Moncton-based insurer Assumption Life recorded earnings of $94.5 million for the year ended Dec. 31, 2008, while total policyholder equity reached $81.1 million, up almost 4.1% over 2007.

“In light of the recent events shaking up the financial services industry and the economy in general, we have gotten by very well,” stated Denis Losier, president and CEO of Assumption Life. “We have continued to grow, posting net income of $4.3 million, up $297,000 from 2007. We even achieved a new record in life insurance, with total sales topping $4.4 million, a 10.7% increase over 2007.”

Particularly fierce market competition did little to keep profits down in other lines of business for the company. Total sales in group insurance totalled almost $6.4 million as of Dec. 31 and despite volatility in the financial markets, sales of financial products totalled $57.1 million.

Losier attributed Assumption Life’s sound financial health to the company’s increased presence on the national level and ongoing expansion of its distribution network. Some 50% of Assumption Life’s sales currently take place outside of Atlantic Canada.
The insurer’s total number of brokers also increased by 23%. In addition, the firm created the new sales subsidiary AVie through a strategic alliance with Acadie Vie to solidify its captive sales network in New Brunswick.

Assumption Life’s senior management plans to remain vigilant throughout 2009 as the financial crisis is far from over, Losier said. However, he is confident that the company’s financial stability — along with the outstanding quality of its employees and distribution network — will help Assumption Life to cope with fluctuating markets.