Strong and forward-looking, Beneva presents its 2022 financial results
Quebec City, May 1, 2023 – Beneva has announced 2022 financial results meeting its expectations, as it hit major milestones to establish its foundations and made significant advances to complete the coming together of La Capitale and SSQ Insurance.
- Consolidated net income of $209.7 million
- Consolidated return on equity of 6.6%
- Assets of $25.1 billion
- Equity of $3.2 billion
- Gross premiums of $7.0 billion
“Our 2022 financial results maintained solvency ratios at enviable levels. Major technological investments carried out during the year, including expenses related to the integration, will allow Beneva to stand out, thus ensuring growth and competitiveness in the years to come,” said Jean-François Chalifoux, President and Chief Executive Officer of Beneva.
In group insurance, net income amounted to $55.3 million, as experience improved for most benefits and interest rate fluctuations had a positive impact. New business was $178.5 million, down due to the limited number of calls for tender and certain business decisions to support a gradual integration of the new ecosystem. Total business volume was up 8.5% from 2021 to reach $3.4 billion.
Property and Casualty Insurance
P&C insurance posted a net income of $93.8 million, as three major climatic events marking 2022 negatively impacted results, in addition to inflation and supply chain issues that contributed to an increase in the average cost of claims. Sales amounted to $441.6 million in 2022 despite continuing to be impacted by vehicle shortages, resulting in lower quote volumes and new business. Underwritten P&C premiums reached a volume of $2.2 billion, an increase of 9.3%.
Individual Insurance and Financial Services
Individual insurance and financial services recorded a net income of $42.4 million, as stock market performance negatively impacted the result for these two sectors. New business in individual insurance hit $51.9 million while it reached $1.6 billion in financial services. Lastly, individual insurance volume was $477.2 million, up 5.3%, owing to larger universal life insurance deposits and favourable retention rates for some term products. Funds under management was $10.8 billion, down 4.1%, due to stock market downturns in 2022.
Beneva’s annual report is available at beneva.ca/en/annual-report.
Created by the coming together of La Capitale and SSQ Insurance, Beneva is the largest insurance mutual in Canada with more than 3.5 million members and customers. Beneva employs over 5,000 dedicated employees: People looking out for people. Its human approach is rooted in the mutualist values that are shared by its employees. With $25.1 billion in assets, Beneva positions itself as a major player in the insurance and financial services industry in Canada. Its head office is located in Quebec City.
Policyholders of contracts issued by an insurance company of Beneva Group Inc. are members of SSQ Mutual and La Capitale Civil Service Mutual.