La Capitale Insurance and Financial Group recently reported that it posted solid gains last year despite a challenging economic climate.
Notably, it was the company’s P&C performance that helped it pull through, despite the difficulties its other sectors experienced.
“The Mutual was able to hold its own during these tough times and post positive results,” said La Capitale Civil Service Mutual chairman of the board and CEO Jean St-Gelais.
“The Property and Casualty Insurance sector’s outstanding performance compensated for the difficulties encountered by the Life and Health Insurance and Financial Services sector, which again proves that the diversification of La Capitale’s operations, the strength of our distribution networks, our presence in numerous markets and the quality of our employees are invaluable advantages,” St-Gelais explained at an annual company general assembly event on Monday.
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La Capitale posted a consolidated net income of $45.2 million in 2016, representing a 5.0% return on equity. Total equity was $960.3 million and total consolidated income surged by 10% to $2.2 billion. The company’s consolidated assets also climbed 9.2% to $6.4 billion.
The company’s P&C sector (composed of La Capitale General Insurance, L’Unique General Insurance and Unica Insurance) posted record profitability. Net income for the sector was at $42.9 million, which represented a 12.3% return on equity. Of the three companies, Unica Insurance had the highest profit level in its history, a company release highlighted. Together, La Capitale’s P&C companies had a consolidated gross written premium volume of $919.4 million – a 4.4% year-over-year increase compared to results in 2015.
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