Moncton-based Assumption Life set a new life insurance sales record in 2012 even as profits edged lower, the company reported Friday.
The firm posted profits of $4.6 million, down slightly from $4.7 million in 2011.
The company achieved a record $12.8 million in life insurance sales in 2012, an increase of 24% over $10.3 million in 2011.
However, stock market volatility contributed to a drop in sales of financial products to $51.9 million, from $69.9 in 2011.
“The year 2012 was a volatile one in the financial industry,” said Denis Losier, president and CEO of Assumption Life, at the firm’s annual meeting in Moncton.
“Assumption Life was able to keep up the momentum in 2012, in part due to a line of niche products and investments in technology, positioning us in a specialized market where no other company has succeeded in joining us. Our distribution network continues to grow, and we now have over 5,000 brokers coast to coast,” he said.
Assets under management grew to $1.3 billion in 2012, up from $1.2 billion in 2011. The company’s solvency ratio was 239%, down from 251% in 2011. Louisbourg Investments’ assets under management climbed to $1.6 billion, up from $1.5 billion in 2011.
As previously announced, Losier takes his leave as president and CEO this year.
“After 19 years ― or 31.1% of my life, for those who like statistics ― I am leaving with my head held high, proud of what we have accomplished together,” Losier said.
Earlier this month Assumption announced the appointment of André Vincent as the company’s new president and CEO. Vincent will be assuming his duties on April 1.