The agency A.M. Best confirms Assumption Life’s financial solidity and creditworthiness for the 21st consecutive year

9/10/2020 12:00:00 AM

Moncton (NB), September 10, 2020 – For the 21st consecutive year, the agency A.M. Best has given Assumption Life the rating of A- (Excellent). This report also confirms the company’s financial soundness and creditworthiness.
 
“This A- rating once again highlights our financial stability and our excellent capitalization level. Our high-quality assets are very solid, and we have shown sound risk management for the company over the years, that helped us get through last few months during the pandemic with limited operational and financial impact. We have clearly shown our clients and our partners that we are there for them in any situation, especially during difficult times such as the recent confinement”, said Assumption Life’s Vice President, Chief Financial Officer and Chief Actuary Direction, Michel Allain.
 
“An A- rating is a tangible marker of financial stability which can be difficult to obtain for a company of our size. To achieve this level in ratings for 21 years in a row is an achievement by itself that needs to be celebrated. Over the years, Assumption Life has amply demonstrated an excellent capacity of managing the market’s highs and lows such as the tech bubble of 2001, the 2008 recession and now the COVID-19 pandemic”, highlighted Michel Allain. 
 
During this most recent global crisis, Assumption Life was proactive and quickly build upon its solid technological base to transition close to 98 % of its workforce to telework mode to continuously provide services while protecting its employees and their families. In the early stages of the pandemic, the company’s remote work portion of the business continuity plan was rapidly implemented, partly due to test runs and simulations in the previous year.
 
“Our stability through this crisis sends a clear signal to our clients and partners that Assumption Life is a solid ally. Our employees demonstrated our values of leadership, collaboration and engagement and they really made a difference. Despite the pandemic, Assumption Life is well positioned to continue to innovate in our products and services and we strive to achieve our ambitious goals outlined in our strategic plan”, said Assumption Life’s President and CEO, Sébastien Dupuis.
 
Founded in 1903, Assumption Life offers individual and group insurance products as well as investment and retirement products and mortgages. It has offices in all provinces and territories of Canada. The Company's 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.
 
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For information and interview:
Thomas Raffy
Director of Communications
506 870-9153 ext 5194
thomas.raffy@assomption.ca     www.assomption.ca