La Capitale releases its 2018 financial results
April 9, 2019 – La Capitale Insurance and Financial Services had a good year in 2018, in both its life and health insurance and financial services and property and casualty insurance divisions. The P & C division’s performance is noteworthy, because it was achieved in a challenging context in which major climatic events impacted the entire industry.
“The insurance and financial services marketplace is evolving at a rapid pace with the arrival of new players riding the wave of new technology. To weather the storm and carry on with its mission to meet the needs of its clients and Mutual members, La Capitale strengthened its commitment towards sustainable development in 2018,” said Jean St-Gelais, Chairman of the Board and Chief Executive Officer of La Capitale Civil Service Mutual.
La Capitale posted a consolidated net income of $75.5 million in 2018. This result represents a return on equity of 7.8%. The Mutual’s total equity was $1,060 million, and total consolidated income, which is derived from premium revenue, investment income and other items, reached
$2.4 billion. Lastly, the Mutual's consolidated assets reached $7.4 billion.
Property and casualty insurance
The P & C insurance division, which consists of La Capitale General Insurance, L’Unique General Insurance and Unica Insurance, performed well in 2018, despite numerous major climatic events. That division posted a net profit of $31.7 million.
During 2018, La Capitale’s P & C division passed the landmark of $1 billion in written premiums, with a premium volume of $1,041.7 million. This represents a $78.2 million increase over the previous year, or an 8.1% growth.
Life and health insurance and financial services
The life and health insurance and financial services division had a profitable year with a $43.8 million net profit, which represents a 54.2% increase over the previous year.
In 2018, the individual insurance and financial services division focused its efforts on increasing profitability, facilitating relations with partners and improving the client experience. The savings and investments portfolio increased in value to $2.4 billion in 2018, doubling its volume over the last four years.
Our group insurance division had an excellent year of growth in 2018. Inforce premiums hit the $727 million mark, up 7.7% over the previous year. Sales, which reached $75.5 million, were distributed more or less evenly between Quebec and the rest of Canada.
The 2018 Annual Report is available on La Capitale's website.
About La Capitale
La Capitale Insurance and Financial Services, created in 1940, has a strong presence across Quebec and throughout Canada. With over 2,686 employees and guided by the values of mutualism on which it was founded, La Capitale works with clients to build, protect and value what they feel counts for their financial security. It offers insurance products and financial services to the general public as well as to Quebec public service employees. With assets of $7.4 billion, La Capitale occupies a choice position among leading insurers in Canada.
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