Assumption Life’s financial strength gets an A- for the 16th consecutive year

4/29/2015 12:00:00 AM

For the 16th consecutive year, A.M. Best gives Assumption Life an A- (Excellent) rating for its financial strength.

“A.M. Best is one of the oldest agencies specializing in independent evaluations of the financial health and creditworthiness of insurance and reinsurance companies worldwide, said Robert Moreau, Vice President and Chief Financial Officer of Assumption Life. This A- rating, confirmed year after year, speaks volumes. It testifies to our sound financial management, our stability and our ability to set ourselves apart from the competition in a very aggressive market”.

The agency indicated in a letter to Assumption Life that this rating reflects the company’s profitable operation, its ability to adapt to economic fluctuations as well as an evolving product strategy. According to A.M. Best, Assumption Life maintains a strong presence in Atlantic Canada, while increasing its market share in Ontario and Western Canada, which was made possible by the diversification of its distribution network and technology enhancements. Analysts noted that in addition, Assumption Life continues to introduce new products compatible with its electronic sales platform.

A.M. Best bases its decisions on the balance sheet strength, operating performance and corporate profile of the companies it evaluates. Furthermore, the A.M. Best rating serves as a confirmation to insured parties and investors that the company can meet its obligations to policyholders. In fact, the Company’s solvency ratio stood at 232% at December 31, 2014, well above the 150% minimum requirement set by the Office of the Superintendent of Financial Institutions Canada.

Established in 1903, Assumption Life offers a full range of products, including life insurance, group insurance, investment and retirement solutions, and mortgage loans. The company is now active in every Canadian province and territory. Its head office is located in Moncton, New Brunswick.

Founded in 1899, A.M. Best is the most highly regarded credit rating agency serving the insurance industry. Policyholders and depositors count on A M. Best’s ratings and analyses as a means of assessing the financial strength and creditworthiness of risk-bearing entities and investment vehicles