Beneva posts excellent first-time financial results
Quebec City, May 3, 2021 – Created by the coming together of La Capitale and SSQ Insurance, Beneva is posting its 2020 annual report today. Beneva came into being in mid-2020, so its results are a combination of the results of La Capitale and SSQ Insurance. These first-time results for the 12-month period ending on December 31, 2020, demonstrate the financial soundness of the new company.
- Assets of $25 billion
- Combined net income of $276.4 million, up 21.5% over 2019
- Equity of $2.5 billion
- Gross premiums of $6.0 billion, up 9.1% over 2019
- Combined return on equity of 12.6%
“We’re very proud to present Beneva’s first annual report. These excellent 2020 financial results ensure that we have a promising future. They show that our union has value and support our long-term vision,” said Jean-François Chalifoux, President and CEO of Beneva.
The company ended the 2020 fiscal year with net combined income growth of 21.5%, which amounted to $276.4 million and it generated a combined return on equity of 12.6%. The company’s equity totalled $2.5 billion while gross premiums reached $6.0 billion. Total assets are now $25.0 billion. And finally, the 157% solvency ratio demonstrates that Beneva is well capitalized at a level that is envied by the industry.
Net income for this sector totalled $24.5 million. Short-term products generated appreciable earnings. Long-term disability experience, however, was unfavourable during the fiscal year. Group insurance volume amounted to $3.0 billion, an increase of 2.7% over 2019.
Property and casualty insurance
Experience was favourable for all property and casualty insurance products. Taking into account the pandemic-related premium discounts we gave our customers, net income for this sector totalled $176.9 million. At $1.7 billion, the volume of property and casualty insurance written premiums were up 15.5% from 2019.
Individual insurance and financial services
The impact of the stock markets and interest rate decreases led to a below-target net income of $22.9 million in individual insurance and $13.1 million in savings. The volume of individual insurance at $432 million was up 3.7% from the previous year. In terms of savings, funds under management totalled $9.6 billion thanks to the favourable market impact, lower than expected outflows and higher than expected sales.
At Beneva, we want insurance to focus on people. And after more than 75 years of bringing comfort to communities as La Capitale and SSQ Insurance, we thought the time was right to join forces and bring a new voice to the industry, for the benefit of all Canadians.
Beneva’s annual report is available at beneva.ca/annualreport
Beneva was created by the coming together of La Capitale and SSQ Insurance to become the largest mutual insurance company 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 mutualist values that are shared by its employees. With $25 billion in assets, Beneva positions itself as a major player in the insurance and financial services industry. Its head office is located in Quebec City.