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THE RIGHT PLACE to GROWTH 2011 Annual Report SSQ Financial Group

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THE RIGHT PLACE to GROWTH 2011 Annual Report SSQ Financial Group 2011 ANNUAL REPORT COMMITTEDTHE RIGHT PLACE TO GROWTH 2011 Annual Report SSQ FINANCIAL GROUP SUMMARY 01 2011 FINANCIAL HIGHLIGHTS 02 NEW COMMUNICATIONS PLATFORM 04 MESSAGE FROM THE CHAIRMAN OF THE BOARD 10 MESSAGE FROM THE CHIEF EXECUTIVE OFFICER 24 2011 SOCIAL RESPONSIBILITY REPORT 24 COMMITTED TO SOLIDARITY 28 A RESPONSIBLE COMpaNY 39 EXCERPT FROM THE CONSOLIDATED FINANCIAL STATEMENTS AS at DECEMBER 31, 2011, AND 2010 40 MaNageMENT REPOrt 42 CONSOLIDATED STATEMENTS OF INCOME 43 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 44 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION 45 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY 46 CONSOLIDATED StateMENTS OF CASH FLOWS 47 EXCERPT FROM THE NOTES TO THE CONSOLIDATED FINANCIAL StateMENTS 75 ORGANIZATIONAL STRUCTURE 76 BOARDS OF DIRECTORS, SENIOR MANAGEMENTS AND VICE-PRESIDENCIES ADDRESSES CONtact INFORMatiON 2 SSQ FINANCIAL GROUP / 2011 ANNUAL REPORT 2011 FINANCIAL HIGHLIGHTS (IN MILLIONS OF DOLLARS) 2011 2010 VARIATION $ $ % Consolidated data Premiums and premium equivalents 2,543.1 2,359.6 7.8 Assets under management and administration 8,006.1 6,939.6 15.4 Shareholders’ equity 334.1 307.3 8.7 Net income 33.8 41.3 -18.2 Number of employees 1,627 1,632 – SSQ, Life Insurance Company Inc. Premiums and premium equivalents - Life and health Insurance 1,297.8 1,233.6 5.2 Premiums and premium equivalents - Investment and retirement 1,026.9 946.0 8.6 Assets under management - Segregated funds 3,165.9 2,623.5 20.7 SSQ General Insurance Company Inc. Written premiums 218.5 180.1 21.3 Number of insureds 262,002 181,995 44.0 Net combined ratio 94.3 89.1 5.8 SSQ Realty Inc. Net income - SSQ properties 8.5 8.9 -4.5 Fair market value - SSQ properties 174.2 150.8 15.5 — — — CONSOTE LIDA D PREMIUMS CONSOTE LIDA D ASSETS UNDER SHAREHOLDERS’ EQUITY AND PREMIUM EQUIVALENTS MANageMENT AND ADMINISTRATION (IN MILLIONS OF DOLLARS) (IN MILLIONS OF DOLLARS) (IN MILLIONS OF DOLLARS) * Based on Canadian generally accepted accounting principles (GAAP). SSQ FINANCIAL GROUP / 2011 ANNUAL REPORT 01 NEW COMMUNICATIONS PLATFORM On February 13, 2011, SSQ Financial The platform is the starting point for Maximizing the communication Group introduced its new corporate the integration of SSQ’s corporate synergy within every company entity communications platform. SSQ General communications and marketing has increased brand recognition. By Insurance, its subsidiary, unveiled the strategies which will: demonstrating flexibility with colours first campaign based on the new and graphics, which can be easily creative platform. Under the slogan • strengthen the corporate brand tailored to the multiple communication “The right place for your auto needs of SSQ and its business lines, this insurance”, SSQauto launched three TV • drive the development of new new communications platform proves spots, various direct marketing and products and services that SSQ Financial Group is a successful, on-line pieces on a newly revamped • facilitate new acquisitions as an cutting-edge financial institution that Web site SSQauto.com. Subsequently, anchor and a benchmark. knows where its values lie: every business line has followed We thrive on mutual trust. SSQauto’s lead, inspired by the Moreover, a brand with a strong common desire to create effective identity attracts top-notch resources and integrated communications. and revitalizes partner relationships, inspiring confidence and determination. 2 SSQ FINANCIAL GROUP / 2011 ANNUAL REPORT STRENGTHEN the corporate brand DRIVE the development of new products and services F ACILITATE new acquisitions as an anchor and a benchmark SSQ FINANCIAL GROUP / 2011 ANNUAL REPORT 3 MESSAGE DU PRÉSIDENT MESSAGE FROM THE CHAIRMAN OF THE BOARD — PIERRE GENEST SOUND GOVERNANCE: CHAIRMAN OF THE BOARD THE CORNERSTONE OF OUR PERFORMANCE 2011 was a pivotal year in the product and service offering and history of SSQ Financial Group to boost our national standing. and was marked by a number of In other words, it has reaffirmed important events. Some of the SSQ Financial Group’s place more noteworthy developments among the leading institutions included the acquisition of AXA in Canada’s financial sector. It Life Assurance Inc. (AXA) by SSQ, also confirms that SSQ is Life Insurance Company Inc. resolutely committed to growth. (SSQ) with the participation of its longstanding partner, the Fonds RestruCTURING for BETTER de solidarité FTQ. POSITIONING — This acquisition represents a major step in SSQ Financial The acquisition of AXA goes Group’s business development hand in hand with the need and growth. It will enable us to to reorganize and thus to diversify and enhance our restructure our teams, in 04 SSQ FINANCIAL GROUP / 2011 ANNUAL REPORT COMMITTED TO GROWTH The mutualist values that have shaped our business decisions from the beginning will continue to be a part of our management philosophy, a philosophy that keeps on giving. particular the Boards of importance of this change for appointment of the 12 directors SSQ, Mutual Management the members of the Corporation. of SSQ, Mutual Management Corporation; SSQ, Mutual In the future, all of the directors Corporation to those Boards. Holding Inc.; and SSQ, Life of SSQ, Mutual Management Insurance Company Inc. Indeed, Corporation, elected by the As a result, the mutualist values it is clear that after having members of the Corporation, that have shaped our business invested $300 million to facilitate will sit on SSQ’s Board as well decisions since the very this acquisition, the Fonds de as on the Boards of SSQ, Mutual beginning will continue to be an solidarité FTQ wishes to take on Holding Inc. and AXA Life integral part of our management a more active role within SSQ’s Insurance Inc., the Group’s philosophy, whose effectiveness Board. In recognizing the validity newest company. has been evident for many years. of the Fund’s position, SSQ is ensuring that the current SSQ’s Board subsequently set IMPLEMENTING THE SSQ management model, based the total number of directors at MODEL on the mutualist values it holds nineteen (19). As the majority — dear, will be maintained. shareholder holding more than 71% of the shares in SSQ’s capital By investing more than $78 For that reason, the Board of stock, the Fonds de solidarité million in SSQ, Mutual Holding SSQ, Mutual Management FTQ is entitled to appoint the Inc., the Fonds de solidarité FTQ Corporation initially decided in majority of the directors on SSQ’s is enabling SSQ, Mutual Holding late 2011 to reduce the number Board. Seeking to preserve SSQ’s Inc. to acquire an equity stake in of its directors to twelve (12), well-established mutualist AXA. To complete this transac- requiring the departure of three culture, the Fund is requesting tion, the shareholder structures directors. Although they were only five seats on SSQ’s Board of three entities (SSQ, SSQ, sad to step down, all three and five seats on AXA’s Board. Mutual Holding Inc. and AXA) individuals recognized the The Fund also welcomes the are currently being restructured. SSQ FINANCIAL GROUP / 2011 ANNUAL REPORT 05 MESSAGE FROM THE CHAIRMAN OF THE BOARD When this restructuring is com- Board, as permitted under plete, the shareholders will hold Quebec’s Business Corporations an equity stake in AXA commen- Act, which took effect on surate with their stake in SSQ. February 14, 2011. In this context of major restructuring, Pierre Patry left the GOING BALD! — Board in late 2011 after five years of service. On behalf of all the SSQ Financial Group’s employees Board members, I would like to demonstrated their belief in sincerely thank Pierre not only the values of solidarity and for his participation in the community service in a very Board’s activities, but also for his special way in 2011. A total work with the Audit and Risk of 25 employees took part Management Committee, on in the Shaved Head Challenge which he had served since 2008. launched by René Hamel, CEO of SSQ, in connection with the In addition, two other companies SSQ Quebec City Marathon. joined forces with SSQ Financial Cheered on by their colleagues, Group during the year: Finance families, friends and partners, et Indemnisation and Service they raised a combined total of d’encadrement pour directeur more than $110,000 to benefit commercial (SEDC), both of Leucan, an organization that which distribute replacement provides support to children insurance products for with cancer and their families. BOARD MEMBER automobiles and recreational PARTICIPATION RATE vehicles, as well as credit SOUND GOVERNANCE insurance. To capitalize on — OF 97% Proof positive of their dedication and the complementary nature of In 2011, the Board carried out the interest they have for their duties their product offerings and to the first annual review of its and in the proper conduct of SSQ’s maximize the resources in place, governance program. This operations throughout the year. both companies were merged. rigorous process was aimed at ensuring that the rules REAL estate: AN AREA OF governing the Board’s activities RESPONSIBILITY for SSQ’S remain on the leading edge BOARD of recognized best practices. — In another noteworthy change, The governance program sets the Board of Directors of SSQ out SSQ’s well-established Realty Inc. was dissolved. In the practices concerning the context of SSQ’s administrative composition and role of the restructuring undertaken in 2011, the powers of SSQ Realty’s Board were transferred to SSQ’s 06 SSQ FINANCIAL GROUP / 2011 ANNUAL REPORT COMMITTED TO GROWTH Board, which must: COMPLYING WITH MARKET RULES • be made up of a majority — of independent members BUSINESS CONTINUITY • pursue a clear and specific The Business Continuity mandate Management Guideline issued • assume responsibility for by the Autorité des marchés overseeing the Company’s financiers will take effect on business April 1, 2012. In anticipation of that event, the Board approved • keep separate the functions the complete revision of SSQ’s of CEO and Chairman of the business continuity policy.
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