Assumption Life posted net profits of $6.6 million in 2013, which represents an increase of 40% compared to 2012. Its solvency ratio reached 251%. The insurer also points out that there has been progress in terms of its sales, and mentions significant technological positioning. “Our revenues are up in two of our three main business lines,” commented Assumption CEO André Vincent in an interview with The Insurance and Investment Journal a few days after its annual general meeting in early March.Compared to 2012, its group insurance and retirement investment sales jumped by 80% and 53% respectively in 2013. With more than $12 million in premiums in 2013, the spectacular growth in the group insurance sector was brought about by the movement of several large groups which Mr. Vincent declined to name. “We had some large sales, not necessarily recurring ones,” he says. “As for the growth in the investment and retirement unit, with total net sales of $80 million, it is due to a strong performance in segregated funds.”

The boost in the insurer’s investment and retirement sales amounted to a 56% increase in segregated funds sales in 2013 over 2012, a 25% increase in Guaranteed Investment Certificates (GICs), and a 19% increase in annuities (RRIFs, life annuities, etc.). As a result, the small mutual insurance company from New Brunswick ranked 6th in Investor Economics’ segregated fund rankings for 2013.

The only segment that declined was individual life insurance, which dipped slightly because of the insurer’s decision to leave the universal life market in 2012-2013. Premiums in this area declined by $8 million compared to the previous year.

As for the insurer’s subsidiary investment management firm, it posted a net increase. “Placements Louisbourg is also doing very well and surpassed the $2 billion mark in assets under management. Its assets have doubled over the last five years. Louisbourg is active in institutional investment management, including retirement plans,” said Vincent. Assumption also provides private investment management for accounts of $1 million or more.