The year 2016 brought significant change to Assumption Group, announced the mutual company at its AGM today. In particular, the emergence of fintech providers has caused Assumption to evaluate its market position.
"The industry is changing rapidly with the arrival of new players such as Fintech companies that reach customers in new and different ways. This new reality has prompted us to conduct a long evaluation of our market position. In order to achieve our long-term growth plan, we had to expand and strengthen our foundation in 2016,” said André Vincent, President and CEO of Assumption Life in an announcement released Feb. 24.
Better positioned to achieve goals
Assumption, which has set a goal of doubling its size by 2020, says work done during 2016 has positioned it better to respond to changes and achieve its growth plans.
“In 2016, the company established many important strategic partnerships that are crucial to the development of products that meet the special requirements of new distributors. These strategic partnerships are in addition to the relationships with our traditional partners, namely Assumption Life's authorized advisors, who remain critical to our success,” said Assumption’s announcement.
Financial highlights for 2016 include an increase of four per cent in assets under management to reach $1.6 billion and a solvency ratio of 245%.
Fastest growing sector
Assumption’s investments and retirement sector saw continued growth, reaching $133 million, an increase of 12% in the sale of financial products in 2016 said Vincent. “For the past three years, investments and retirement has demonstrated the fastest growth among our business lines. We are delighted to report on its success and will continue to strive to achieve accelerated growth in the coming years."
As part of its Corporate Social Responsibility Program, the company contributed 6% of its net profits to community groups and organizations.