Assumption Group has announced that its profit for 2017 was $7.7 million, the third best year in the insurer's history. Assets under management for the Moncton-based mutual company hit $1.8 billion and its solvency ratio stood at 228 per cent.
In an announcement issued Feb. 23, Assumption Group stated that 2017 was “a year of transformation” for the company and that it is now positioned to improve its client experience using digital technologies.
New business model for advisors
"The business model used in our industry has been transformed and we must respond to this new reality. I am convinced that the traditional model of selling products through financial advisors will continue and evolve, and will allow the possibility to reach consumers differently using new technology. This is central to our strategic vision. We are keen on deploying a new business model for our financial advisors so that they can offer a unique client experience by allowing consumers to choose the way in which they receive services," said Assumption Life's President and CEO, André Vincent.
The company also highlighted that in 2017 it continued to work on establishing new strategic partnerships aimed at developing “innovative distribution platforms and new ways to reach consumers.” During the year, Assumption Group also acquired Tech Knowledge Solutions, to help improve the company’s ability to develop technological solutions.