Image: Huddle file photo
Assumption Mutual Life Insurance Company reported that 2021 was its best financial year since its founding in 1903.
At its Feb. 25 virtual annual general meeting, the Moncton-based insurance and asset management firm reported $2.1 billion in assets. That’s an increase of 4 percent from 2020 and a solvency ratio of 156 percent–what CEO and President Sébastien Dupuis said was the insurance company’s best year for net profit in its 118-year history.
Solvency ratio is a business’ ability to meet long-term debt obligations, something considered a measure of a business’s health.
Assumption Life also reported $167.2-million in total revenues, versus total expenses of $153.4-million. Its net income for 2021 totaled $9.7-million. Of that, $9.5-million was attributable to policyholders. This, too, was a new record, according to information from Assumption Life.
Assumption Life President and CEO Sebastien Dupuis. Image: Assumption Life
Dupuis said the success was due to the help of Assumption Life’s partners, clients, and communities, “who inspire us daily to achieve more.”
“Throughout the past year, every member of our staff has demonstrated agility and innovation. Their extraordinary ability to adapt is reflected in Assumption Life’s dedication and numerous achievements.”
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“It’s a testament to the company’s capacity to be agile, innovate, and do things differently,” said Thomas Raffy, Assumption Life’s director of marketing and communications.
At the AGM, Assumption Life also announced it had received an A- (excellent) credit rating for the 22nd consecutive year from American credit agency AM Best, launched a series of simplified issue products, and was recognized as one of the best employers in Atlantic Canada.
The insurance company also celebrated its support of 90 organizations and initiatives across the country: 19 scholarships awarded and 800 hours of volunteer time donated by staff members in 2021.
Sam Macdonald is a reporter with Huddle, an Acadia Broadcasting content partner.
