PROMUTUEL INSURANCE CONTINUES ON ITS PROFITABLE GROWTH PATH WITH EXCEPTIONAL RESULTS FOR 2024!

 Aligned on its mutualist values, Promutuel injects $22 million into the community.

QUÉBEC CITY, April 28, 2025 /CNW/ - Despite market uncertainty, geopolitical tensions and the financial repercussions of extreme weather events linked to climate changes, Promutuel Insurance has once again managed to deliver excellent results for the fiscal year ending December 31, 2024.

The business model established by the oldest mutual property and casualty insurance company in the province of Québec has shown the strong resiliency and solidity of Groupe Promutuel. As a result, the organization is able to stand out by delivering exceptional results for 2024.

The last fiscal year continues the trend of recent years at Promutuel Insurance, which is to exceed its ambitious annual objectives with a premium volume of $1.3 billion, representing an 11.6% increase compared to the previous year and an enviable profitability with a net combined ratio of 85%.

Highlights:

• Gross written premiums¹ of $1.308 million, representing a growth of 11.6% compared to last year;
• Insurance results of $184 million, up 21.1% from the previous year;
• Net loss ratio of 50.3%;
• Comprehensive income of $230 million, representing an increase of $87 million or 60.8% compared to last year;
• Net combined ratio of 85%;
• Assets of $2.086 million;
• Solvency ratio of 385%;
• Members' Equity reaching $1.373 million;
• Significant injection of $22 million into the community.

"We are continuing the deployment of our profitable growth strategy and speeding up our transformation by building on our ambitious vision and our mutualist values," said Geneviève Fortier, CEO of Promutuel Insurance. We are relying on the disciplined execution of our core basic operations, a balanced management of our insurance and investment portfolios, and the collective strength of our mutual companies to generate the expected results, for the benefit of our insured members. This collective success is the result of impeccable execution ensured by the constant efforts of our 2,400 collaborators, thereby inspiring confidence in a future where everything becomes possible."

The most recommended insurer… yet again!

Promutuel Insurance now has 653,000 insured members, 14,000 more than last year. Clearly, the daunting task of improving the member experience which the company has undertaken over the past few years is bearing fruit and suggests even stronger results in the coming years for the organization that has reasserted itself as the most recommended consumer insurer².

Caring for our communities, which is the basis of the mutualist commitment of Groupe Promutuel and its 13 mutual companies, translates into support for causes, organizations and events that contribute concretely to the economic and social well-being of all regions of Québec.

In this regard, 2024 marks a considerable contribution to the Québec community with a massive injection of $22 million, in donations, dividends and sponsorships.

A mutualist model, a collective success

Ultimately, Promutuel Insurance received numerous recognitions in 2024. This undoubtedly demonstrates the organization's commitment to creating a stimulating work environment for its employees and to providing a unique range of services to its insured members.

• Top 60 in employee experience
  Promutuel Insurance is among the 60 global leaders in employee experience, ranking 3rd among companies with 1,000 or more employees, which highlights its ongoing commitment to developing the full potential of its teams and ensuring their well-being at work.
  
  
• Healthy business
  Groupe entreprises en santé has awarded the Healthy Enterprise Level 1 Recognition to Promutuel Insurance, a distinction that reiterates its commitment to establishing best practices in wellness and to promoting sustainable organizational performance. 
  
  
• Excellence in organizational health
  Promutuel Insurance has also received Dialogue's Healthiest Workplace Award. This distinction rewards workplaces that promote well-being. Promutuel Insurance is also among the top ten Canadian companies that have stood out in this regard.

A team that is essential to the organization's success 

During its annual general meeting, Promutuel Insurance recognized the collective brilliance of its 13 mutual companies and the Federation's teams, as well as the exceptional commitment of its 2,400 employees and staff to its insured members, the cornerstone of such a remarkable performance. This is the 5th consecutive year where Groupe Promutuel has presented a balance sheet with continued profitable growth. In this International Year of Cooperatives, such an excellent performance undeniably illustrates the relevance of the mutualist model.

"There is a lot of mobilization within our group. In order to continue to stand out in this competitive property and casualty insurance market, support our strategic ambitions, and ensure the success and sustainability of our organization, Board members and managers have all the necessary support they need to ramp up this evolutionary process," concluded Groupe Promutuel President, Yvan Rose.

Promutuel Insurance's annual report is available on the organization's website, in the Media section. To learn more about the company's social responsibility strategy, visit the dedicated page. 

About Promutuel Insurance

Promutuel Insurance is among Québec's largest damage insurers. Its financial stability, superior products and outstanding service are well known and backed by a staff of over 2,400, who serve close to 653,000 insured members. Its mission is to ensure the well-being and peace of mind of its insured members, employees and communities. It does that with great, personalized service and by exemplifying the mutualist values that have guided it for over 170 years.

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SOURCE Groupe Promutuel