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Communities Make Us Summary 2018 Financial Highlights 2

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Communities Make Us Summary 2018 Financial Highlights 2 Communities make us Summary 2018 Financial Highlights 2 Chairman’s Message 4 CEO’s Message 19 Sustainable Development and Societal Responsibility Report 34 SSQ, Mutual Management Corporation 47 Consolidated Financial Statements as at December 31, 2018 Independent Auditor’s Report 48 Consolidated statement of income 50 Consolidated statement of comprehensive income 50 Consolidated statement of financial position 51 Consolidated statement of changes in equity 52 Consolidated statement of cash flows 53 Notes to the consolidated financial statements 54 SSQ, Life Insurance Company Inc. 62 Consolidated Financial Statements as at December 31, 2018 Independent Auditor’s Report 63 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 Notes to the consolidated financial statements 70 Ownership Structure 128 Boards of directors 129 Management team and corporate divisions 130 Addresses 131 Contact us 131 Insurance for the future Over the past few years, we have implemented the necessary elements to strengthen the Company with a view to positioning it more favourably in the market so that it can seize every opportunity. Together, we are working to serve our community of members and customers. As we move forward, everything is in place to deliver an even more conclusive level of performance. In this regard, SSQ Insurance remains firmly focused on the future. 2018 Financial Highlights 2018 Financial Highlights 2018 Annual Report 3 2018 2017 Variation Consolidated data ($M) $ $ % Gross premiums 2,483.1 2,458.5 1.0 Assets under management and administration 12,307.9 12,077.5 1.9 Equity attributable to shareholders 974.2 884.7 10.1 Net income attributable to shareholders 94.6 90.4 4.6 Number of employees 2,020 2,066 (2.2) Gross premiums 2014 2,084.4 ($M) 2015 2,204.9 2016 2,342.8 2017 2,458.5 2018 2,483.1 Assets under 2014 10,622.3 management and administration 2015 11,222.6 ($M) 2016 11,375.4 2017 12,077.5 2018 12,307.9 Equity attributable 2014 670.7 to shareholders ($M) 2015 727.0 2016 791.7 2017 884.7 2018 974.2 Chairman’s Message René Hamel Chairman of the Boards Chairman’s Message 2018 Annual Report 5 As an insurance and financial services company, SSQ Insurance is required to exercise diligence in protecting the solid bonds of trust it has forged with its delegates, customers, partners and members of the public over the past 75 years. With a view to ensuring the long-term nature of these relationships, the essential principles to follow are transparency and sound management. Delegates’ Conference The delegates’ role in the Company’s business is a concrete expression of our mutualist values. In addition, their participation and contribution to the Delegates’ Conference and the Annual Meeting are shining examples of their personal commitment to mutualism. At the last Conference, in response to a need expressed by the delegates, we pledged to improve how we communicate with them. To that end, SSQ, Mutual Management Corporation created the InfoDelegates newsletter. Published several times a year, this newsletter aims to keep delegates informed about their Mutual’s business and that of SSQ Enterprises. We hope it will reinforce their belief that they exercise a real influence on the Company’s actions and that they too can uphold the mutualist model that sets us apart, as eloquently expressed by our tagline: Communities make us. René Hamel leading a training session on mutualism at the Delegates’ Conference to pass on the values of SSQ Insurance. Chairman’s Message 2018 Annual Report 6 An organization in motion The events of last year unfolded in keeping with The directors of SSQ, Mutual Management decisions taken as part of the current strategic Corporation began their review of the Mutual’s plan. The theme of organizational transformation bylaws, a topic that will be taken up at the 2019 Annual was discussed at great length, accompanied by Meeting. They also reflected on potential avenues corporate changes resulting from the merger enabling the Mutual to make an even more significant of SSQ General Insurance Company Inc. and contribution to SSQ’s mission, in keeping with its SSQ Insurance Company Inc. In addition, the five members’ interests. These efforts will be ongoing distribution subsidiaries more recently acquired in 2019. by SSQ Insurance were combined to form SSQ Distribution Inc. The 2018 Annual Report reflects a healthy shift that will enable SSQ to remain modern and efficient while, In 2018, we took the opportunity to reflect on how as set out in its mission, drawing daily inspiration from the governance mechanisms of SSQ Enterprises the mutualist values that place the individual should be updated and kept relevant. In 2019, and social development at the heart of its actions. concrete measures will be taken to ensure that these mechanisms continue to evolve. With these goals in mind, the committees on which the board directors serve were very active in 2018. Executive and Human Resources Committee In 2018, the Executive and Human Resources Committee For SSQ, Mutual Management Corporation, these looked into a number of important topics. One of governance changes are driven by a desire to take these pertained to the review of the governance rules on an even more significant role within the Company, applicable to insurance companies, as well as to SSQ, thereby representing a source of added value Mutual Management Corporation. The ongoing and for its members. growing changes since our transformation, started in 2016, required that the Committee reconsider the number The committee also continued its talent management of members serving on the boards of SSQ, Life Insurance efforts and recommended that the board adopt the Company Inc. and SSQ Insurance Company Inc., with 2019 budget. a view to allowing committee members to serve on a substantive committee and bring in new expertise. Chairman’s Message 2018 Annual Report 7 Audit and Risk Management Committee The Audit and Risk Management Committee The Audit and Risk Management Committee also recommended that the board approve expressed an interest in the progess of the work the audited consolidated financial statements done on the new International Financial Reporting of SSQ, Life Insurance Company Inc. and received Standards (IFRS). A number of reports and policies the independent Auditor’s Report. It also supervised were submitted to the Committee, particularly work on the new Capital Adequacy Requirements as regards integrated risk management, capital for Life and Health Insurance (CARLI), with respect management, information security, compliance to which the Company is favourably positioned and reinsurance. The decision was made to issue in the industry. The Committee also received and a call for tenders for the selection of an external recommended that the board approve the Risk auditor for 2019. The Committee took part in the Appetite and Tolerance Statement, which was review of the tenders received, as well as in the entirely revised in 2018. selection of the auditor, and had a mandate to make a recommendation to the board. The Company’s decision-making process, Risk Appetite and involving multiple stakeholders, is guided Tolerance Statement by the following principles: The board approved an update to • The Company treats its customers as its the Company’s Risk Appetite and Tolerance central focus. It undertakes to protect their Statement. This was aimed not only at personal information and to deal with them clarifying the Company’s position on its fairly while ensuring that their customer overall risk approach, but also at supporting experience is a distinctive one. its position by means of quantitative monitoring measures associated with • Insurance risks lie at the heart of the various risk categories. Company’s business and are the key leverage to create value. The Company engages in Here are a number of excerpts from the Risk activities that it masters and for which it has Appetite and Tolerance Statement: the required skills and expertise. If necessary, it collaborates with insurance partners, “SSQ manages its activities within the particularly reinsurers complementing its framework of guidelines established in areas of expertise. its Risk Appetite and Tolerance Statement. This forward-looking document defines the • The Company acknowledges that certain types and level of risk that the Company risks are associated with its operations. is willing to accept. This overall level of risk Nevertheless, it undertakes to protect its ensures that the Company will be able to fulfil business and its customers by adequately its commitments to its customers at all times managing these risks and by putting in place and implement its strategic objectives the necessary measures to mitigate them. and financial plan. • The Company takes all steps necessary to safeguard its reputation and its brand.” Chairman’s Message 2018 Annual Report 8 Investment Training Committee sessions The Investment Committee began the year by In addition to regular meetings, the board members reflecting on the real estate investment strategy. played an active role during training sessions on Among other projects carried out in 2018, the a variety of topics, including governance, social Committee recommended that the board make media, components of financial compensation changes to the investment policy with respect to and integrated risk management. The members the new Capital Adequacy Requirements for Life of the Investment Committee and the Audit and and Health Insurance (CARLI), and recommended Risk Management Committee faithfully attended the addition of an investment category. the sessions on the new International Financial Reporting Standards (IFRS 9 and 17). Ethics Sustained Committee presence The Ethics Committee reviewed conflict-of-interest Year after year, SSQ’s board members take their declarations by directors and officers, in addition roles and responsibilities very seriously, as evidenced to ethical compliance declarations, and submitted by their high levels of attendance and preparation reports to the regulatory authorities.
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