer allowed the teams to solidify and build relationships with advisors from across the country.

In Group Insurance, the launch of the Maple telemedicine platform was a highlight of the past year.

And the company officially welcomed a new member to the family, their ambassador: Kamylle Frenette. Kamylle is a Paralympic triathlete from Dieppe, New Brunswick who exemplifies the values of determination, motivation, inspiration, and inclusion.

"Finally, our people continue to respond enthusiastically and shine through their exceptional contribution that makes a real difference. With nearly 1,200 hours of volunteer work, members of the Assumption Life family have contributed exponentially to our various communities. Through our social responsibility program, we continue to provide financial support to more than 100 causes and initiatives that are important to all of us," added Sébastien Dupuis.

About Assumption Life
With a 119-year history, Assumption Life continues to ensure the financial security of its clients through its innovative products, personalized services and community involvement. Through daily collaboration, coupled with the trust, commitment and leadership of its employees, Assumption Life offers one of the best experiences that makes a difference for advisors, clients and community members.

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For information and interviews:
Maryse Giard
Relationship Marketing and Social Impact Advisor
Assumption Life
(506) 870-9153, poste 5261
[email protected]