SSQ reports decrease in net income for fiscal 2008

SSQ Financial Group reported a net income of Cdn$25.8 million in 2008, providing a return on equity of 11.3% compared to 13.6% in 2007.
The volume of business of its general insurance increased to Cdn$128.4 million from Cdn$123.6 million in 2007, marking a 3.9% increase.
Annualized written premiums in its general insurance unit increased by 13.7% despite a higher-than-usual number of claims in its home and auto lines.
“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,” an SSQ release says.
The group insurance sector of SSQ ended fiscal 2008, with new sales totalling Cdn$118 million, representing a 73% increase over the previous year. Sixty-five per cent of those sales, Cdn$77 million, came from groups outside of Quebec.