Chairman of the Board's Message
This annual report, my first as Chairman of the Board of Directors, reflects another great year for Humania Assurance, both in terms of business development and results.
A 23.2% increase in our net earnings, up from 16.6% in 2013.
Indeed, Humania Assurance saw an increase of 23.2% in net earnings to $4.9 million in 2014. This excellent performance surpasses even the 16.6% increase in net earnings posted in 2013. For the Board of Directors, these results are highly satisfactory and show that Humania Assurance can more than hold its own in a highly competitive and rapidly changing market. Better still, as described by the President and Chief Executive Officer in the pages following, each year Humania Assurance cements its role as a key niche player and health insurance specialist.
This year, like every year, the Board of Directors took great care in studying the many development projects proposed by the management team. The Board of Directors carries out this work as part of its primary mandate of overseeing the company's activities as well as its commitment to work with management to support solid and sustainable progress. The Board was particularly pleased with the company's sales growth outside of Quebec and on the web—areas which the directors believe are pivotal when it comes to future business development.
Compliance is at the heart of our concerns.
The board also paid particular attention to the company's compliance with the various legislation, regulations and standards to which it must adhere. Moreover, we strengthened our compliance structure in 2014, and continue to improve our management tools each year, which is reassuring to our stakeholders.
Risk management has also been strictly monitored. Beyond the company's risk profile, which is reviewed each year by the Board of Directors, we paid close attention to the management team's processes for identifying the most significant risks for the company and in ensuring the necessary follow-up.
In addition, by recommendation of its various committees, the Board of Directors adopted a number of new policies last year. Policies on healthy commercial practices and stress testing were introduced after new guidelines were issued by the Autorité des marchés financiers. Similarly, a policy regarding the enforcement of Canada's anti-spam legislation was created to define the roles, responsibilities and mechanisms in place to ensure that this new federal law, in effect since last July, is respected.
As the Board of Directors faces an ever increasing number of requirements and responsibilities, which are also increasing in scope, it has become necessary for us to appoint efficient and rigorous advisory committees. These committees again fulfilled their duties responsibly and diligently this year, for which I thank each member. Reports from these committees can be read in the following pages.
In closing, I would like to thank each and every one of the company's employees and its management team for all of the progress achieved and results attained in 2014.
Chairman of the Board of Directors