A year of digital transformation

2/23/2018 12:00:00 AM

2017 was a year of transformation for the Assumption Group, which is now positioned to improve its client experience using digital technologies. This ambitious project stems from a strategic planning process that was carefully conceived, and technological change that is revolutionizing the industry. This project was announced on February 23, 2017 at the Group's Annual General Meeting.
2017 turned out to be a critical year for the Acadian company, which is now well positioned to accelerate its growth.
"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," states Assumption Life's President and CEO, André Vincent.
In 2017, the Company continued to work on establishing new strategic partnerships that will allow it to develop innovative distribution platforms and new ways to reach consumers. The Assumption Group also acquired the technological consulting firm Tech Knowledge Solutions, and this fifth subsidiary will improve the company’s ability to develop technological solutions.
2017 Financial Highlights
  • Assets under management reached $1.8 billion.
  • The solvency ratio stands at 228%.
  • The profit for the year was $ 7.7 million. It was the 3rd best year in the company's history.
Appointment of two new members of the Board of Directors
During the Annual General Meeting, the company also announced the departure of Allister Surette and Yves Arseneau, after 11 years of service with the Board of Directors. Adrienne O’Pray and Steven Ross has joined the Board of Directors as new administrators.
Community involvement and a certification to be proud of
The Assumption Group continues to promote its values as a mutual company in a tangible way by supporting various community organizations and charitable causes. As part of its corporate social responsibility program, the company has continued to contribute 6% of its net profits to community groups and organizations that operate in the areas of health and wellness, education and socio-economic development, and in the arts and culture sectors.
"Assumption Life is always motivated by the common good, and the commitment made by the company and its employees continues to be the central focus that unites us all. Our Social Responsibility Program is a celebration of our determination to make this world a better place and, seeing all of the good that we are spreading around us makes me extremely proud. Today more than ever, we are determined to play a meaningful role in our community and to continue to be a company that is responsible, authentic, and human," said Mr. Vincent.
In 2017, Assumption Life obtained the prestigious B Corp certification; this certification is part of an international social movement involving over 2,000 companies. B Corp is redefining business success by fostering the promotion of shared and lasting prosperity, while improving economic and environmental well-being. Assumption Life is proud to have become the first life insurance company in Canada and the 200th Canadian company to obtain B Corp certification.