Financial Group
SSQ Financial Group • A Mutual Company
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SSQ Financial Group was founded in the 1940s to provide health services to low-income families who pooled their funds to afford the services. Although the company has grown considerably since then, its initial vocation has remained the same: to serve the interests of its members by providing products and services that meet their financial security needs.
WHAT IS MUTUALISM?
Getting together for the benefit of all
Contrary to a share capital company which is owned by investors who expect a return on their investment, a mutual company belongs to a group of people who get together to meet certain needs they may have in common, like financial needs. In Canada there are more than 10,000 co-operatives, caisses populaires, credit unions and mutuals representing total assets of over $225 billion. They share the common denominator of promoting mutualist values like solidarity and democracy.
A democratic delegation
All SSQ Life Insurance Company Inc. policy or contract holders become co-owners or "participant-members" of SSQ Financial Group through SSQ, Mutual Management Corporation. They democratically designate delegates who in turn vote in directors at the annual general meeting to sit on SSQ, Mutual Management Corporation's Board of Directors. This process enables members to actively participate in the company's governance and to have some influence on the development of SSQ Enterprises and the directions they take.
WHAT DIFFERENCE DOES MUTUALISM MAKE?
Our objective: The satisfaction of our customers
By conserving its mutualist spirit, SSQ Financial Group demonstrates its commitment to offering services based on the needs of individuals and groups. We are still convinced that the best way to serve our clients is to belong to them! The company's raison d’être for nearly 70 years has been to satisfy the needs of its members.
A long-term business vision
Contrary to a share capital company, the creation of short-term profit is not SSQ Financial Group's primary objective. This reality enables the company to have longer term objectives that are more cautious and measured, which translate into sound risk management and stable financial results.
A good example of this can be taken from recent history: throughout the turmoil that shook the global economy in 2008, SSQ continued to implement prudent and vigilant management practices. These practices enabled SSQ to stand out in the insurance and financial services industry.
SSQ does not hold nor has ever held financial products of the type that fuelled the financial crisis like the asset-backed commercial paper (ABCP). The company is relatively little exposed to stock markets and our solvency ratio largely surpasses the minimum required by the authorities.
Quality products
Seeking the satisfaction of our clients also involves creating high performance insurance products and investment products adapted to and meeting the needs of our distribution network. The company's mutualist nature does not in any way limit the flexibility or availability of options that we can offer.
Always serving its members better and meeting their needs has been SSQ's raison d'être since its foundation. This is exactly what is meant by our company's mission: "SSQ Financial Group's mission is to serve the interest of its members and clients by offering products and services of high quality that serve to plan and protect their financial security throughout their life, drawing inspiration daily from the mutualist values that put people and social development at the heart of everything it does."