SSQ Financial Group, a Canadian member of ICMIF, announced on September 26 that they have reached an agreement to acquire AXA Life Insurance. This agreement has been made with the support of their majority shareholder, Fonds de solidarité FTQ (FSTQ). SSQ is a mutually owned insurance and investment firm based in Quebec.
AXA Life Insurance is based in Montreal and offers a full range of individual insurance and specialized group insurance products; they also have offices in Toronto, Vancouver, Calgary and Dartmouth. The acquired company will be known as SSQ, Insurance Company Inc. and it will operate as an entity of SSQ Financial Group.
"Today's announcement reflects our strategic priorities which are to accelerate our growth and diversify our activities through acquisitions. We are proud of this acquisition which is in line with our objectives. The range of services offered by AXA Life Insurance will fit right in with our existing product offering and strengthen our position as a key player in insurance and financial products in Canada," declared Mr. René Hamel, CEO of SSQ Financial Group.
SSQ Financial Group hopes that this acquisition will strengthen its position on the individual insurance market, increase its presence throughout Canada, broaden its distribution network for its range of segregated funds (ASTRA Funds), and add a complementary group insurance product portfolio.
SSQ Financial Group has over $2 billion in annual revenue and more than $7 billion in assets under management and is a leading mutual diversified financial institution. The Group serves over 1 million customers and provides jobs to over 1,600 employees.