Insurance Business SSQ Financial appoints new chairman of the board

SSQ Financial appoints new chairman of the board In a company statement published yesterday, SSQ Financial Group announced that it is appointing a new chairman of the board.

René Hamel – recently elected to serve as director – was chosen to succeed Pierre Genest as the new chairman by the company’s boards of directors.

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The appointment marks Hamel’s return to SSQ Financial, after previously working for the company from 1986 to 2015. Hamel spent the last seven years of his previous tenure with SSQ as CEO of the company.

SSQ’s statement also shared details regarding the company’s financial results for 2016.

Despite cutthroat market conditions, SSQ finished 2016 with $289.5 million in insurance sales – up 18.6% compared to 2015’s results. Traditional group sales for the company advanced by 14.0%, while general insurance increased by 6.0%. Individual insurance’s business volume climbed 27.6%. The statement also noted that sales from the individual sector reached $558.1 million.

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“In 2016, SSQ’s return on equity was 10.2%, based on net income of $77.6 million. In fact, net income is up 19.8% over last year, which is explained by a higher result in the savings sector, gains on the disposal of investments, in addition to excellent performance in group insurance,” said SSQ CEO Jean-François Chalifoux.

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