Assumption Life Receives A- (Excellent) Rating from A.M. Best for the 14th Year in a Row

4/18/2013 12:00:00 AM

A.M. Best gives Assumption Life a financial strength rating of A- (Excellent) for the 14th consecutive year; this speaks volumes about the Moncton, New Brunswick–based firm’s stability and consistency. The agency also indicated that Assumption Life’s rating outlook is stable.

A.M. Best provides independent reviews of insurance companies around the world, based on an in-depth analysis of their financial health and creditworthiness.

“These results are a testament to Assumption Life’s strategic management and show that we been able to adapt despite a volatile market and at-times challenging industry conditions. The A.M. Best rating says a great deal about our performance and our products, but most of all about our stability,” stated Assumption Life Vice-President and Chief Financial Officer Robert Moreau.

According to Moreau, Assumption Life’s niche products and markets have played a role in its ongoing success. “With the niche products we have developed, along with our efficient technologies, such as the easy and efficient online services we provide, we have been able to transcend geographical boundaries and reach out to our market,” he said.

Assumption Life reported enviable results in fiscal 2012, with stable profits of $4.6million, record life insurance sales of $12.8million and financial product sales of $51.9million. Policyholders’ equity totalled $99million. Assets under management came to $1.3billion, while group insurance sales climbed to $6.6million.

Assumption Life’s solvency ratio for 2012 was 239%, far exceeding the 150% minimum required by the Office of the Superintendent of Financial Institutions of Canada. “This ratio is very important to us. It sends a message to our clients and partners,” said Moreau. “Our solvency ratio, like the A- rating from A.M. Best, confirms our reputation for being a solid, trustworthy firm.”