La Capitale sees growth in 2013 despite weather challenges

The property and casualty insurance arm of La Capitale Financial Group Inc. saw business growth of 7.4% despite several extreme weather events in 2013 that produced a record number of claims for insurers in Canada.

“We made progress in all our business lines and significantly consolidated our market share, particularly in the Greater Montreal region,” Constance Lemieux, president and chief operating officer of La Capitale General Insurance, said Monday in a statement announcing the company’s 2013 financial results.

La Capitale General Insurance, L’Unique General Insurance and Unica Insurance – which make up La Capitale’s Property and Casualty Insurance Sector – had a combined premium income of $812.4 million, notes the statement from La Capitale, the third largest p&c insurer in Quebec.

As for La Capitale’s Life and Health Insurance and Financial Services Sector, it showed a net income of $49.6 million, up 45%, and accumulated premium income of $862 million, up almost 18%, over the previous year.

At the end of the last fiscal year, La Capitale Civil Service Mutual had consolidated income of $1.7 billion, assets of $4.9 billion and equity of $839.9 million, generating an 8.8% return. Despite a difficult year for p&c insurance’s loss experience, “the mutual cleared a net consolidated income of $65.2 million thanks to its diversification and integration,” the statement adds.

“In spite of volatile markets, very low interest rates and stricter regulatory requirements, our organization continues to grow by focusing on what counts the most: its clients,” emphasizes René Rouleau, chairman and CEO of La Capitale Civil Service Mutual.

La Capitale Insurance and Financial Services offers insurance products and financial services to the general public, as well as to Quebec public administration employees.