|By PR Newswire||
|April 3, 2014 12:00 PM EDT||
SAINT-HYACINTHE, QC, April 3, 2014 /CNW Telbec/ - At the Annual General Meeting this morning, President and CEO Richard Gagnon presented Humania Assurance's results for the past year. "In 2013, more than ever, the Company had the audacity to question itself and explore new avenues through ambitious projects," he stated.
In addition to celebrating its 75 years of operations, the Company renewed its corporate identity, which is now more reflective of the modern organization it is today, by changing its name from LS Insurance Company to Humania Assurance. The new name has been welcomed warmly both by policy owners and by the representatives that distribute the Company's products.
Moreover, Humania Assurance demonstrated its innovative leadership by developing and launching an initial product distributed and managed fully online. "Humania Assurance ‑ Insurance Without Medical Exam" enables brokers to offer their clients throughout Canada a product marketed exclusively via the Internet. In addition to gaining in efficiencies, brokers and the insurer alike are able to reach a larger client audience.
Richard Gagnon also recalled that Humania Assurance is the sole shareholder of LS‑Travel, Insurance Company, and the exclusive partner with Tour+Med Assistance for the distribution and management of its products. Since the partnership began six years ago, it has been a resounding success, as travel insurance sales have grown, on average, over 20% each year. He added that more than 35% of those sales are outside Québec. In 2013, the strategic alliance was renewed for the next 15 years.
The Company's net earnings were up 16.6% over the previous year, totalling $4 million. According to Richard Gagnon, that result is all the more impressive given the considerable investments the Company has made to broaden its distribution channel through more effective use of new technologies as well as to gradually expand its presence outside Québec.
Gross revenue for Humania Assurance totalled nearly $120 million, a more than 10% increase over last year.
In all, the Company's assets grew by 9.8% in 2013 to total $410.5 million.
Challenges for 2014
A number of projects are under way for 2014, but expanding its markets is a major challenge to sustaining the Company's growth. To that end, initiatives such as the acquisition of a book of business from Transamerica Life Canada in 2012 will continue. Humania Assurance already has insureds in all Canadian jurisdictions.
Tribute to Jacques Desmeules
Mr. Gagnon took the opportunity to mention the departure of Board Chairman Jacques Desmeules. Mr. Desmeules was appointed a director in 1996 and served as Board Chairman for more than 10 years. He concluded in saying: "It has been an immense privilege for me to be able to rely on a person of his stature to advise me and support me throughout this period of growth for our organization."
SOURCE Humania Assurance Inc.
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