Stéphane Rochon, President and Chief Executive Officer, announced the financial results for 2017 at Humania Assurance’s annual general meeting today.
“Success, personal excellence and change: these three themes perfectly sum up 2017 at Humania Assurance. HuGO, powered by innovative platform technologies that process insurance applications in just a few minutes, experienced strong growth after its launch in fall 2016. With this Web platform, we won three major technology awards at the provincial and national levels. Online sales grew because of this innovative technology as well. Our success was possible, thanks to the continuing commitment and sustained efforts of all employees at the heart of the business. The company maintains its growth and financial strength year after year,” said Mr. Stéphane Rochon.
Business Development
Throughout 2017, Humania Assurance consolidated its presence in markets outside Quebec. Indeed, 35% of sales by Humania Assurance and its subsidiary LS‑Travel were recorded outside Quebec. In addition, 58% of the individual insurance sales of Humania Assurance were completed online by independent advisors. This is an 18% increase in sales compared to 2016.
Financial Results
Gross revenues of Humania Assurance grew to a total of $164.5 million. The company reported $6.9 million in earnings before taxes in 2017, up 9.2% from the previous year, and a net income of $4.9 million. The company’s assets at December 31, 2017, totalled $595 million, up $60 million from 2016. The Company continued to maintain a strong capital position, reporting a solvency ratio of 219%.
Future Prospects
The next few years will be dedicated to pursuing the company’s digital shift. Humania Assurance intends to focus on marketing fully digital insurance products and solutions. In 2018, we will continue our efforts to speed up the digital migration of most of our current products. The company will continue to invest to remain in the lead in terms of market, distribution and technological innovation and capitalize on our technological edge.
Consult the 2017 Annual report.