Despite the financial crisis, Quebec City-based financial institution SSQ Financial Group recorded a net income of $25.8 million for 2008, providing an 11.3% return on shareholders’ equity compared to 13.6% in 2007.

SSQ says it strengthened its position in of its business sectors. During fiscal 2008, assets under management rose from $3.9 billion to $4 billion, representing an increase of 1.9% over the previous year. The total volume of premiums and premium equivalents of SSQ enterprises rose from $1.7 billion to $1.8 billion, up 5.4% from the previous year.

“We are very satisfied that we have been able to maintain both continued growth and the quality of our products and services at SSQ in spite of the financial crisis. Our results this year prove the wisdom of the strategic choices we have made,” stresses René Hamel, CEO of SSQ Financial Group.

SSQ’s group insurance sector reported record sales, impressive growth in the Canadian market, a strong group renewal rate. The group Insurance sector ended the fiscal year with new sales totalling $118 million, representing a 73% jump over the previous year. Sixty-five% of these sales, or $77 million, came from groups outside Quebec.

Even with the downward spiralling financial markets, SSQ’s investment and retirement sector closed the year with assets under management worth $2 billion.

Although, the car and home insurance industry was hit hard in 2008 by adverse climatic conditions, SSQ General Insurance continued to post positive growth with annualized written premiums increasing by 13.7%, nearly double the rate of growth of its main competitors.

SSQ says this growth is the result of the diversification of its service offering, the excellent results achieved by its distribution networks, the signing of more than 25 new group insurance agreements, and the hard work of all of its employees, particularly its sales team.

With $2 billion in annual revenue and more than $4 billion in assets under management, SSQ Financial Group serves over one million clients and provides jobs to over 1,500 employees.

IE