The insurer celebrates its 170 years with lofty ambitions
QUEBEC, April 21, 2022 /CNW Telbec/ – In 2021, Promutuel Insurance produced remarkable results and continued its outstanding financial performance. A $206 million insurance result and a premium volume in the neighbourhood of a billion dollars stand out. These strong and stunning results are a reflection of the organization itself. This enviable performance paves the way for a year of celebration for the insurer as it marks its 170 years of existence.
Promutuel Insurance’s profitable growth strategy clearly continues to bear fruit. Not only have the last two years proven favourable for the insurance industry, but Promutuel Insurance’s moves prior to the pandemic, especially a return to basics, a review of its market positioning, and confirmation of the lines of business it wishes to exploit, are now emblazoning its financial statements and setting the stage to accelerate the deployment of its plan for profitable growth. The insurer has expressed its ambition to double its size and to expand its footprint beyond Quebec’s borders.
Building the strength of its 16 mutual associations, the commitment of its 2000 employees and its loyal insured members, all of Promutuel Insurance’s key performance indicators, unveiled today at its annual general meeting, are green:
A $993 M premium volume, representing 4.5% growth
$206 M in earnings (insurance result); a 50% increase
10% asset growth to $2.033 B
Members’ equity reaching $923 B
Return on members’ equity grew 36%
Significant community involvement enabling $36 million to be distributed to its insured-members and the communities where the organization is present
2021 has exceeded expectations on several fronts, especially with regard to the insurance result. Our investments’ noteworthy performance, plus the low claims ratio due to Mother Nature’s clemency over the past year, led to a year-end comprehensive income of $229 million. In addition, Promutuel Insurance can count on a 89% retention rate for its insurance policies, which attests to the loyalty and trust the insured members have in the Group. Finally, all these excellent results have allowed Promutuel Insurance to consolidate its financial standing with a 397% solvency ratio.
Transformation projects to improve the organization’s efficiency and strengthen the employees’ and insured members’ experience highlighted 2021’s non-financial results:
Simplified underwriting process for the insured members
Creation and implementation of a Member Experience department to continue delivering a differentiated member experience
Unveiling of a new employer brand, “You are so THERE!”
Launch of its cyber risk product
Improved business pricing tools
Repositioning of the business model for greater agility and to pave the way to expand beyond Quebec
“Our 170th anniversary is an opportunity to celebrate who we are and propel us into the future. It’s a moment to remember our past so that we know where we’re going, while recalling our agricultural roots and the new niches to which we are resolutely committed. We have built a network of mutual associations entrenched in their communities. It makes us more than an insurer, but also a trusted partner, ever THERE for 170 years.” – Promutuel Insurance Group President, Mr. Yvan Rose.
“Being a mutual insurer means managing differently. Today’s results show that we are doing things our way and we have all the tools and levers to compete with the best of our industry to generate value and profitable growth for our insured members. We mix boldness and agility in response to our desire to transform, most notably in the areas of profitable growth, member experience, operational efficiency, talent recognition, and sound governance. Today, our organizational soundness and financial health let us dream even bigger. In the coming years, we intend to double the organization’s size and give life to our ambition of penetrating the market beyond Quebec.” – Promutuel Insurance CEO, Geneviève Fortier.
About Promutuel Insurance
Promutuel Insurance is one of the biggest damage insurers in Quebec. Renowned for its financial stability, its top-quality products and its superb customer service, it has 2000 employees serving its 632,000 insured members. Promutuel Insurance has embraced its mission to promote and offer insurance products that meet its customers’ needs. For this purpose, it provides quality personalized service and encourages the mutualist values that has guided its actions for 170 years.
SOURCE Promutuel Insurance
View original content: http://www.newswire.ca/en/releases/archive/April2022/21/c9704.html