(May 2 – 14:25 ET) – The new president and chief executive officer of Industrial-Alliance Life Insurance Company, Yvon Charest, presented his vision of the Company’s future today at the first annual meeting of the shareholders.
“Our strategy is guided by two major objectives: profitability and growth,” declared Mr. Charest, who was appointed president and chief executive officer of Industrial-Alliance today. “In terms of profitability, we want to obtain a rate of return on shareholders’ equity in the upper end of the 12% to 14% range. In terms of business growth, we have set a very ambitious objective, which is to obtain a growth rate of sales five percentage points above that of the industry in all lines of business.”
Industrial-Alliance intends to continue to expand its brokers network, mainly in western Canada and the Atlantic Provinces. It will also expand its national accounts network and enhance its distribution capability through affinity programs and by marketing private label products with financial institutions.
To accelerate its growth in wealth management, the company says it is committed to having an increasing number of its representatives become financial planners. Industrial-Alliance also intends to introduce new asset accumulation products. It will also place more emphasis on cross-selling of these products with its over 1.5 million life insurance customers.
In group insurance, Industrial-Alliance plans to target the small business market. The
company is also focused on expanding its market share in the western provinces, mainly through North West Life’s distribution network, and in the Atlantic Provinces, where it opened an office in 1999. The company also plans to use North West Life’s expertise in specialized products to increase its market share in creditor insurance.
Industrial-Alliance will continue to evaluate acquisition opportunities that can increase geographic diversification and enhance its product and service offering. “I believe that this strategy of growth and profitability will allow the company to offer added value to its insurance and annuities clients and increase the value of the shareholders’ investments. Our organization is determined to meet its growth objectives. Once it has, the Industrial-Alliance Group will become even more prominent in the industry,” said Charest.
-IE Staff