SSQ Financial Group, a mutually owned insurance and investment firm based in Quebec, has reached an agreement to acquire AXA Life Insurance with the support of its majority shareholder, Fonds de solidarite FTQ (FSTQ).
Based in Montreal with offices in Toronto, Vancouver, Calgary and Dartmouth, AXA Life Insurance offers a full range of individual insurance and specialized group insurance products.
Including its two distribution subsidiaries (SFAA and SecuriGroupe), AXA Life Insurance generated $169m in premiums, $856m in reported assets and $129m in equity in 2010, while providing jobs to approximately 250 people.
Following the acquisition, AXA Life will be known as SSQ Insurance Company, becoming an entity of SSQ Financial Group.
SSQ said this acquisition will especially help SSQ Financial Group 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 CEO Rene Hamel said AXA Life Insurance will fit right in with the existing product offering and strengthen the position as a key player in insurance and financial products in Canada.