Promutuel Insurance reported its financial results for the year ending Dec. 31, 2024, showing growth in premium volume and profitability despite a backdrop of market volatility, geopolitical pressures and rising costs associated with extreme weather events.
The Québec-based mutual insurer recorded gross written premiums of $1.3 billion, representing an 11.6% increase over the previous year. Insurance results rose by 21.1% to $184 million. The company also posted comprehensive income of $230 million, up $87 million from 2023. The net loss ratio stood at 50.3%, and the net combined ratio was 85%.
Total assets reached about $2.09 billion, while the solvency ratio was reported at 385%. Members’ equity grew to about $1.37 billion. Promutuel also reported a $22 million contribution to community initiatives through donations, dividends and sponsorships.
“Our focus remains on disciplined execution, portfolio balance, and collective strength,” said Geneviève Fortier (pictured left), CEO of Promutuel Insurance. “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 insurer added 14,000 members in 2024, bringing the total to 653,000. According to the company, ongoing efforts to improve member services have contributed to retention and growth.
Community involvement continues to be a stated priority for Promutuel and its 13 mutual companies. In 2024, financial support was directed toward various causes, events, and organisations across Québec.
Promutuel received several workplace and corporate awards during the year. It was named among the top 60 global companies for employee experience, placing third among employers with over 1,000 staff. The company also received Healthy Enterprise Level 1 recognition from Groupe entreprises en santé and was one of ten Canadian recipients of Dialogue’s Healthiest Workplace Award.
At its annual general meeting, Promutuel acknowledged the work of its mutual companies, the federation, and employees. The 2024 results mark the fifth consecutive year of profitable growth for the organisation.
“There is a lot of mobilization within our group,” said Yvan Rose (pictured right), president of Groupe Promutuel. “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."
