Saint-Hyacinthe, April 18, 2013 – At the celebration to mark its 75th birthday, LS Mutual of Saint-Hyacinthe announced its decision to change its name from “LS Mutual Life Insurance Company” to “Humania Assurance Inc.”
According to President and CEO Richard Gagnon, “this rejuvenation process was driven by a desire to give the company a more modern, bilingual name that better evokes the human values that guide the company and the health insurance products that characterize it.”
Despite the change, the name “LS Mutual” will continue to be echoed within the financial group, as the mutual management corporation that owns 100% of the insurance company (Humania Assurance Inc.) will retain its name, “LS Mutual Management.” The mutual management corporation groups the 100,000 or so mutual members insured with Humania Insurance.
Richard Gagnon further stated that this important decision was driven by numerous consultations, particularly among staff and representatives, in a survey conducted a few months ago.
Annual general meeting
A few hours earlier, at the Company’s annual general meeting, Mr. Gagnon recalled the major legal conversion process led by the organization in 2012 and culminating in the adoption of private Bill 212. As a result of the conversion, the insurance company is now able to issue share capital and enlist other financial partners while retaining its mutual company structure.
With regard to financial results, management announced that gross revenues were up 10.5%, while net insurance premium had registered a substantial increase of 16.2%. Earnings before taxes totalled approximately $5 million, leaving net earnings of $3.4 million, slightly down from last year. That drop can be explained by an increase in the insurer’s reserves on account of low interest rates and non-recurrent expenses.
Insurance portfolio acquisition
During the same meeting, the mutual members also learned that an agreement had been struck with Transamerica Life Canada to acquire a portfolio of more than 3,000 individual disability insurance policies with an annual premium volume of $3.5 million. The transaction will take effect upon receipt of final approval by the regulatory authorities, expected in the second quarter of 2013.
According to the President and CEO of Humania Assurance, the transaction ties in perfectly with the insurer’s strategy, as a specialist in health insurance seeking greater market presence outside Quebec. Once the transaction is completed, Humania Assurance will have clients in all Canadian jurisdictions.
About Humania Assurance Inc.
Humania Assurance is one of the oldest and soundest insurance compagnies in Québec. It provides insurance coverage to over 200 000 clients and delivers exceptional customer service to meet the needs of its clients. Humania Assurance, putting you first!