SSQ Financial Group

SSQ Financial Group

Industry	Insurance, investment, real estate
Founded	1944 in Quebec City, Canada
Founder	Jacques Tremblay
Key people	Jean-François Chalifoux, President and CEO Pierre Genest, Chairman of the Boards
Products	Group insurance, individual insurance, general insurance, investment, real estate
Revenue	Nearly 3 billion CAD
Total assets	11 billion CAD
Number of employees	2,000 employees
Parent	SSQ, Life Insurance Company Inc.
Subsidiaries	SSQ General Insurance Company Inc. SSQ Insurance Company Inc. SSQ Realty Inc.
Website	https://ssq.ca

SSQ Financial Group's head office, in Quebec.

SSQ Financial Group is a mutual diversified financial institution founded in 1944 in Quebec, Canada, which offers insurance and investment products.

SSQ Financial Group is headquartered in Quebec City, with offices in Montreal, Calgary, Halifax, Vancouver and Toronto.^[1]

The Group, which serves over three million customers and employs 2,000 employees, is one of the major insurance companies in Canada according to the Insurance Bureau of Canada. SSQ Financial Group is also one of the 500 largest companies in Quebec, ranking 83rd in 2015.^[2]

With a business volume approaching $3 billion and $11 billion in assets under management,^[3][4] SSQ Financial Group is one of the 10 Canadian co-operatives present in the ranking of the most prominent coops worldwide, placing in 173rd in 2014.^[5]

History

1940-1948: putting down roots

At the beginning of the 1940s, Dr. Jacques Tremblay out of concern for social justice took up the cause of Quebec City's working class, who could not afford adequate medical care.^[6] There was no public medical plan. On May 9, 1944, Dr. Tremblay founded the Coopérative de santé du Québec, which provided needed medical care to members. In 1945, the cooperative changed its name to Les Services de Santé du Québec, hence inspiration for the later SSQ.

1949-1960: a new vocation

Starting in the 1950s, the cooperative shifted its focus towards business development and customer service. Contributions would be based on each group's risk profile and sales agents positioned themselves as advisors. As early as 1955, to diversify its products and pursue its growth objectives, the cooperative changed status to become a mutual aid company specialized in group insurance. The company expanded its customer and geographical base at the start of the 1950s, offering new products such as life insurance and disability insurance.

1961-1973: Quebec society undergoing change

In 1961, further to the implementation of the public hospital insurance plan, SSQ adjusted by offering services not covered by the plan and innovated by providing coverage for private and semi-private hospital rooms, surgery fees and extended coverage for doctor's visits. SSQ added disability insurance in 1963. At the end of the 1960s, its products and services were diversified to meet the public’s needs: additional annuity plans; dental, vision and chiropractic care; and prescription drug insurance. In 1969, SSQ moved its head office to Boulevard Laurier in Quebec City. The introduction of health insurance in 1970 represented both a significant advance for society and a new challenge for SSQ.

1974-1985: growth and democracy

In 1974, the Act Respecting Insurance changed SSQ's status, turning it into a mutual life insurance company. At the end of the 1970s, regional assemblies were set up and regional delegates were elected to represent their groups at the annual general meeting. The company's assets topped the $100 million mark in 1979. In addition to launching mortgage loans, SSQ also created a real estate subsidiary in 1982.

1986-1995: general insurance and restructuring

By member request, a general insurance subsidiary was created in 1986. In 1991, SSQ Mutual was split in two to create SSQ, Mutual Management Corporation and SSQ, Life Insurance Company Inc. In 1992, following the global real estate crisis and significant losses, the Fonds de solidarité FTQ became SSQ's principal shareholder, helping the company to quickly get back on its feet.

1996-2002: prescription drug insurance and Canadian debut

The introduction of the mixed public and private plan in 1997 profoundly changed this sector of the insurance market. In 2000, SSQ signed an agreement with its first panCanadian group. To reflect its sustained growth and broadening scope, the company changed its name to SSQ Financial Group in 2001, and the Canadian venture continued with new offices opening in Toronto in 2002.

2003 to today: growth and recognition

In 2003, SSQ Financial Group was named among the 50 best managed companies in Canada. SSQ also launched its Health InSight program in a bid to be actively involved in the health and wellbeing of its customers, and received authorization to offer individual savings plans in Ontario and to organizations with a federal jurisdiction. In 2012, SSQ and the Fonds de solidarité FTQ jointly acquired AXA Life Insurance^[7] and renamed it SSQ Insurance.^[8] The transaction added products and services to SSQ's offering in addition to rebalancing the company's internal organization and positioning it within the Canadian market. SSQ Financial Group has acquired several other companies in recent years including Finance & Indemnisation and assurancevoyages.ca.

Products and services

SSQ Financial Group offers financial products and services across Canada:

• Group insurance (life insurance; death and dismemberment; disability insurance; prescription drug insurance; health insurance; travel insurance and trip cancellation insurance; dental care insurance; compassion insurance;^[9] health and wellness program; individual insurance – retirement and end of employment; critical illness;^[10][11] long term care; expatriate insurance)
• Individual insurance (term life insurance; permanent life insurance; universal life insurance;^[12] credit insurance; critical illness insurance; travel insurance and trip cancellation insurance)
• General insurance (auto insurance; replacement insurance; home insurance; business insurance)
• Investment (segregated funds; guaranteed interest accounts (GIA); individual savings and retirement plans: Registered Retirement Savings Plan (RRSP), Tax-Free Savings Account (TFSA), locked-in RRSP, Non-Registered Savings Plan (NRSP), Individual Pension Plan (IPP), Registered Retirement Income Fund (RRIF), locked-in RRIF and annuity; registered retirement plan without member management, private wealth management)
• Real estate: development and management of SSQ Financial Group’s real estate properties including property in Quebec City, Longueuil and Toronto.

Mutualist democracy

SSQ Financial group is a company with mutualist values whose shareholders are also its members. All SSQ, Life Insurance Company Inc. policy and contract holders (group insurance, individual insurance and investment products) become co-owners or participant members of SSQ Financial Group. This shared ownership is expressed democratically through SSQ, Mutual Management, in keeping with its values of solidarity, equity, responsibility and equality. At the annual meeting, designated delegates have the opportunity to elect directors to the board of SSQ, Mutual Management.

Company structure

SSQ Financial Group is made up of four companies: the parent company SSQ, Life Insurance Company Inc. and its three affiliates:^[13]

• SSQ General Insurance Company Inc.
• SSQ Insurance Company Inc.
• SSQ Realty Inc.

Senior management

SSQ Financial Group's management team is made up of managers from the business and corporate sectors of the parent company, SSQ, Life Insurance Company Inc., and the Chief Executive Officer of SSQ General Insurance Inc. (SSQauto):^[14]

• Jean-François Chalifoux – Chief Executive Officer
• Patrick Cyr – Senior Vice-President, Finance and Realty
• Carl Laflamme – Senior Vice-President, Group Insurance
• Marie Lamontagne – Senior Vice-President, Communications and E-Business
• Denis Légaré – Senior Vice-President, Human Resources and Internal Communications
• Michel Loranger – Senior Vice-President, Information Technology
• Gilles Mourette – Chief Executive Officer, SSQ General Insurance Company Inc.
• Éric Trudel – Senior Vice-President, Corporate Services, Investment and Retirement and SSQ Insurance Company Inc.

Boards of directors

Five boards of directors, chaired by Pierre Genest, support SSQ Financial Group by ensuring the smooth operation of its companies.^[15]

Sustainable development and social responsibility

SSQ Financial Group strives to put its economic and financial aims to work for great social and environmental causes.^[16] The company has followed this path from the start, as it strongly believes that all companies must give back to their communities. In 2014, 43 concrete actions were taken to this effect and detailed in the Sustainable Development and Societal Responsibility Report,^[17] which is published each year.

Donations and sponsorships

SSQ is the title sponsor of the SSQ Quebec City Marathon^[18] and presenter of the SSQ Health 5K.^[19] This activity raises funds for organizations in the health sector.

SSQ partners with the SSQ Longueuil Marathon^[20] as the title sponsor of the event.

SSQ's commitment to its communities is expressed through financial support to several organizations such as Centraide/United Way of Canada,^[21] Fondation Centre hospitalier universitaire Sainte-Justine, Fondation du Centre hospitalier universitaire de Québec, Le Grand Chemin, Pignon Bleu – La maison pour grandir, Réseau québécois des CFER, SickKids Foundation and SOCODEVI.^[22]

Awards and distinctions

• 2011 – Elite Healthy Enterprise Certification – Awarded by the Bureau de normalisation du Québec
• 2012 – Canada Award for Excellence, Healthy Workplace, Gold award – Awarded by Excellence Canada^[23]
• 2012 – 193rd place among the top 300 global co-operative and mutual enterprises – Awarded by the International Co-operative Alliance (ICA)^[24]
• 2012 – Sustainable Building Innovation Award for Cité Verte – Awarded at Gala Habitation 2012 event^[25]
• 2013 – Laureate of the 23rd edition of the Énergia contest for the renovation of SSQ Building’s St. Lawrence Tower, over 10,000 m² – Given out by the Association québécoise pour la maîtrise de l'énergie^[26]
• 2013 – Among the top 50 urban planning projects that have marked the history of urban planning in the last 50 years for the ecofriendly Cité Verte housing project – Distinction handed out by the Ordre des urbanistes du Québec^[27]
• 2013 – Recognition by GoodLife Fitness Health & Wellness Leadership^[28]
• 2014 – 5th place for René Hamel in top 25 of Quebec’s financial industry – Awarded by the Healthy Enterprises Group^[29]
• 2014 – Prix Distinction in the large company category – Awarded by the Healthy Enterprises Group^[30]
• 2014 – Quebec city’s Mérites d’architecture – Special jury prize with the Cité Verte project^[31]
• 2014 – Prix d’excellence Cecobois – Awards in the industrial building and architectural details categories for the waste disposal and collection system in Cité Verte project^[32][33]
• 2014 – Recipient of LOMA’s Excellence in Education award – Awarded by the LOMA society^[34]
• 2015 – René Hamel among Quebec’s Top 25 Financial Sector Personalities – Awarded by Investment Executive^[35]
• 2015 – Maestria award and special mention in the major donors category – Awarded by Québec et Chaudière-Appalaches chapter of Centraide/United Way of Canada

See also

• Insurance
• List of Canadian insurance companies

References

External links

• SSQ Financial Group's website