QUEBEC
CITY, April 25, 2024 /CNW/ - Beneva
presented excellent 2023 financial results, a year marked by the
complete business integration of its two founding organizations.
The largest insurance mutual in Canada has already distinguished itself
through its achievements and its leadership while being modern,
efficient and committed to its environment.
Highlights as at December 31,
2023
- Consolidated net income of $271.5
million, up 149%
- Consolidated return on equity of 8.1%
- Assets of $25.2 billion
- Equity of $3.5 billion
- Solvency ratio of 141%
"These financial results show that Beneva is growing and
establishing itself in a highly competitive market. Our
organization has solid foundations on which we can build its
future," said Jean-François Chalifoux, president and CEO of Beneva.
"As well, several innovations were implemented during 2023 to
position it advantageously and improve the efficiency of services
to members, clients and partners."
New insurance business totalled approximately $533 million, while insurance business volumes
reached $6.6 billion, an increase of
8.0% over the previous year, which confirms its position as the
most important insurer in Quebec.
New financial services business was $1.4
billion for a volume of $11.9
billion, an increase of 10% over the previous
year.
First credit scores for Beneva
A highlight of 2023 was
obtaining Beneva's very first credit ratings. Indeed, the A.M. Best
rating agency awarded an "A (Excellent)" to Beneva Inc. and to its
property and casualty insurance subsidiaries following its rigorous
analysis. The ratings awarded by A.M. Best confirmed the solid
foundations on which Beneva was built.
Together toward a sustainable world
Beneva
published its first Report on Climate Commitments this year, in
addition to the Social Responsibility Report it releases annually
and in line with its goal to achieve a Net Zero emissions balance.
The company has not only adopted targets, it has also taken a
position: it wants to invest in global wellness while accelerating
a just transition toward a greener, more inclusive and resilient
world.
Beneva's annual report is available on the Financial information
page and its Report on Climate Commitments on the Social
Responsibility page.
About Beneva
Created by the coming together of
La Capitale and SSQ Insurance, Beneva is the largest
insurance mutual in Canada with
more than 3.5 million members and customers. Beneva employs
over 5,500 dedicated employees: people looking out for people.
Its human approach is rooted in mutualist values that are shared by
its employees. With $25.2 billion in assets, Beneva positions
itself as a major player in the insurance and financial services
industry. Its head office is located in Quebec City. For more
information, head over to beneva.ca.
SOURCE Beneva