SSQ Financial Group

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. 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 expansion

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 and renamed it SSQ Insurance. 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.

In 2017 a decision by SSQ Insurance came under criticism by medical professionals and popular newspapers. It involves the denial of the claim of paralysis through injuries sustained in a 7 meters fall. At the time the patient was covered under against paralysis under his mothers insurance policy. SSQ Insurance has since been sued in connection with this decision.

Products and services

SSQ Financial Group offers financial products and services across Canada:

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:

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):

Boards of directors

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

Sustainable development and social responsibility

SSQ Financial Group strives to put its economic and financial aims to work for great social and environmental causes. 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, which is published each year.

Donations and sponsorships

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

SSQ partners with the SSQ Longueuil Marathon 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, 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.

Awards and distinctions