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2014 Annual Report

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2014 Annual Report 2014 ANNUAL REPORT 70 YEARS OF COLLECTIVE SUCCESS SUMMARY 02 2014 Financial Highlights 04 Chairman’s Message 18 CEO’s Message 30 Sustainable Development and Societal Responsibility Report 48 SSQ, Mutual Management Corporation – Consolidated Financial Statements as at December 31, 2014 49 Independent Auditor’s Report 50 Consolidated Statement of Excess of Revenues 50 Consolidated Statement of Comprehensive Income 51 Consolidated Statement of Financial Position 52 Consolidated Statement of Equity 53 Consolidated Statement of Cash Flows 54 Notes to the Financial Statements 62 SSQ, Life Insurance Company Inc. – Excerpt from the Consolidated Financial Statements as at December 31, 2014 63 Management’s Report 64 Consolidated Statement of Income 65 Consolidated Statement of Comprehensive Income 66 Consolidated Statement of Financial Position 67 Consolidated Statement of Changes in Equity 68 Consolidated Statement of Cash Flows 69 Excerpt from the Notes to the Consolidated Financial Statements 102 Structure 103 Boards of Directors, Senior Management and Vice-Presidents 107 Addresses 107 Contact Us SSQ FINANCIAL GROUP — 2014 ANNUAL REPORT 1 A COLLECTIVE SUCCESS STORY: 1944-2014 From its beginnings in 1944 as a small-scale healthcare cooperative in a working-class neigh- bourhood of Quebec City, SSQ Financial Group has risen to the ranks of the most important and diversified mutualist financial institutions in Canada. Having come so far, the company knowingly decided to adapt to change. What was true in 1944 still holds true today, over seven decades later: growth in the face of change is a reality that SSQ has faced since the start. In celebration of its 70th anniversary, SSQ Financial Group published A Collective Success Story: 1944-2014 as a tribute to the individuals who built SSQ and those who continue to carry out its mission. The book focuses on both the highs and lows of the company’s collective history. It also honours the men and women who worked hard to make SSQ what it is today, along with the partners who put their trust in the company over the years and continue to do so today. The book is also available on ssq.ca. We hope you enjoy it! 2014 FINANCIAL HIGHLIGHTS SSQ FINANCIAL GROUP — 2014 ANNUAL REPORT 3 (in millions of dollars) 2014 2013 Variation $ $ % CONSOLIDATED DATA Premiums under management 2,777.2 2,995.7 -7.3 Assets under management and administration 10,622.3 11,382.9 -6.7 Equity attributed to shareholders 670.7 363.8 84.4 Equity attributed to non-controlling interest – 223.1 Net income attributed to shareholders 49.7 38.0 30.8 Net income attributed to non-controlling interest 4.3 9.6 Net global income 54.0 47.6 13.4 Number of employees 2,052 1,961 12000 12000 12000 SSQ, LIFE INSURANCE COMPANY INC. 9600 9600 9600 Premiums and premium equivalents − Group Insurance 1,662.6 1,600.5 3.9 Premiums and premium equivalents − Investment and Retirement 704.2 1,015.0 -30.6 7200 7200 7200 Assets under management − segregated funds 4,382.4 4,643.8 -5.6 4800 SSQ INSURANCE COMPANY INC. 4800 4800 Premiums − Individual Insurance 183.0 165.8 10.4 2400 2400 2400 SSQ GENERAL INSURANCE COMPANY INC. 0 0 0 Written premiums 227.5 214.4 6.1 Number of insureds 286,360 294,998 -2.9 Net combined ratio 96.2 % 97.4 % -1.2 SSQ REALTY INC. Net income − SSQ properties 8.6 8.6 – Market value − SSQ properties 244.9 211.5 15.8 11,421.8 10,871.5 10,622.3 7,970.8 6,939.6 670.7 3,045.5 2,995.7 2,777.2 2,564.2 363.8 2,359.6 315.5 307.3 306.1 2010 11 12 13 14 2010 11 12 13 14 2010 11 12 13 14 CONSOLIDATED PREMIUMS CONSOLIDATED ASSETS UNDER EQUITY ATTRIBUTED UNDER MANAGEMENT MANAGEMENT AND ADMINISTRATION TO SHAREHOLDERS (in millions of dollars) (in millions of dollars) (in millions of dollars) 4 SSQ FINANCIAL GROUP — 2014 ANNUAL REPORT SSQ FINANCIAL GROUP — 2014 ANNUAL REPORT 5 Chairman’s Message 1944-2014: MODERNIZING BUILDING ON THE PAST THE ANNUAL REPORT Over the past 70 years, SSQ has steadily grown, Dating back to their founding in 1991, SSQ, Mutual evolved and adapted to a world of change. It is Management Corporation and SSQ, Life Insurance both a young company and a mature one. It con- Company Inc., used to publish two separate annual tinues to record strong growth thanks to all those reports providing information on their respective individuals who have worked hard to transform operations and financial results. In light of our what was once a small healthcare cooperative rapid growth in recent years, not to mention our into the major financial group we know today. recent string of acquisitions and our desire to remain up to date, we decided to modernize our To mark its 70th anniversary, SSQ published process of reporting to our stakeholders. In 2012, A Collective Success Story: 1944-2014, an update we innovated by producing our first paperless of the 1984 book covering the first 40 years of annual reports. For 2014, we are going a step the company’s history. In addition to providing a further by combining our activity report and our summary of our achievements, this beautiful book business report in a single document, together with preserves the memory of our history and reflects the financial results of SSQ, Mutual Management the work of the builders of SSQ and of those who Corporation and those of SSQ Financial Group. continue to promote the company today across Quebec and the other Canadian provinces. 6 SSQ FINANCIAL GROUP — 2014 ANNUAL REPORT CORPORATE RESTRUCTURING: financiers (AMF). The results of this process A PATHWAY TO THE FUTURE demonstrate not only that SSQ is in compliance with all regulatory requirements, but also that it SSQ is a modern, high-performance financial is committed to safeguarding the interests of institution whose growth is clearly based not only mutualists and insureds on an ongoing basis. on a set of core values, but also on a rock-solid financial footing and an ability to make required RELEVANT TRAINING ACTIVITIES changes to maintain this position. Along those In the hopes of remaining consistently alert to lines, the boards of directors approved a corporate insurance industry trends and best practices while restructuring in 2014 under which SSQ, Life staying informed about matters of relevance to Insurance Company Inc. became the sole share- their duties, the directors took part in several holder of SSQ Insurance Company Inc., its individual training sessions in 2014. As regards damage and specialized group insurance subsidiary. These insurance–related issues, they attended seminars two life and health insurance companies were consol- on topics such as the results of our customer idated in order to improve the solvency ratio, thus experience survey, advances in telematics systems, facilitating better capital integration and increasing a new auto insurance pricing tool and the impacts flexibility while maintaining a solvency ratio of of climate change. nearly 200% and meeting new capital adequacy requirements. Under the specific provisions of this As regards life and health insurance, the directors new structure, the shareholders’ respective own- attended four life and health insurance training ership interests were maintained. This reorganiza- sessions focused on SSQ’s business model for tion had no impact on the companies’ risk profiles individual products, our asset management–related or on the members, insureds or policyholders. corporate watch, the group insurance market and financial derivatives. In addition, the three boards SOUND GOVERNANCE held a special joint working session for the annual The boards of SSQ, Life Insurance Company Inc. follow-up on the 2013-2017 strategic plan. (SSQ Life), SSQ Insurance Company Inc. (SSQ HIGH ATTENDANCE Insurance) and SSQ General Insurance Company Inc. (SSQauto) carried out an annual review of their The directors of SSQ’s boards care deeply about governance programs to ensure that best practices their roles and responsibilities, as borne out by were upheld. On the recommendation of the Audit their attendance record and the quality of their and Risk Management Committee, the crisis sim- meeting-related preparations. In 2014, the atten- ulation policy and its implementation program dance rate for meetings of the various bodies was were also adopted in 2014 by the boards. over 97%, as shown in the following table: SSQ Life arranged an initial independent audit report on its solvency ratio, which concluded that this ratio in relation to the company’s capital ade- quacy requirements as at December 31, 2013, was in all material respects calculated in compliance with the Guideline on Capital Adequacy Require- ments issued by Quebec’s Autorité des marchés SSQ FINANCIAL GROUP — 2014 ANNUAL REPORT 7 ATTENDANCE RECORD FOR DIRECTORS OF SSQ, MUTUAL MANAGEMENT CORPORATION, SSQ LIFE AND SSQ INSURANCE for the year ended December 31, 2014 Executive and Audit and Risk Board Human Resources Investment Management Ethics of Directors Committee Committee Committee Committee Brouillet, Normand** 6 / 6 4 / 4 Choquette, Claude* 6 / 7 5 / 6 Doré, Chantal* 6 / 7 Genest, Pierre** 7 / 7 5 / 6 Hamel, René* 7 / 7 6 / 6 Jomphe, Eddy** 7 / 7 4 / 4 MacDougall, Andrew** 7 / 7 Martineau, Jude* 7 / 7 6 / 6 Morin, Gaétan* 6 / 7 6 / 6 Nadeau, Michel** 7 / 7 5 / 6 5 / 6 Paradis, Denyse** 7 / 7 4 / 4 Paré, Sylvain* 7 / 7 6 / 6 6 / 6 Pélissier, Alain** 7 / 7 Perron, Jean** 7 / 7 Picard, Sylvain** 7 / 7 6 / 6 Ross, Angus H.* 7 / 7 Turnbull, Norman A.* 7 / 7 6 / 6 6 / 6 Vallée, Émile** 7 / 7 6 / 6 Verreault, Dominique** 7 / 7 4 / 4 * Director of SSQ Life and SSQ Insurance ** Director of SSQ, Mutual Management
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