Promutuel Insurance presented its annual report at its annual general meeting in Rivière-du-Loup, held on April 27 and 28. The annual report states that the comprehensive income was merely $28 million, down sharply from $229 million in 2021. 

Deteriorating claims experience and market volatility largely explain the sharp drop in profits. The financial overview states that policyholder benefits totalled $540 million in 2022, compared to $399 million in 2021. This represents an increase of 35 per cent. 

Strong premium growth propelled year-end insurance earnings to $83 million, more than double Promutuel’s projections. Even so, this figure represents a 60 per cent decrease from the $206 million in earnings reported in 2021. 

This performance offset the decline in investment income resulting from the stock market turmoil.


Promutuel CEO Geneviève Fortier underlines the impact of escalating costs of claims and natural disasters. 

The loss ratio was 55 per cent, despite major weather events such as the May 2022 derecho and the December 23 winter storm, which generated significant losses at several mutuals. By comparison, the ratio was 42.7 per cent in 2021. 

The combined loss ratio was 92 per cent, 14 points worse than the 78 per cent recorded in 2021. 

Written premiums  

Written premiums exceeded the $1 billion mark in 2022, as forecast. Premiums were $1.063 billion, up 7 per cent from $993 million in 2021.

The 16 member mutual companies vary greatly in size, ranging from $27.9 million in written premiums for the Montmagny-L'Islet mutual to over $125.1 million for the Chaudière-Appalaches mutual. 

The breakdown of written premiums shows that personal property insurance, both auto and home, accounts for 69 per cent of premiums written, while business and farm insurance make up 31 per cent of premium volume. 

Commercial lines premiums written were $244 million in 2022, up 17 per cent from $209 million in 2021. As a result, the share of premium written volume in commercial lines grew to 23 per cent in 2022, versus 21 per cent in 2021. 


The Board of Directors is working on the next strategic plan that will cover the period 2024-2027. The 2020-2023 plan states that the group has also begun thinking about how to better support its brokerage network. 

Geneviève Fortier told The Insurance Portal one year ago that a quarter of the volume of written premiums at Promutuel came from the brokerage network. 

Promutuel Assurance had 634,000 insured members as of December 31, 2022 and over 2,100 employees. The group ranks fourth in the Quebec P&C insurance market. 

The annual report cites data from a SOM survey conducted in November 2022 among Quebecers aged 18 and over who have automobile or home insurance. It finds that Promutuel Assurance is the second most recommended insurer.