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1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 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1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

THE POWER OF ONETHE POWER OF ONE

2 0 1 5 A N N U A L R E P O R T

SUMMARY02 2015 Financial Highlights05 Chairman’s Message14 CEO’s Message26 Sustainable Development and Societal Responsibility Report48 SSQ, Mutual Management Corporation – Consolidated Financial Statements as at December 31, 2015

49 Independent Auditor’s Report50 Consolidated Statement of Net Surplus50 Consolidated Statement of Comprehensive Income51 Consolidated Statement of Financial Position52 Consolidated Statement of Equity53 Consolidated Statement of Cash Flows54 Notes to the Financial Statements

62 SSQ, Life Insurance Company Inc. – Excerpt from the Consolidated Financial Statements as at December 31, 2015

63 Management’s Report64 Consolidated Statement of Income65 Consolidated Statement of Comprehensive Income66 Consolidated Statement of Financial Position67 Consolidated Statement of Changes in Equity68 Consolidated Statement of Cash Flows69 Excerpt from the Notes to the Consolidated Financial Statements

103 Structure104 Boards of Directors, Senior Management and Vice-Presidents108 Addresses108 Contact Us

THE POWER OF ONEWhen we call ourselves a group, it’s more than just a name, more than the sense of solidarity we share. The power of a group—one group—allows us to combine our strengths to create one powerful customer experience.This means that each of our customers enjoys an experience that is greater than the sum of our parts, from start to finish.The power of one is the ultimate expression of the values behind our name, brand, and identity.It’s why we stand for the power of one group: SSQ Financial Group.

It’s our vision for the future.

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2015FINANCIALHIGHLIGHTS


S S Q F I N A N C I A L G R O U P . . . 2 0 1 5 A N N U A L R E P O R T

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CONSOLIDATED INSURANCE PREMIUMS(in millions of dollars)

CONSOLIDATED ASSETS UNDER MANAGEMENT AND ADMINISTRATION (in millions of dollars)

EQUITY ATTRIBUTABLETO SHAREHOLDERS (in millions of dollars)

2011 12 13 14 15 2011 12 13 14 15 2011 12 13 14 15

1,56

5.2

1,80

9.0

2,00

8.6

2,08

4.4

2,20

4.9

306.

1

315.

5

363.

8

670.

7

727.

0

7,97

0.8

10,8

71.5

11,4

21.8

10,6

22.3

11,1

83.3

(in millions of dollars)

2015 $

2014 $

Variation %

CONSOLIDATED DATAInsurance premiums 2,204.9 2,084.4 5.8Assets under management and administration 11,183.3 10,622.3 5.3Equity attributable to shareholders 727.0 670.7 8.4Net income attributable to shareholders 64.8 49.7 30.4Net income attributable to non-controlling interest – 4.3 Total net income 64.8 54.0 20.0Fair value of properties 289.6 244.9 18.3Number of employees 2,108 2,052

SSQ, LIFE INSURANCE COMPANY INC.Premiums and premium equivalents 1,814.9 1,710.4 6.1Assets under management − segregated funds 4,769.8 4,369.6 9.2

SSQ INSURANCE COMPANY INC.Premiums 206.0 183.0 12.6

SSQ GENERAL INSURANCE COMPANY INC.Written premiums 221.8 227.5 -2.5Net combined ratio 99.0% 95.7% 3.4


4

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Pierre Genest, Chairman of the Board, and Jean-François Chalifoux, Chief Executive Officer of SSQ Financial Group.

THE POWER OF ONE GROUP AT THE SERVICE OF OUR CUSTOMERSIt’s my pleasure to present to you Jean-François Chalifoux, the new Chief Executive Officer of SSQ Financial Group. On duty as SSQ’s CEO since last September, he was quick to discover to what extent SSQ’s values are well entrenched in the Com-pany’s DNA. Jean-François has made a firm pledge: to maximize the tremendous potential for synergies within the Company and improve customer experience. This commitment is at the heart of the Group’s actions and there is no doubt in my mind that Jean-François will exceed far beyond our highest expectations.


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CHAIRMAN’S MESSAGE2015—A big year for change at SSQ Financial GroupMany people have figured in SSQ’s 70-year-long history. One prominent figure, René Hamel—a man of vision, courage, convictions and values—has left behind him a rich legacy and paved the way to a bright future. At the beginning of 2015, he expressed his wish to leave us at year-end and embark on a well-deserved retirement. René is a born leader and his track record is impressive. In 1986 when he joined us, he co-founded our flourishing general insurance subsidiary. He then applied his skills and abilities to Investment and Retirement, where one of his many accomplishments was launching the Astra segregated fund family, subse-quently moving on to take the helm of the group insurance sector. In 2008, he became SSQ’s CEO and held that position until September 20, 2015. To ensure a smooth transition, he acted as a special advisor to the new CEO until his depar-ture at the end of the year. Throughout his many years with us, René Hamel has had a remarkable career and served as an inspiration to us all. He was both a tireless advocate of our mutualist values and a bold and efficient manager.I was sad to see René leave us—he was a valued colleague and collaborator right from the start. I am deeply grateful to him for his inspired work and vision that made the Group what it is today. On behalf of our board members, partners, customers, insureds and, above all, employees, who were so important to him, I would like to thank him warmly for his invaluable contribution to SSQ’s advance-ment and for laying the groundwork for a strong financial group. All the best for your retirement, René!After a thorough recruitment process by the Executive and Human Resources Committee, the Board of Directors appointed Jean-François Chalifoux to succeed René Hamel as Chief Executive Officer. In so doing, SSQ Financial Group chose an experienced, imaginative and dynamic new CEO to confront the challenges currently facing the insurance and financial services sectors.


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1 1 1 1 1 1 1 11 1 11 1 1 1 11 1 1 11 1 1 1 1 11 1 1 1 1 1 11 1 1 1 11 1 11 1 1 1 1 1 1

1 1

1 1 1 11 1

REFOCUSINGOUREFFORTS

REFOCUSING OUR EFFORTS

In view of the Group transition initiated in 2011 by his predecessor, Jean-François was quick to note the great potential for synergies between the different entities and sectors of activity.

Jean-François, who has been in office since last September 21, previously held a number of executive positions with major pan-Canadian insurers, both in general insurance and life and health insurance. Until very recently, he was responsible for the overall strategic direction of a major life and health insurer and oversaw its business development activities across Canada. He has served on several boards and committees associated with the insurance and financial services industry, and has supported numerous projects addressing the well-being and develop-ment of individuals and communities. Jean-François has a bachelor’s degree in actuarial science from Université Laval, is a Fellow of both the Canadian Institute of Actuaries and the Casualty Actuarial Society, and is a graduate of the Queen’s Executive Development Program.Jean-François’ first order of business was to meet with SSQ’s managers and staff to get the lay of the land. From the outset, he was pleased to note the impressive quality and competence of management and employees alike. He observed what a vital part of its DNA SSQ’s values are. In view of the Group transition initiated in 2011 by his predecessor, Jean-François was quick to note the great potential for synergies between different entities and sectors of activity. He also consid-ered SSQ in an excellent position to gear its efforts and priorities to enhancing customer experience.


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Sound governanceThe boards of SSQ, Life Insurance Company Inc. (SSQ Life), SSQ Insurance Com-pany Inc. (SSQ Insurance) and SSQ General Insurance Company Inc. (SSQauto) carried out an annual review of their governance programs to ensure that best practices were being upheld. In conjunction with this review, the boards tasked the Audit and Risk Management Committee with receiving the actuary’s report on the Company’s financial position. To promote informal communication between the boards and the head of SSQ, every board meeting included closed-door discus-sions with the Company’s Chief Executive Officer.On the recommendation of the Audit and Risk Management Committee, the boards adopted the capital management policy; the policy to manage the internal model for calculating the capital required for segregated fund capital guarantees; and the capital guarantee management policy.In cooperation with the SSQ Life’s Investments Division, the members of the Investment Committee initiated an in-depth examination of investment portfolio asset allocation in the Group’s insurance companies, with the objective of maxi-mizing performance while ensuring that these companies’ investments and commitments are closely matched.In 2015, the directors of the Group’s enterprises were brought together on a num-ber of occasions: in June, for instance, with the review of the half-way results of the 2013-2017 Strategic Plan, and in September with a training session covering upcoming changes to Quebec’s legislation on insurers and the Report on the Ap-plication of the Act respecting the distribution of financial products and services published in May 2015 by the Ministre des Finances.

Relevant training activitiesIn-house training enhances a board’s expertise and competence. SSQ makes a point of placing the information and training directors need at their disposal. Several training sessions were offered on topics ranging from upcoming changes to legislation on insurance to derivatives, financial risk exposure, and the automo-bile insurance Risk Sharing Plan. A specialized analyst presented an overview of the Canadian insurance and financial services market, discussing both the general insurance and life and health insurance sectors with them.In addition, International Financial Reporting Standards (IFRS) specialists met with members of the Audit and Risk Management Committee to make them aware of the significant impacts that IFRS 4—Insurance Contracts, and IFRS 9— Financial Instruments standards will have on SSQ when they come into effect.

High attendanceThe directors of SSQ’s boards care deeply about their roles and responsibilities, and this is borne out by their attendance record and the quality of their meeting- related preparations. In 2015, the attendance rate for meetings of the various bodies was over 97%, as shown in the following tables:


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ATTENDANCE RECORD FOR DIRECTORS OF SSQ, MUTUAL MANAGEMENT CORPORATION, SSQ LIFE AND SSQ INSURANCEfor the year ended December 31, 2015

Board of Directors

Executive and Human Resources

CommitteeInvestment Committee

Audit and Risk Management

CommitteeEthics

Committee

Brouillet, Normand** 9 / 9 7 / 7Chalifoux, Jean-François* (as of September 21, 2015) 2 / 2 2 / 2

Choquette, Claude* 8 / 9 4 / 4Doré, Chantal* 9 / 9Dubé, Carolle** (as of June 11, 2015) 2 / 3

Genest, Pierre** 9 / 9 7 / 7Hamel, René* (until September 20, 2015) 7 / 7 5 / 5

Jomphe, Eddy** 9 / 9 3 / 3MacDougall, Andrew** 8 / 9Martineau, Jude* 9 / 9 6 / 6Morin, Gaétan* 8 / 9 7 / 7Nadeau, Michel** 9 / 9 7 / 7 4 / 4Paradis, Denyse** 8 / 9 3 / 3Paré, Sylvain* 9 / 9 7 / 7 6 / 6Pélissier, Alain** 7 / 9Perron, Jean** 8 / 9Picard, Sylvain** 9 / 9 6 / 6Ross, Alistair Angus H.* 9 / 9Turnbull, Norman A.* 8 / 9 4 / 4 6 / 6Vallée, Émile** 9 / 9 7 / 7Verreault, Dominique** (until June 10, 2015) 6 / 6 2 / 2

* Director of SSQ Life and SSQ Insurance ** Director of SSQ, Mutual Management Corporation, SSQ Life and SSQ Insurance

ATTENDANCE RECORD FOR SSQauto DIRECTORSfor the year ended December 31, 2015

Board of Directors

Executive and Human Resources

CommitteeInvestment Committee

Audit and Risk Management

CommitteeEthics

Committee

Chalifoux, Jean-François (as of September 21, 2015) 2 / 2

Genest, Pierre 5 / 5 5 / 5Hamel, René (until September 20, 2015) 3 / 3

Lachapelle, Josée 5 / 5 1 / 1Lallemand, Danielle 4 / 5 4 / 4L’Écuyer, André 5 / 5 4 / 4Martineau, Lucie 5 / 5 1 / 1Piché, Bernard 5 / 5 5 / 5 4 / 4Rochefort, Jacques 5 / 5 5 / 5Tremblay, Jocelyn 5 / 5 1 / 1Vachon, Pierre-Maurice 5 / 5 4 / 4


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Giving back to the communityThe United Way Centraide campaign was in full swing from October 26 to November 6, 2015, in our Vancouver, Toronto, Montreal, and Quebec City offices. With 102% of its goal being reached, $286,000 was raised.In 2015, SSQ Financial Group chose to support Mères et monde, a Quebec City community and residential centre devoted to improving the living conditions of young mothers ages 16 to 30 and their families through the SSQ Quebec City Marathon. As a mutualist company, SSQ is inspired every day by mutualist values that make people and social development the central focus of its actions. Its com-mitment to Mères et monde offered employees a concrete opportunity for hands-on expression of these values by taking part in various fundraising activities such as a denim days, as well as food drives and work bees. We managed to raise way more than we had hoped and were proud to present Mères et monde with over $101,000 on behalf of employees, partners, and participants in the SSQ Quebec City Health 5K event.SSQ’s employees played a very active role in the 2015 campaign organized by Magasin Partage. Thanks to their generosity and participation in different activi-ties, the objective was met and approximately 9,500 food items were collected and distributed to over 2,000 disadvantaged families in the Quebec City area.

IntercooperationHélène Plante, Corporate Secretary of SSQ Financial Group, continued to work with the team of the Université de Sherbrooke’s Cooperative/Mutual Research and Education Institute (IRECUS) for the 2015 winter term as an instructor in the master’s program in cooperative/mutual management and governance. As a guest of IRECUS, I had the pleasure of serving as “prof for a day” in connection with a seminar I gave on corporate governance for MBA students at the Université de Sherbrooke in the spring of 2015 and for executives enrolled in the MBA program at the Université de Sherbrooke’s Longueuil campus in the fall of 2015.

LEFT: During an outdoor spring cleaning activity involving many Company employees, France Rodrigue developed a special bond with one of the mothers at Mères et monde, the organization sponsored by SSQ as part of the SSQ Quebec City Marathon.

RIGHT: The Health 5K of the SSQ Quebec City Marathon is always a popular event. The young and the not so young prepare to cross the starting line of the annual event.


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Promoting mutualism and mutualist valuesIn 1992, a committee of employee volunteers was created by the Board of Direc-tors of SSQ, Mutual Management Corporation and tasked with promoting cooper-ative culture among employees of SSQ’s enterprises, with an emphasis on training and increasing awareness. In 2015, this committee began an in-depth examina-tion of its mission, its role within SSQ, and the importance of mutualist values and principles. After several meetings, the committee updated its mandate to pro-moting mutualist and cooperative values among employees of SSQ’s enterprises, with an emphasis on an education-based approach. The committee’s objectives include promotion of the mutualist values so vital to SSQ. To help it do this, two researchers from lRECUS take part in the committee’s work and help it increase its own knowledge of mutualism with a view to setting the standard.

Designating delegatesThe formula for delegate designation, which has been ensuring that mutualists from across Canada are represented at the annual meeting since 2006, continues to pay off. The number of designated delegates among the membership rose from 116 in 2007 to 209 in 2015.

CQCM (Québec Council on Cooperation and Mutualism)SSQ continues to play an active role in the activities of the CQCM, which seeks to foster Quebec’s social and economic development by promoting the cooperative and mutualist movement, in accordance with the principles and values of the International Cooperative Alliance. In Quebec, the mutualist movement is made up of 39 mutual organizations, including SSQ, Mutual Management Corporation.

FECM (Foundation for Cooperative and Mutualist Education)As a founding member of Quebec’s FECM, SSQ (via the SSQ Foundation) contrib-utes financially to this organization’s mission: to promote the values and diversity of the cooperative and mutualist formula among young people.

SOCODEVI (Society for Cooperation and International Development)SSQ is among the Quebec-based cooperative and mutualist organizations that founded SOCODEVI in 1985 in order to promote and strengthen the cooperative formula as an international sustainable development tool.Through SOCODEVI, SSQ shares its expertise and experience with organizations in developing countries. For instance, it encourages its employees to take part in missions and offer technical assistance. I continue to serve on SOCODEVI’s board and I also chair its Audit and Risk Management Committee.


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SSQ, Mutual Management Corporation’s financial resultsSSQ, Mutual Management Corporation’s financial results represent a percentage of SSQ Financial Group’s results, in accordance with its ownership stake in the Group. Accumulating over the years, these results constitute member equity.Total revenues for 2015 were $18.8 million, including the proportionate share of SSQ, Life Insurance Company Inc.’s net income, which amounted to $18.7 million. After deducting expenses of $0.1 million and the net surplus attributable to the non-controlling interest of $8.0 million, the net surplus attributable to members was $10.7 million.As at December 31, 2015, members’ equity totalled $121.7 million, up 8.2% from the previous year. SSQ, Mutual Management Corporation is delighted with the results obtained by SSQ, Life Insurance Company Inc., particularly considering the steps taken to ensure a fair balance between the members’ rights, the financial stability of the Group’s enterprises, and the shareholders’ reasonable return-on- investment expectations.

DepartureDominique Verreault left her director’s position in June of 2015. She joined the Board of Directors of SSQ, Mutual Management Corporation on February 27, 2007, and the Board of Directors of SSQ, Life Insurance Company Inc. on Septem-ber 10, 2008, the same date she was also appointed to the Ethics Committee. On January 1, 2012, she began performing similar duties for SSQ Insurance Compa-ny Inc. Speaking on behalf of my colleagues on the boards of directors on which she served, I would like to thank her sincerely for a job well done over her years of unflagging loyalty to SSQ.

NewcomersIn June 2015, Carolle Dubé, President of the Alliance du personnel professionnel et technique de la santé et des services sociaux (APTS), was made a director on the boards of SSQ, Mutual Management Corporation; SSQ, Life Insurance Company Inc.; SSQ Insurance Company Inc.; and SSQ, Mutual Holding Inc.In his capacity as Chief Executive Officer of SSQ Financial Group, Jean-François Chalifoux has served on the boards of the Group’s three insurance companies and on that of SSQ, Mutual Holding Inc. since joining the Company on September 21, 2015.I am pleased to welcome these two new directors, whose skills and expertise will undoubtedly be of great benefit to SSQ.


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AcknowledgementsIn concluding, I am deeply grateful to the directors who serve on SSQ’s boards. The high calibre of the boards is largely due to your expertise, knowledge, and experi-ence. I also salute the steadfast commitment to SSQ you demonstrate with your high attendance records and contributions to discussions, among other things.In addition, I would like to thank our customers, insureds and partners, and our 2,000 employees who are truly the lifeblood of the Company.The delegates of SSQ, Mutual Management Corporation are the embodiment of SSQ’s desire to remain faithful to its mutualist roots and keep mutualist values alive in its business management. Thank you for responding to our invitation and participating in the events surrounding your Company’s annual meeting—when you elect your directors, who also form the majority of SSQ Life’s board. They are the guardians of mutualist values and principles.

Pierre Genest Chairman SSQ, Mutual Management Corporation SSQ Financial Group


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CEO’S MESSAGELast year, we told you that imagination, creativity and audacity had served SSQ well as it navigated its way through its 70-year history and adapted to change. To continue to pursue growth, SSQ must continue to adapt and do so at a faster pace. Nothing can ever be taken for granted: our products, processes and interac-tions must constantly be reassessed, including the ways we communicate with our customers, who are increasingly better informed and more demanding. More than ever before, we want to ensure that their experience is as pleasant and posi-tive as possible each time they reach out to us, whatever their concerns may be or however they wish to make contact.

Key financial results and highlights of 2015SSQ Financial Group posted solid results in 2015. Our insurance business volume rose by 4.7%, a rate of growth that was lower than in past years. SSQ’s operating markets were extremely competitive, resulting in insurance sales that were 4.2% higher than in 2014. Our business retention efforts had a positive impact, thanks in part to our quality customer service. Stringent controls limited insurance expense increases to 3.2%.Interest rates remained very low in 2015. For example, the 30-year Canada bond rate hovered around 2.3% throughout the year. Persistently low rates had a negative impact on our financial results.On the one hand, there was a lower return on our unmatched investment portfolio than expected. On the other, the highly competitive market didn’t really allow us to increase premiums to fully offset these low interest rates, making the profit mar-gin slimmer in the case of long-term guarantee products.It looks like low interest rates are here to stay for a few more years. The most opti-mistic short-term forecasts call for a 50 basis point increase in the 30-year Canada bond rate in 2016, with the average estimate closer to a 25 basis point rise.The introduction of SSQ’s travel insurance product was not entirely unrelated to the low interest rate situation. It is a relatively short-term guaranteed product, and consequently its pricing is not expected to be interest-rate sensitive.We are monitoring long-term disability insurance results closely. Claim frequency is high for all insurers across the country. This trend, coupled with lower interest rates, had a negative impact on financial results. A scheduled review of the actu-arial assumptions underpinning our group life insurance coverage therefore had a positive effect. SSQ’s profit is up 20%.


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2015 2014

BUSINESS VOLUME – INSURANCE ($M)Group insurance 1,805.8 1,722.9Individual insurance 142.7 122.6General insurance 221.8 227.5

TOTAL 2,170.3 2,073.0

SEGREGATED FUND ASSETS – INVESTMENT AND RETIREMENT ($M)Individual 1,697.5 1,505.0Group 3,072.3 2,864.6

TOTAL 4,769.8 4,369.6

SALES – INSURANCE ($M)Group insurance 161.8 148.6Individual insurance 29.0 20.7General insurance 53.3 65.0

Total – Insurance 244.1 234.3

SALES – INVESTMENT AND RETIREMENT ($M)Individual 354.0 264.9Group 341.3 313.8Total – Investment and Retirement 695.3 578.7

GRAND TOTAL – SALES 939.4 813.0

ASSETS UNDER MANAGEMENT ($M)General funds• SSQ Life 4,193.9 4,169.0• SSQ Insurance 1,837.5 1,695.3• SSQauto 382.1 388.4Segregated funds 4,769.8 4,369.6

TOTAL 11,183.3 10,622.3

PROFIT ($M)SSQ Life (excluding insurance subsidiaries) 46.1 31.4SSQ Insurance 17.0 15.5SSQauto 5.5 11.1

TOTAL 68.6 58.0Amortization of intangible assets and consolidation elements (3.8) (4.0)Profit 64.8 54.0

RETURN ON EQUITY (%)SSQ Insurance 8.0 8.3SSQauto 5.2 11.7SSQ Life consolidated – SSQ Financial Group 9.3 8.5


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The legislation covering fees for services offered by pharmacists to individuals insured under private insurance plans (Bill 28) was ratified. SSQ therefore began in 2015 to reimburse the four new eligible services offered. Those services are: renewing a physician’s prescription, adjusting a physician’s prescription, prescrib-ing a medication when no diagnosis is required and prescribing medication for certain minor conditions if the diagnosis and treatment are known. Insured mem-bers may now submit claims for these new services through their pharmacist in the same way they do for their prescription drugs.Biologic and specialty drugs are putting pressure on group plans and contribut-ing to the increase in claim sharing costs for insurance companies across Quebec and the rest of Canada. Costs are also rising for plan promoters. Claim cost controls are crucial for reducing impacts. At SSQ, we are concerned about our customers’ ability to pay and have therefore already put controls in place. We believe, however, that the real challenge lies in coming up with claim cost reduc-tion solutions.In March 2015, SSQ completely revamped its critical illness group insurance product. This insurance now covers up to 40 illnesses and features a 14-day sur-vival period for eligibility instead of the usual 30-day requirement. SSQ is the only insurance company in Canada that offers this and also the only one that covers autoimmune diseases.Sales of individual insurance and investment products rose substantially, surpassing our expectations. Our general growth is clearly superior to that of the industry as a whole. This is partly due to the success of our universal life insur-ance product introduced at the end of 2014 and to increased distribution of the segregated fund product SÉCURIFONDS. This product is offered exclusively to shareholders of the Fonds de solidarité FTQ and distributed by SSQ Financial Services Firm, the exclusive distributor of SSQ’s individual savings products to FTQ shareholders. Individual insurance and investment sales were particularly impressive outside Quebec, where they now account for approximately 30% of total sales in comparison to last year’s 20%—a remarkable achievement.In conjunction with our transition to the new investment product management system, we have improved our Guaranteed Investment Funds (GIFs) by upgrad-ing guarantees and modernizing the segregated fund line-up. The launch was accompanied by a cross-Canada tour involving close to 1,500 financial security advisors.


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The acquisition of assurancevoyages.ca, a company specializing in the distri-bution of travel insurance products, allowed SSQ to diversify by introducing its first individual travel insurance product and to position itself as an insurer in this sector. This product will initially be distributed exclusively by our partner assurancevoyages.ca and will eventually be available through SSQ’s other distribution networks.SSQ also took part in a private meeting with industry representatives set up by Finances Québec with a view to tabling a revised Act respecting insurance, which will become the Act respecting insurers. SSQ engaged actively with both the Canadian Life and Health Insurance Association (CLHIA) and the Insurance Bureau of Canada (IBC) in formulating the industry’s concerns with regard to this planned revision of the legislation.The A.M. Best credit rating agency once again gave SSQ a financial strength rating of A- (excellent) and an issuer credit rating of a-, both with stable outlooks.In spite of a challenging labour dispute, SSQauto posted good results. What is more, in 2015, we celebrated the renewal of agreements with the Fédération de la santé et des services sociaux (FSSS-CSN) and Université Laval, two partners with whom we have collaborated for 25 years.SSQ also stood out in the media: our executives heightened our Company’s profile both in the industry and at social and charity events. SSQ was vocal on issues including the new services offered by pharmacists, the real estate markets in Montreal and Quebec City, and the impacts of the online sale of life insurance and travel insurance, to name but a few.

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

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1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

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1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Nothing can ever be taken for granted: our products, processes and interactions must constantly be reassessed, including the ways we communicate with our customers, who are increasingly better informed and more demanding.


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Embracing the digital transformation and technology investmentGroup insurance plans must adapt to the reality of small business and SSQ has heard this loud and clear. We have innovated by offering small businesses a group insurance product that is competitive, comprehensive and adapted to today’s needs. SSQ SMEs offers a solution that is easy to manage and 100% online throughout the entire process. A number of steps were taken to ensure this plan’s sustainability, including generic drug substitution and regular drug list use.Following the overhaul of the ssq.ca website, SSQauto was incorporated with the SSQ Financial Group site. In addition to offering a rewarding and unique user experience, all of the Group’s online products are now adapted to a variety of mobile platforms.We have also upgraded our online services and mobile applications. Group insurance customers can already consult their files, submit health insurance claims, and receive reimbursements electronically in less than 48 hours. We also offer general insurance customers a mobile application allowing them to submit an insurance claim, file a joint report and prepare a property inventory. In 2015, a new web portal was introduced to allow glaziers to manage broken glass claim files without having to contact SSQ beforehand, speeding up claim processing.True to today’s world, we are continuing to invest in technology infrastructure to better serve our partners and customers. An advanced investment product management system was delivered in 2015. In individual insurance, we finished a digitization project designed to favour the transition to a paperless work environ-ment and process optimization. We also successfully completed a revision of our general insurance systems. SSQ now has one of the most modern technology platforms in the industry, permitting it to continue to innovate and provide stand-out products and customer service.

Total drug cost increase trendThe past few years have been characterized by increased use of generic drugs, a reduction in their prices, an increase in the number of prescription drugs used, and the emergence of expensive new drugs. The first two have helped cut drug costs, while the latter two have helped raise them. Despite some slackening off, we are still seeing an overall increase in costs. With the aging of the population and greater reliance on medication, the amount of drugs used will clearly rise in the coming years, and this will inevitably drive up costs for insurance companies. The increase may be gradual, but it is undeniable.What is harder to forecast is the average price per drug used. Potential gains stem-ming from greater use of generic drugs and lower generic drug prices will reach a limit, but expensive new drugs, including biologics, are arriving on the scene at an increasingly fast pace.


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SSQ TowerA stone’s throw from the Jacques-Cartier bridge, in the heart of bustling Place Charles-Le Moyne in Longueuil, SSQ Financial Group is finalizing construction on the prestigious SSQ Tower, which welcomed its first tenant at the beginning of 2016.The building features direct access to public transit with rapid connections to downtown Montreal as well as neighbouring communities on the South Shore. A nearby bike path network and easy access to main roads make the SSQ Tower location extremely convenient. LEED® certification is also in the works.With its impressive architecture, the building’s 250,000 sq. ft. include a huge 35,000 sq. ft. promenade filled with shops and restaurants on the ground and second floors, and quality, light-filled office space on the floors above. In 2016, all SSQ Financial Group employees in the greater Montreal area will be housed in one place.

The construction of the SSQ Tower, a building with a distinctive architectural style, will be completed in 2016. It will accommodate all of SSQ Financial Group’s employees working in the greater Montreal area.


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Sustainable Development and Societal ResponsibilityThe third phase of SSQ’s Sustainable Development and Societal Responsibility plan was carried out in 2015. Here are some of the results:• SSQ received the Coup de cœur prize in the major donors category from the

Centraide Québec and Chaudière-Appalaches chapter of United Way Centraide during an awards ceremony. SSQ also received a Maestria special mention for its high participation rate. Our contribution to the campaign was up 6%.

• SSQ Financial Group contributed $101,091 to Mères et monde in conjunction with the SSQ Quebec City Marathon and $206,423 to the fundraising campaign organized by the Quebec City Fondation du CHU.

• For the next three years, SSQ will officially host the new Marathon SSQ de Longueuil each May.

• For a sixth year, SSQ joined forces with the Fondation des pompiers du Québec pour les grands brûlés during its annual Agir à grande échelle campaign to help burn victims. This is a major fundraiser for medical research and burn victim assistance.

• SSQ created an environment committee of employees proposing activities designed to reduce the Company’s environmental footprint. What is more, energy efficiency for SSQ Place in Toronto rose 18%, resulting in a 15% decrease in energy costs. At SSQ 2525 in Quebec City, water consumption fell 5%.

• SSQ continues to develop digital products and we now have over a dozen apps on offer for our customers and partners. For example, we have added cancer insurance to our line-up of 100% online products. Also, on the group insurance front, we now offer SSQ SMEs, a solution geared towards small business. We have noted a 42% increase in downloads of the claim app and a 122% increase in its use.


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1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

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Some 30 children who took part in Pignon Bleu’s homework aid program were compensated for their effort thanks to SSQ and its social club. The youngsters enjoyed a Christmas activity at the Galeries de la Capitale shopping centre in Quebec City. Pignon Bleu is a multiservice community organization in Quebec City.

In 2015, our employees rallied for numerous causes, such as the SickKids Foundation in Toronto, by forming a volleyball team; they crafted cozy hats and scarves and other comforting items and handed out Easter chocolate to hospitalized children, in cooperation with the Fondation CHU Sainte-Justine in Montreal; and they participated in the Terry Fox Run for the Canadian Cancer Society.


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1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1

CREATINGOUR

OWNSYNERGY

CREATINGOUR

OWNSYNERGY

One customer, one experience, one entityAs with last year, in the short term SSQ will have to deal with low interest rates without taking on undue risks. Addressing group insurance and automobile insur-ance experience remains a priority. Despite many factors in favour of premium increases in several sectors, the markets remain extremely competitive. Stringent cost controls and ongoing efforts to improve performance will be essential.Business synergies will fuel the Group’s growth and operational gains will improve its performance. More than ever, SSQ must act as a single entity and one group.The International Financial Reporting Standards IFRS 9—Financial Instruments, and IFRS 4—Insurance Contracts are in the process of being changed. At the same time, the Autorité des marchés financiers is revising the Life Insurance Capital Framework governing solvency ratio calculation. In the medium term, the Group will therefore have to cope with major revisions and, more importantly, coordinate timetables to accommodate these changes where actuarial valuation systems, financial information systems and investment management are concerned. These changes will require a great deal of time and effort. SSQ is playing an active role in industry representations on these issues to the relevant authorities. In the longer term, the industry will have to address a number of daunting concerns, with climate change foremost among them. While it’s tempting to think that only the general insurance sector will be affected by climate change, in the long term life expectancy and health will be as well.

Business synergies will fuel the Group’s growth and operational gains will improve its performance. More than ever, SSQ must act as a single entity and one group.


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1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

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1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

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1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1

CREATINGOUR

OWNSYNERGY

CREATINGOUR

OWNSYNERGY


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Customers’ needs and habits are also constantly changing. Rapidly evolving new technologies are creating havoc for many industries. The customer experience is changing radically and will continue to do so.SSQ must commit itself to and engage in promoting a multichannel approach to the customer journey. We will have to identify the drivers and motives of customer engagement. We are already speaking more in terms of customer engagement than customer experience. The customer experience is grounded in emotion while customer engagement is grounded in action. This engagement includes both customer interaction and SSQ interaction, and covers all the steps of the customer journey. Customer engagement needs to be a strategic priority for SSQ: its optimization will enable us to go beyond managing the experience itself and invest in a longer-term relationship. At SSQ, the customer is everything.The insurance industry is therefore facing major changes and new realities that give cause for concern. The industry is still too deeply rooted in tradition and is in dire need of a substantial transformation if it is to continue to grow. It must com-mand new ways of doing things and court new generations who identify them-selves differently—new generations that intrigue insurers but confound actuaries. The winds of change are already sweeping through the industry in the United States and Canada will not be spared. Amazon and eBay have entered the general insurance arena, and Facebook and Apple have announced their intention of becoming major players in the financial services industry. Many of these heavy-weights have already arrived in Canada, and they are kindling strong emotions and shaking up the status quo.The Canadian insurance and financial services industry must react quickly. The challenge is two-fold: evolving in step with our established customer bases and reinventing ourselves so that we can attract emerging customer bases. SSQ Financial Group is ready to take up this challenge as one group.I am confident that our size will allow us to embrace the digital transformation and “go digital” faster than the rest, not simply by altering current business mod-els, but by reinventing ourselves.I am confident that we will be able to develop a degree of agility that has been absent from our industry so far and that will drive us and set us apart in years to come.I am confident that SSQ will be able to adapt. We will do everything in our power to do so.I am confident that we will be able to act as one group at the service of our cus-tomers.


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AcknowledgementsIn closing, I would like to thank our members, customers and partners for placing their trust in us and for having faith in our ability to adapt.Our board members have guided and supported SSQ as it has evolved over the years. They have helped us to anticipate and embrace change. I am grateful that they encourage us to keep making changes, thereby securing SSQ’s future. I would also like to thank all our employees across Canada, who continue, year after year, to seek out change and make it happen.

Jean-François Chalifoux Chief Executive Officer

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1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

THE POWER OF ONETHE POWER OF ONE


27

1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

2015 SUSTAINABLE DEVELOPMENT AND SOCIETAL RESPONSIBILITY REPORT

The third stage of the sustainable development and societal responsibility (SDSR) plan was reached in 2015. The actions taken gave results that were more than satisfactory. We are proud to report that the 5-year plan is 85% completed.Summary: • 15 actions implemented • 43 gestures taken to reach our objectives• 52 indicators for the gestures taken; 44 of which

have been completed and 8 are in progressOur responsibility is for this plan to stay on course so that SSQ continues to meet the challenges ahead on the social/human as well as economic/environmental scale to help build a better future. 85%

Plan status:

2015 SUSTAINABLE DEVELOPMENT AND SOCIETAL RESPONSIBILITY REPORT


28

PARTNERSHIPS AND EMPLOYEE INVOLVEMENT

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1

Amount raised through the SSQ Quebec City Marathon and donated to Mères et monde community centre and residence

$101,091

+6%A remarkable 6% increase in contributions to United Way Centraide

SSQ becomes title sponsor of this new sports event in collaboration with the city of Longueuil


29

INNOVATION

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1

In online group insurance claims

122% increase

Cancer insuranceThe launch of cancer insurance, an individual insurance product sold 100% online

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

New portal for glaziers New portal for automated processing of some 10,000 broken windshield claims every year. This program is complementary to our mobile and online service offer to insured members and intermediaries

The launch of SSQ’s program for SMEs, an eco-friendly and 100% paperless group insurance product, addressing the specific insurance needs of small businesses


30

INNOVATION

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

42% increase In downloads of the app for group insurance claims

One single website for the entire GroupIntegration of ssqauto.com with ssq.ca

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1

100% of requests for donations and sponsorships are now submitted online

100%


31

AWARDS AND CERTIFICATIONS

Active EnterpriseSSQ obtained the Active Enterprise certification – reflection of the significant employee participation in the SSQ Quebec City Marathon

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1

Healthy Enterprise – Elite

Employer of the month on Jobboom Healthy Enterprise – Elite re-certification

Presentation of SSQ, its corporate structure, values and working environment: a nice way to attract potential candidates


32

ENVIRONMENT

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Drinking water5% reduction in drinking water consumption at SSQ 2525 and SSQ 2505 in Quebec City 1,000 trees

Nearly 1,000 trees planted since 2009 to offset greenhouse gases generated by the annual meeting

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1

Environment committeeCreation of an environment committee made up of employees, to propose activities aimed at reducing the Company’s environmental footprint

Energy efficiency18% improvement in energy efficiency at SSQ Place in Toronto, lowering energy costs by 15%


33

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

HUMAN COMMITMENT

ACTION 1 – Offer an accessible and high-quality customer experience

Gestures Indicators 2015 Report

1. Conduct the necessary surveys to measure member and customer satisfaction rates with our products and services

• Surveys measuring the satisfaction of our insured members, customers and partners

• Nearly 90% of insured members are satisfied or totally satisfied with the overall claim experience at SSQauto

• In progress in the other sectors

• Goals of excellence by business sector

• In progress

2. Develop and maintain specific training programs for employees who work for different customer service departments at SSQ

• Training new employees within six months

• Leverage management, development and training projects through the consolidation of all training activities in the group insurance sector

• Tools for the management of training requests and measurability of operations

• Grouping trainers under the Centre for training expertise and operational information

3. Expand our mobile and online services

• Feasibility study detailing the online needs to add to the overall offering

• New version of the group insurance mobile app released in May integrating online claims with several other services for plan members

• Surveys to determine additional needs for online services

• Survey available at ssq.ca

Status: Completed In progress


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ACTION 1 – Offer an accessible and high-quality customer experience (cont’d)


3. Expand our mobile and online services (cont’d)

• Services with low environmental impact

• Product pamphlets for Privilege group insurance have been compiled: from 17 different documents into only 4

• Return envelopes no longer sent to Privilege insureds

• Paper copies of client investment statements no longer sent to financial advisors. These are now accessible online

• Paperless processing of 100% of auto and home claims

• SSQauto receives invoices in e-format

• New mobile and online services

• Online claims integrated with group insurance mobile app, allowing insureds to submit their claims via smartphones and obtain reimbursement in less than 48 hours

• New innovative initiatives at SSQauto, such as the portal for glaziers to process some 10,000 broken windshield claims every year

• Sustained presence for SSQauto customers through several communication channels

4. Promote the use of our online services among our insured members

• Increased use of online services

• 50% of group insurance members registered for the transactional website, and nearly 40% enjoy reimbursement by direct deposit, an increase of 30%

• The new Health InSight newsletter was launched providing information and news in healthcare, and emailed to 276,000 insureds and partners in group insurance



35

ACTION 1 – Offer an accessible and high-quality customer experience (cont’d)


4. Promote the use of our online services among our insured members (cont’d)

• Identification of the objectives of online services by business sector

• Objectives defined for group insurance• Objectives in development for individual

insurance and investment• Objectives defined for SSQauto

5. Promote the efficiency and speed of SSQ Mobile Services for submitting claims

• Increased use of SSQ Mobile Services

• Promotion of 48-hr reimbursement• 122% increase in online claims • 42% increase in downloads over last year

ACTION 2 – Encourage employees to become agents of change in sustainable development


1. Make employees aware of sustainable development principles

• Activities to make employees aware of the SDSR principles

• Environment committee of SSQ employees implemented. Its goal is to develop initiatives to reduce the Company’s environmental footprint

• Several activities completed as part of the environment week in June, which included the publication of a capsule on sustainable development and implementation of awareness activities

• The Group’s SDSR plan presented to all new employees

2. Build a shared company vision through a communi-cations platform dedicated to attracting and retaining employees

• Internal SDSR communi-cations plan and employee mobilization activities

• Communication plan released to 27 SDSR committee members from the various sectors

• Publication of annual results to all employees



36

ACTION 3 – Maintain a high level of employee expertise


1. Encourage employees to develop skills that help them reach their potential and meet the needs of our customers

• Budget percentage allocated to employee training

• Percentage of SSQ Financial Group’s payroll maintained at 2.8%

2. Set up a leadership training and professional development program for managers

• Training and professional development programs

• Group leadership training taken by two cohorts of new managers through LEAD, a program for management staff development

• Leader of influence module launched in the fall of 2015. This is a training program for vice-presidents and senior directors

• Budget for individual employee training maintained

3. Develop an internal communications policy that encourages dialogue between management and employees

• Internal communications policy

• Policy implemented and communicated to all new employees

4. Coach employees in change management

• Change management support

• Services offered by the Centre of expertise in change management to key stakeholders involved in SSQ’s transformation projects

• Training workshops on leadership in change offered to managers

• Positioning the notion of change manage-ment in project portfolio management



37

ACTION 4 – Take sustainable development principles into account when managing human capital and offer an engaging work environment


1. Examine the results of the different organizational surveys and sustainable development principles in programs related to human resources to offer an engaging work environment and become an employer of choice that consistently promotes equality and employee diversity

• Integration of SDSR principles with company business practises

• Compiling health and wellness data for all of SSQ Financial Group in the spring and fall of 2015 for the HealthWise program

• SSQ Years of Service Award program launched. This is a new activity recognizing employees celebrating a multiple of 5 years of service

• As part of human resources week, the Close-up on Recognition activity invites employees to nominate a colleague using a selfie

• Requalification for the Healthy Enterprise – Elite certification in the fall of 2015

2. Promote health and support employees

• Health promotion and employee support activities

• Maintenance of diversified health programs and initiatives: HealthWise, MobilizAction, Employee Assistance Program (EAP), Recognition Time, and My Career Path portal

• The HealthWise program implemented throughout the Company

• Active enterprise certificate obtained as part of the 2015 SSQ Quebec City Marathon thanks to large employee participation in various marathon events

• Participation in the fundraiser for Les Diabétiques de Québec, helped us raise the sum of $51,190 and hold two diabetes awareness and screening clinics in the workplace



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SOCIAL COMMITMENT

ACTION 5 – Offer products and services that promote responsible behaviours


1. Promote online claims to insureds

• User rates of online services

• Access to online claims for all Privilege individual insurance holders and all group insurance members

• Online claims submitted by insured members up by 122%

• Promotional campaigns for the reimbursement by direct deposit on the transactional website and with targeted groups in group insurance, in order to increase registrations for this service

• Nearly 40% of members using direct deposit for their claim reimbursements

2. Incite and encourage consumers to adopt environmentally friendly behaviours

• Adherence to environmentally responsible products

• In damage insurance, promotion of the Kilo Program and green discounts in marketing activities and ssq.ca website

• Customer service agents promote the importance of accurately estimating mileage in order to save and reduce the environmental footprint

3. Increase the quantity of environmentally responsible products we offer

• Development of new environmentally responsible products

• Online sale of Cancer Insurance, an individual insurance product

• Development of new SSQ travel insurance product distributed by the assurancevoyages.ca subsidiary

• Launch of SSQ PMEs, an eco-responsible product that is 100% online, responding to specific group insurance needs in small businesses

• Growing use of emails over regular mail in auto insurance

• Promotion of a defensive driving course with a discount for SSQauto insurance customers



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ACTION 6 – Integrate environmentally responsible criteria into policies for donations and institutional sponsorships


1. Build on policies for donations and institutional sponsorships that take the sustainable development efforts of applicants into account

• Integration of SDSR in the policies for donations and sponsorships

• Sustainable development criteria being integrated into policies since 2013

• Promotion of our commit-ments in the community

• New partnership agreement between SSQ Financial Group, the city of Longueuil and the promoter Courses Thématiques for the SSQ Longueuil Marathon (Marathon SSQ de Longueuil), the first edition of which will be held in May 2016

• Important fundraising activity of the SSQ Quebec City Marathon raised a total of $101,091 for Mères et monde, a community centre and residence for young single mothers ages 16 to 30

2. Encourage employees to volunteer in order to help communities flourish

• Measures to encourage employee volunteer work

• Large employee participation in the SSQ Quebec City Marathon and fundraising activities for Mères et monde, such as spring clean-up and furniture collection

• Continuation of activities supporting SSQauto’s partnership with Fondation des pompiers du Québec pour les grands brûlés

• Increase in employee contributions to the United Way Centraide campaign

• Agreement concluded to donate any food surplus from company holiday parties to local charities

• Collection of Easter chocolate for the children of Mères et monde and CHU Sainte-Justine

• Hats, socks, mittens, stuffed animals, made by employees for CHU Sainte-Justine children

• Creation of teams of employees for the Longueuil Relay for Life event and the Urban Duathlon for the Fondation CHU Sainte-Justine



40

ACTION 6 – Integrate environmentally responsible criteria into policies for donations and institutional sponsorships (cont’d)


2. Encourage employees to volunteer in order to help communities flourish (cont’d)

• Promotion of the Corporate Donations Policy and the directive on supporting the volunteer work done by employees

• Presentation of the Corporate Donations Policy and the directive on supporting the volunteer work to all new employees

3. Invest a portion of our net income in donations

• Percentage of net gains is invested in donations

• 1% of net benefits donated to organizations such as the Fondation de la Maison Michel-Sarrazin, Fondation du CHU Sainte-Justine, Monique-Fitz-Back Foundation, SickKids Foundation of Toronto, United Way Centraide, and Fondation OLO to name just a few

ACTION 7 – Give back to the community through the SSQ Foundation

Gesture Indicator 2015 Report

1. Maintain support for the SSQ Foundation

• Percentage of the capitalization of SSQ Foundation

• 100% of requests for donations and sponsorships now submitted online

• 35% increase in the capitalization of SSQ Foundation



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ACTION 8 – Invest in the next generation


1. Support the establish-ment of a youth co-op with the children of employees

• Establishment of a youth co-op every year

• Every year a group of young cooperators age 11 to 14 take part in the SSQ Youth Co-op (CJSSQ). Two university students are hired to accompany the youngsters in their educational and entrepreneurial venture

2. Consolidate succession planning to ensure the lasting success of operations

• Succession planning • SSQ Succession Plan completed and presented to all managers

• 36 training sessions given by more than 250 managers

3. Promote the SSQ employer brand as employer of choice

• Promotion of the SSQ employer brand

• SSQ chosen by Jobboom as Employer of the month in June

• Presentation of “Best practises in workplace health and wellness: the case of SSQ Financial Group” at the 2015 Management and HR Conference, which profiled the success of the HealthWise program

• Networking events organized in collaboration with several colleges and CEGEPs in the Quebec City and Montreal areas offering damage insurance programs



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ENVIRONMENTAL COMMITMENT

ACTION 9 – Apply social and environmental considerations when acquiring goods and services


1. Apply a policy on responsible goods and services acquisition and a directive on calls for tenders and responsible contracting

• Policy for responsible acquisition of goods and services

• SDSR criteria added to calls for tender for the selection of responsible suppliers

• Agreement concluded with a Quebec coffee supplier, recuperating 100% of coffee grinds

2. Efficiently dispose of residual materials according to the 3R-D that make up the first principle of the Quebec Residual Materials Management Policy: Reduction at the source, Reuse, Recycling and Disposal

• 3R-D internal management plan for residual materials

• Certification obtained for installation of nearly 3,000 square metres of carpet certified 100% carbon neutral at SSQ 2515 in Quebec City and old carpet recycled

• HERE WE RECYCLE! certification for SSQ 2515

• 100% of paper shredded and recycled• 95% increase in computer equipment

donations to Signes d’espoir, a community-based organization that assists the deaf

ACTION 10 – Reduce our greenhouse gas emissions


1. Create an inventory of greenhouse gases (GHGs) produced every year

• Inventory and definition of greenhouse gas (GHG) reduction objectives

• In development

2. Promote alternative means of transportation to driving alone

• Promotion of public transport and carpooling

• 50% of the cost of public transport passes paid by employer: more than 400 employees enrolled in the public transportation program (L’abonne BUS)

• Incentive program developed to encourage use of public transport with a transportation allowance



43

ACTION 10 – Reduce our greenhouse gas emissions (cont’d)


3. Include a wider selection of environmentally friendly vehicles in SSQ’s automobile fleet

• Environmental performance of the automobile fleet

• Improved performance of the automobile fleet by reduction of CO2 emissions

• Incentives on purchases of green cars for the automobile fleet

4. Hold carbon-neutral annual meetings (AM)

• Carbon footprint of the annual meeting

• Annually planting of hundreds of trees on behalf of SSQ Financial Group in Peru and in Quebec to offset greenhouse gas emissions related to our annual meeting and to support reforestation efforts and fight climate change. Since 2009, nearly 1,000 trees have been planted with close to a 97% survival rate

ACTION 11 – Reduce our paper consumption


1. Encourage group insurance intermediaries to register for online services

• Intermediary registration rates for direct deposit

• Registration for direct deposit by more than 50% of intermediaries

• Development of payment by direct deposit for a number of healthcare professionals

• Usage rate of e-billing • Usage of e-billing by more than 95% of group insurance groups

2. Implement a new employee awareness program to reduce the use of photocopies

• Measuring reduction in the use of photocopiers and printers

• Support of initiatives to reduce paper use in various sectors of the Company

• Total elimination of administrative report printing



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ACTION 11 – Reduce our paper consumption (cont’d)


3. Replace the My insurance at a glance booklet distributed to group insurance members with an abridged version and an online version

• Production and distribu tion of an abridged version online

• A summary of the booklet is now given to insureds, resulting in an annual 80% reduction in paper use, the equivalent of 2.4 million pages

4. Promote printing on both sides as a standard for all documents

• Percentage of printers capable of printing on both sides

• Two-sided printing programmed by default on 100% of all printers

5. Ensure our Copy Centre maintains its FSC® certification

• FSC® certification of the Copy Centre and a policy on paper supply

• Purchase of FSC® Mix paper, from controlled sources

ACTION 12 – Reduce our water and energy consumption


1. Obtain BOMA BESt® certification for all SSQ-owned buildings to improve their performance and their environmental management

• BOMA BESt® certification • In progress

• Objective to reduce water and energy use

• SSQ Place: upgrade on the electromechan-ical systems completed, improving energy efficiency by 18%. Increasing level of comfort for occupants while cutting energy costs by 15%

• SSQ 2525 and SSQ 2505: 5% reduction in consumption of drinking water annually, compared to average consumption rates

• SSQ 2525 – Laurentian tower: work completed on the electromechanical systems, generating energy savings of more than 6%

2. Obtain LEED® certification for all of SSQ Realty’s construction projects

• LEED® certification • Aiming for LEED® certification for SSQ Tower in Longueuil and all new buildings



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ACTION 12 – Reduce our water and energy consumption (cont’d)


3. The Cité Verte project is raising awareness about the prescribed building methods and leading-edge products used in energy and envi-ronmental management: sustainable architecture, waste materials mana-gement and storm water and wastewater management

• Promotion of Cité Verte’s environmental friendliness

• Awarded real estate prize in the multi-residential category from the Institut de développement urbain du Québec

• Installation of a charging station for electric cars in commercial parking lot, promoting green travel

• Three additional buildings employing an alternative biomass thermal plant. In addition to innovative waste collection process that uses an underground transportation network eliminating use and transport of waste containers on Cité Verte site and resulting in a reduction of over 80% in greenhouse gas emissions



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ECONOMIC COMMITMENT

ACTION 13 – Integrate our sustainable development policy into our business practises


1. Integrate sustainable development indicators into the policy’s progress report

• Progress report • Production of progress report to be shared as a collaborative tool

2. Present an annual report that integrates the SDSR report

• SDSR section integrated in the annual report

• SDSR section—a part of SSQ Financial Group’s annual report since 2013

ACTION 14 – Build on the sustainable and responsible profile of our investments


1. Promote the policy governing socially responsible invest ments adopted in 2006 and improved in 2008, by endorsing the PRI (Principles for Responsible Investment) initiative

• Distribution of the policy on socially responsible investments and training of employees involved

• SSQ Financial Group participated in conference on responsible investing organized by Quebec’s chapter of the PRI network in November

2. Establish targets for change in response to the six PRI principles

• Targets for change in response to the six PRI principles

• SSQ annual report is enhanced by detailing our responsible investing practises

• Introduction of criteria for responsible investment in the selection of external managers for SSQ Funds



47

ACTION 14 – Build on the sustainable and responsible profile of our investments (cont’d)


3. Continue with external audits of the Canadian company investment portfolio, with a focus on the responsible aspect of these investments

• External audits and communications to investment committee

• External audit of our investments in Canadian companies, with focus on social responsibility, performed in January and July

ACTION 15 – Ensure the Company’s sustainability through steady growth and reasonable returns

Gesture Indicator 2015 Report

1. Determine reasonable and responsible targets for overall company performance

• Financial indicators • 40.1% growth in individual insurance sales• 4.7% growth in insurance business volume• Assets up by 5.3%• Improvement in expense rate results• Improvement in our financial soundness


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SSQ, MUTUAL MANAGEMENT CORPORATION

As at December 31, 2015 Together with Independent Auditor’s Report

CONSOLIDATED FINANCIAL STATEMENTSCONSOLIDATED FINANCIAL STATEMENTS


49

SSQ, MUTUAL MANAGEMENT CORPORATIONIndependent auditor’s reportTo the members of SSQ, Mutual Management Corporation,We have audited the accompanying consolidated financial statements of SSQ, MUTUAL MANAGEMENT CORPORATION, which comprise the consolidated statement of financial position as at December 31, 2015, and the consolidated statements of net surplus, comprehensive income, equity and cash flows for the year then ended and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Consolidated Financial StatementsManagement is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from mate-rial misstatement, whether due to fraud or error.

Auditor’s ResponsibilityOur responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards re-quire that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the con-solidated financial statements. The procedures selected depend on the auditor’s judgment, including the assess-ment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or er-ror. In making those risk assessments, the auditor considers internal control relevant to the Mutual’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appro-priate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Mutual’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the rea-sonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OpinionIn our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of SSQ, Mutual Management Corporation as at December 31, 2015, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards.

1

Mallette L.L.P. Partnership of chartered professional accountants Québec, Canada February 24, 2016

1 CPA auditor, CA, public accountancy permit No. A119429


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CONSOLIDATED STATEMENT OF NET SURPLUSFor the year ended December 31, (in thousands of dollars)

2015 $

2014 $

REVENUESShare in net income of the associated company (Note 4) 18,733 16,409Interest (Note 5) 73 76

18,806 16,485

EXPENSESInterest 70 70

70 70

EXCESS OF REVENUES 18,736 16,415Excess of revenues attributable to non-controlling interests 8,047 7,041

EXCESS OF REVENUES ATTRIBUTABLE TO MEMBERS 10,689 9,374

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMEFor the year ended December 31, (in thousands of dollars)

2015 $

2014 $

EXCESS OF REVENUES 18,736 16,415

OTHER COMPREHENSIVE INCOMEShare in other comprehensive income of the associated company (Note 4)

Items that might be reclassified subsequently to net income (980) 5,056Items that will not be reclassified to net income (1,507) 3,513

(2,487) 8,569

COMPREHENSIVE INCOME 16,249 24,984

Comprehensive income attributable to non-controlling interests 6,976 10,719

COMPREHENSIVE INCOME ATTRIBUTABLE TO MEMBERS 9,273 14,265


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CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAs at December 31, (in thousands of dollars)

2015 $

2014 $

ASSETSInterests in the associated company SSQ, Life Insurance Company Inc. (Note 4) 234,147 217,901Note (Note 5) 900 900

235,047 218,801

Cash (Note 5) 944 888Account receivable from the associated company 356 –Interest receivable 11 11

TOTAL ASSETS 236,358 219,700

LIABILITIESChattel mortgage (Note 5) 900 900Advance from the associated company (Note 5) 221 215Account payable to the associated company – 22Interest payable 11 11

TOTAL LIABILITIES 1,132 1,148

EQUITY Non-controlling interests 113,477 106,076

Attributable to membersAccumulated net surplus 129,871 119,182Accumulated other comprehensive income (8,122) (6,706)

Total equity attributable to members 121,749 112,476

TOTAL LIABILITIES AND EQUITY 236,358 219,700

On behalf of the Board,

Pierre Genest Émile Vallée Chairman of the Board Vice-Chairman of the Board


52

CONSOLIDATED STATEMENT OF EQUITYFor the year ended December 31, (in thousands of dollars)

2015 $

2014 $

MembersAccumulated net surplusBalance, beginning of year 119,182 109,808

Excess of revenues 10,689 9,374

Balance, end of year 129,871 119,182

Accumulated other comprehensive incomeBalance, beginning of year (6,706) (11,597)

Other comprehensive income (1,416) 4,891

Balance, end of year (8,122) (6,706)

Total equity attributable to members 121,749 112,476

Non-controlling interestsBalance, beginning of year 106,076 95,525Excess of revenus 8,047 7,041Other comprehensive income (1,071) 3,678

Net capital injection 425 (168)

Total equity attributable to non-controlling interests 113,477 106,076

TOTAL EQUITY 235,226 218,552


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CONSOLIDATED STATEMENT OF CASH FLOWSFor the year ended December 31, (in thousands of dollars)

2015 $

2014 $

CASH FLOWS FROM THE FOLLOWING ACTIVITIES:

OPERATING Cashed interest 73 76 Paid interest (64) (64)

9 12

FINANCING Net capital injection1 47 (206)

INCREASE (DECREASE) IN CASH 56 (194)

CASH, beginning of year 888 1,082

CASH, end of year 944 8881 As at December 31, 2015, an amount of $356 is included in the accounts receivable (2014 – accounts payable of $22) of the Mutual for net capital injection.

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NOTES TO THE FINANCIAL STATEMENTSFor the year ended December 31, 2015 (in millions of dollars, unless otherwise indicated)

1. STATUS AND NATURE OF ACTIVITIESSSQ, Mutual Management Corporation (the Mutual) is formed under the Act respecting health services and social services, SSQ, Mutual Management Corporation and SSQ, Life Insurance Company Inc. Its main activity is to hold an investment in SSQ, Life Insurance Company Inc. The Mutual’s head office is located at 2525 Laurier Blvd., Quebec City, Quebec, Canada.

The Mutual’s consolidated financial statements were approved by the Board of Directors on February 24, 2016.

2. SIGNIFICANT ACCOUNTING POLICIES

Presentation of consolidated financial statementsThe consolidated financial statements were prepared in accordance with International Financial Reporting Standards (IFRS). Consolidated financial statements include the accounts of the Mutual and those of its sub-sidiary, SSQ, Mutual Holding Inc., owned at 56.92% (2014 – 57.08%), whose principal office is located in Quebec City, Quebec, Canada, and holds an investment in SSQ, Life Insurance Company Inc. The Mutual’s consolidated financial statements are presented in Canadian dollars, which is the functional currency of the Mutual.

Use of estimates and Management’s judgmentsThe preparation of consolidated financial statements in accordance with IFRS requires Management to rely on best estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting year. Actual results may differ from estimates. These estimates are periodically reviewed and adjustments are made, if needed, to the year’s results in which they are known. Management uses its judgment to prepare the consolidated financial statements.

Revenue recognitionRevenues from investments are recognized when earned.

Interest in the associated company The investment of 28.91% (2014 – 28.91%) in its associated company SSQ, Life Insurance Company Inc. is accounted for using the equity method. Of this ownership, in interest, 16.46% (2014 – 16.50%) is attributable to members.

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NOTES TO THE FINANCIAL STATEMENTS For the year ended December 31, 2015 (in millions of dollars, unless otherwise indicated)


2. SIGNIFICANT ACCOUNTING POLICIES (cont’d)

Financial InstrumentsNote is classified as Loans and receivables and is carried at amortized cost using the effective interest rate method.

Cash is made up of bank accounts. It is classified as Loans and receivables and is carried at amortized cost according to the effective interest rate method.

Other financial assets and liabilities are recognized at amortized cost using the effective interest rate method and classified as Loans and receivables and Other liabilities, respectively.

3. CHANGES IN ACCOUNTING POLICIES

Application of a new accounting standardEmployee benefits

In November 2013, the IASB issued amendments to IAS 19, Employee Benefits, which clarify the accounting of employee or third-party contributions to defined benefit plans. These amendments have been applied to annual periods beginning on or after July 1, 2014. The amendments to the standard had no impact on the Mutual’s consolidated financial statements.

New accounting standards not yet effectiveConsolidated financial statements, disclosure of interests in other entities, and investments in associates and joint ventures

In December 2014, the IASB issued amendments to IFRS 10, Consolidated Financial Statements, to IFRS 12, Disclosure of Interests in Other Entities and to IAS 28, Investments in Associates and Joint Ventures, which clarify the rules for exempting investment entities from consolidation. The amendments are effective for annual periods beginning on or after January 1, 2016 and will have no impact on the Mutual’s consolidated financial statements.

Financial instruments

In July 2014, the IASB issued IFRS 9, Financial Instruments, which replaces IAS 39, Financial Instruments: Recognition and Measurement regarding the classification and measurement of financial assets and liabili-ties, impairment and hedge accounting. On September 23, 2015, the IASB issued an update containing measures to give companies whose business model is to issue insurance contracts the option to defer the effective date of IFRS 9 until 2021 or until the application of IFRS 4, Insurance Contracts if that standard is applied before 2021. The Mutual is currently assessing the impact of this new standard on its consolidated financial statements.

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4. INTEREST IN THE ASSOCIATED COMPANY

2015 2014

SSQ, Life Insurance Company Inc.

$


$

SSQ Insurance

Company Inc. $

Total $

Balance, beginning of year 217,901 108,786 84,137 192,923

Share in net income 18,733 14,366 2,043 16,409Share in other comprehensive income (2,487) 6,118 2,451 8,569Disposal of the interest – – (88,631) (88,631)Acquisition fees on an additional interest – 88,631 – 88,631

Balance, end of year 234,147 217,901 – 217,901

As at September 30, 2014, the Mutual has disposed of its interest in SSQ Insurance Company Inc.

The following table provides a summary of the financial information of the associated company, SSQ, Life Insurance Company Inc.

2015 $

2014 $

Statement of financial positionCash and cash equivalents 241,300 236,800Total assets 11,183,300 10,622,300Total liabilities 10,456,300 9,951,600

727,000 670,700

Net IncomeInterest revenues 114,700 117,800Total revenues 2,073,200 2,186,300Amortization of fixed assets and intangible assets 32,000 30,200Interest expenses 12,000 12,100Income taxes 21,600 17,400Net income 64,800 54,000

Comprehensive incomeOther comprehensive income (8,500) 29,800Comprehensive income 56,300 83,800

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5. FINANCIAL INSTRUMENTS2015 2014

Carrying value

$

Fair value

$

Carrying value

$

Fair value

$

Financial assetsNote, 7.09%, maturing May 1, 20201 900 999 900 1,014Interest receivable on note 11 11 11 11Account receivable from the associated company 356 356 – –Cash bearing interest at prime rate less 1.75%2 944 944 888 888

2,211 2,310 1,799 1,913

Financial liabilitiesChattel mortgage, secured by the note, 7.09 %maturing May 1, 20201 900 999 900 1,014Interest payable on chattel mortgage 11 11 11 11Account payable to the associated company – – 22 22Advance from the associated company, 2.63% 221 221 215 215

1,132 1,231 1,148 1,2621 The fair value of the note and the chattel mortgage, classified as Loans and receivables and Other liabilities, is evaluated according to a model discounting

the expected future cash flows and classified as Level 3. The discount rate used corresponds to the rate of return of the benchmark that has a similar risk profile as the underlying assets and a term matching the maximum term for the loan and chattel mortgage.

2 The fair value of cash is classified as Level 1.

Financial instruments recorded at fair value are classified using a hierarchy that reflects the significance of the inputs used in determining valuations and includes three levels:

• Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities;

• Level 2 – A valuation based on inputs observable in markets for the asset or liability, obtained either directly or indirectly;

• Level 3 – A valuation based on inputs other than inputs observable in markets for the asset or liability.

As at December 31, 2015 and 2014, no financial instrument is recognized at fair value in the Consolidated Statement of Financial position.

2015 $

2014 $

Interest revenuesNote 64 64Cash 9 12

73 76

58



6. FINANCIAL INSTRUMENTS RISK MANAGEMENTThe Mutual adopted control policies and procedures to manage risks related to financial instruments. The Board of Directors approves the investment policy and its objective is to supervise investment decision-making. Risks related to financial instruments consist of credit risk and liquidity risk.

The Mutual is exposed to credit risk in terms of the note. This risk is mitigated by the fact that the note is issued to the associated company.

Liquidity risk refers to the risk that the Mutual may have difficulty generating sufficient cash flows to cover its financial liabilities. The Mutual manages liquidity risk by matching cash flows from its note with those required to cover its chattel mortgage. There is no liquidity risk related to the advance from the associated company.

The following tables present contractual maturities of the cash flows of the Mutual’s financial liabilities.

2015

Payable on demand

$

From 1 to 5 years

$

Over 5 years

$

Total $

Chattel mortgage – 900 – 900Advance from the associated company 221 – – 221Accrued interest payable 11 – – 11

232 900 – 1,132

2014

Payable on demand

$

From 1 to 5 years

$

Over 5 years

$

Total $

Chattel mortgage – – 900 900Advance from the associated company 215 – – 215Account payable to the associated

company 22 – – 22Accrued interest payable 11 – – 11

248 – 900 1,148

59



7. CAPITAL MANAGEMENTIn terms of capital management, the Mutual’s objective is to preserve its assets. The Mutual defines capital as the chattel mortgage and members’ equity. The Mutual achieves its objective through careful management of the capital generated by internal growth and by making optimal use of low-cost capital.

Composition of the capital2015

$2014

$

Chattel mortgage 900 900Members’ equity 121,749 112,476

122,649 113,376

8. RELATED PARTY TRANSACTIONSIn the normal course of operations, the Mutual carries out transactions with the associated company, SSQ Life Insurance Company Inc. These transactions are measured at the exchange amount.

During the year, the Mutual received interest of $64 (2014 – $64) from the associated company, SSQ, Life Insurance Company Inc. As at December 31, 2015, a balance of $11 (2014 – $11) is included under interest receivable. This amount is not guaranteed and will be settled in cash.

During the year, the Mutual capitalized interest of $6 (2014 – $6) to the advance from the associated company, SSQ, Life Insurance Company Inc.

On November 27, 2014, the Mutual received 7,380,750 Class A shares from the associated company, SSQ, Life Insurance Company Inc., in exchange for all shares held in the associated company, SSQ Insurance Company Inc. The transaction was recorded at book value established as at September 30, 2014.

The associated company, SSQ, Life Insurance Company Inc. offers to some of its employees to participate in an investment fund. This investment fund owns a non-controlling interest in the Mutual.

60



9. INTERESTS IN OTHER ENTITIESThe following table presents the impact of the consolidation of the subsidiary not wholly owned on the consolidated financial statements of the Mutual.

2015 $

2014 $

Statement of financial positionTotal assets 235,157 218,815Total liabilities 1,132 1,126

Statement of net incomeRevenues 18,797 16,473Net income 18,727 16,403

Statement of comprehensive incomeOther comprehensive income (2,487) 8,569Comprehensive income 16,240 24,972

Statement of cash flowsNo change in any cash flow categories

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

SSQ, LIFE INSURANCE COMPANY INC.

As at December 31, 2015

EXCERPT FROM THE CONSOLIDATED FINANCIAL STATEMENTS

EXCERPT FROM THE CONSOLIDATED FINANCIAL STATEMENTS


63

SSQ, LIFE INSURANCE COMPANY INC.Management’s ReportPreparation of the consolidated financial statements of SSQ, LIFE INSURANCE COMPANY INC. (the Company) is the responsibility of Management. These audited consolidated financial statements, which have been approved by the Board of Directors, are prepared in accordance with International Financial Reporting Standards (IFRS) and include certain amounts that are based on our best judgements and estimates. The financial information presented in this annual report is excerpted from our audited consolidated financial statements. In order to carry out its responsibilities with respect to the consolidated financial statements, Management main-tains internal systems of control aimed at providing a reasonable degree of certitude that operations have been duly authorized, that assets are well safeguarded and that adequate and proper records have been kept. These systems of control are reinforced by the work of a team of internal auditors who regularly review all sectors of activity within the Company.In conformity with the Insurance Act, the Board of Directors appoints the actuary, who is charged with the respon-sibility to value the actuarial liabilities of the Company in accordance with the standards and practices of the Canadian Institute of Actuaries. Moreover, independent auditors, appointed at the Annual Meeting of sharehold-ers, ensure the accuracy of the data presented in the consolidated financial statements and express their opinion on these.Audits are carried out regularly by the Autorité des marchés financiers to ascertain that the Company is in com-pliance with the Act respecting insurance, which aims primarily to protect policyholder interests and maintain a sound financial position.The Audit and Risk Management Committee of the Board of Directors, the members of which are neither from Management nor employees of the Company, ensures that Management fulfills its responsibilities with respect to financial information. The Committee meets regularly with Management, internal auditors and external audi-tors. The latter can, if they wish, meet with said Committee in the presence or absence of Management, to discuss questions regarding the audit and the financial information.

Jean-François Chalifoux Chief Executive Officer Quebec City, Canada February 24, 2016


64

CONSOLIDATED STATEMENT OF INCOMEFor the year ended December 31, (in millions of dollars)

2015 $

20141 $

REVENUESGross premiums (Note 14) 2,204.9 2,084.4Premiums ceded to reinsurers (392.9) (381.6)

Net premiums 1,812.0 1,702.8

Change in unearned premiums 8.1 0.7Investment income 131.1 126.0Change in fair value of financial assets at fair value through profit or loss 40.6 261.4Income on investment property (Note 17) 20.3 23.9Administration fees and other revenues 61.1 71.5

2,073.2 2,186.3

BENEFITS AND EXPENSESInsurance and annuities

Gross benefits 1,643.0 1,548.2Benefits recovered from reinsurers (325.5) (318.8)Change in actuarial reserve of life and health insurance contracts 174.5 510.9Change in actuarial reserve of ceded reinsurance assets (88.3) (206.0)

Interest on deposits 3.7 7.5

1,407.4 1,541.8

Selling and administrative expenses 332.1 323.1General fund investment expenses 7.1 7.2Investment property expenses (Note 17) 16.7 19.2Commissions and fees on sales 163.7 141.3Premium taxes 65.7 48.2

1,992.7 2,080.8

INCOME BEFORE EXPERIENCE REFUNDS AND INCOME TAXES 80.5 105.5Experience refunds (5.9) 34.1

INCOME BEFORE INCOME TAXES 86.4 71.4Income taxes (Note 13) 21.6 17.4

NET INCOME 64.8 54.0

NET INCOME ATTRIBUTABLE TO:Shareholders 64.8 49.7Non-controlling interest – 4.31 Figures for the year ended December 31, 2014 have been restated (Note 3).


65

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMEFor the year ended December 31, (in millions of dollars)

2015 $

2014 $

NET INCOME 64.8 54.0

OTHER COMPREHENSIVE (LOSS) INCOMEItems that might be reclassified subsequently to net incomeUnrealized gains on available-for-sale financial assets 0.6 29.1

Income tax expense (0.2) (7.8)Reclassification to net income of gains on disposal or impairment

of financial assets (5.3) (4.9) Income tax expense 1.5 1.2

Total items that might be reclassified subsequently to net income (3.4) 17.6

Items that will not be reclassified to net incomeActuarial (losses) gains arising from employee retirement benefits

and the effect of the asset ceiling (7.0) 16.6 Income tax recovery (expense) 1.9 (4.4)

Total items that will not be reclassified to net income (5.1) 12.2

TOTAL OTHER COMPREHENSIVE (LOSS) INCOME (8.5) 29.8

COMPREHENSIVE INCOME 56.3 83.8

COMPREHENSIVE INCOME ATTRIBUTABLE TO:Shareholders 56.3 70.8Non-controlling interest – 13.0


66

CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at December 31, (in millions of dollars)

2015 $

2014 $

ASSETSInvestments (Note 4) 4,004.9 3,947.2Asset held for sale 3.3 8.8Outstanding premiums 276.1 284.5Ceded reinsurance assets 1,567.1 1,497.4Investment property under development 40.9 34.2Income taxes receivable 11.4 1.8Other assets 141.8 141.2Investment property 28.2 32.4Fixed assets 170.3 130.0Intangible assets 155.4 161.1Goodwill 14.1 14.1

Total general fund assets 6,413.5 6,252.7

Segregated fund investments (Note 15) 4,769.8 4,369.6

TOTAL ASSETS 11,183.3 10,622.3

LIABILITIESLife and health insurance contracts (Note 8) 5,027.2 4,892.8Property and casualty insurance contracts (Note 9) 242.0 249.2General fund investment contracts 0.3 0.3Accounts payable 147.3 144.5Income taxes payable 9.8 20.2Subordinated debt (Note 10) 175.0 175.0Other liabilities 61.1 62.7Deferred income tax liability 23.8 37.3

Total general fund liabilities 5,686.5 5,582.0

Segregated fund insurance contracts (Note 15) 1,697.5 1,591.5Segregated fund investment contracts (Note 15) 3,072.3 2,778.1

TOTAL LIABILITIES 10,456.3 9,951.6

EQUITYShare capital (Note 11) 343.2 343.2Retained earnings 418.7 353.9Accumulated other comprehensive loss (34.9) (26.4)

TOTAL EQUITY 727.0 670.7

TOTAL LIABILITIES AND EQUITY 11,183.3 10,622.3

On behalf of the Board:

Pierre Genest Jean-François Chalifoux Chairman of the Board Chief Executive Officer


67

CONSOLIDATED STATEMENT OF CHANGES IN EQUITYFor the year ended December 31, (in millions of dollars)

2015 $

2014 $

ShareholdersShare capitalBalance, beginning of year 343.2 36.6

Shares issued (Note 11) – 306.6

Balance, end of year 343.2 343.2

Retained earningsBalance, beginning of year 353.9 374.7Net income 64.8 49.7

Repurchase of non-controlling interest (Note 11) – (70.5)


Accumulated other comprehensive lossBalance, beginning of year (26.4) (47.5)

Other comprehensive (loss) income (8.5) 21.1

Balance, end of year (34.9) (26.4)

Total equity attributable to shareholders 727.0 670.7

Non-controlling interestBalance, beginning of year – 223.1Net income – 4.3Other comprehensive income – 8.7

Repurchase of non-controlling interest (Note 11) – (236.1)

Total equity attributable to non-controlling interest – –

TOTAL EQUITY 727.0 670.7


68

CONSOLIDATED STATEMENT OF CASH FLOWSFor the year ended December 31, (in millions of dollars)

2015 $

2014 $

CASH FLOWS FROM THE FOLLOWING ACTIVITIES:

OPERATINGIncome before income taxes 86.4 71.4Income taxes (paid) received, less refunds received (51.8) 17.2Items not affecting cash

Gains on investments (41.9) (262.1)Gain on disposal of an asset held for sale (1.3) –Gain on disposal of investment property (1.0) –Amortization of discounts and premiums on bonds (32.7) (34.8)Depreciation and amortization of investments property 0.6 0.6Depreciation and amortization of fixed assets and intangible assets 31.4 29.6Life and health insurance contracts 134.4 494.9

Other items 1.3 (2.4)

125.4 314.4Net change in other operating assets and liabilities (83.9) (213.0)

41.5 101.4

INVESTINGPurchases of investments (1,432.8) (1,064.5)Sales, maturities and repayments of investments 1,451.5 973.3Purchases of investment property (2.0) (11.4)Disposal of investment property 6.8 –Purchases of fixed assets and intangible assets (60.6) (40.7)Disposal of fixed assets and intangible assets 0.1 0.1Business acquisition – (0.7)

(37.0) (143.9)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 4.5 (42.5)

CASH AND CASH EQUIVALENTS, beginning of year 236.8 279.3

CASH AND CASH EQUIVALENTS, end of year 241.3 236.8

Cash flows from operating activities include:

Interest paid on subordinated debt 12.0 12.0

As at December 31, 2015, accounts payable include an amount of $9.7 related to fixed assets and intangible assets (2014 – $4.2).


69

EXCERPT FROM THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the year ended December 31, 2015 (in millions of dollars, unless otherwise indicated)

1. GOVERNING STATUTES AND NATURE OF ACTIVITIESSSQ, Life Insurance Company Inc. (the Company), majority owned by the Fonds de solidarité des travailleurs du Québec (F.T.Q.), was established in accordance with An Act respecting insurance. The Company offers its insureds a complete range of financial services including financial protection in the event of death, disability, illness or retirement through a variety of individual and group insurance products as well as savings, retirement and investment products. It is also active in property and casualty insurance and real estate management. The Company’s head office is located at 2525 Laurier Boulevard, Quebec City, Quebec, Canada.

The Company’s consolidated financial statements were approved by the Board of Directors on February 24, 2016.

2. SIGNIFICANT ACCOUNTING POLICIES

Presentation of consolidated financial statementsThe consolidated financial statements were prepared in accordance with International Financial Reporting Standards (IFRS). The consolidated financial statements include the accounts of the Company and of its wholly-owned subsidiaries. The following table presents the subsidiaries held by the Company:

ParticipationPrincipal place

of business

%SSQ General Insurance Company Inc. 100 Quebec City, Quebec, CanadaSSQ Insurance Company Inc.1 100 Montreal, Quebec, CanadaSSQ Realty Inc. 100 Quebec City, Quebec, Canada6801188 Canada Inc. 100 Quebec City, Quebec, Canada1 10% until September 30, 2014

Use of estimates and Management’s judgmentsThe preparation of financial statements in accordance with IFRS requires Management to rely on best estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting year. Actual results may differ from estimates. The most important estimates involve determining:

• liabilities related to life and health insurance contracts, property and casualty insurance contracts and ceded reinsurance assets

• fair values of financial instruments in the general funds and segregated funds and insurance and investment contracts liabilities in the segregated funds

• assumptions used in determining provisions, income taxes and write-downs of financial instruments and non-financial assets

• retirement benefits asset and liability

70

EXCERPT FROM THE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended December 31, 2015 (in millions of dollars, unless otherwise indicated)



Use of estimates and Management’s judgments (cont’d)Management used its judgment to evaluate the exercise of control for consolidation purposes, to classify insurance and investment contracts and financial instruments. Management’s judgment is also required in the recognition of investment property, fixed assets and intangible assets.

Foreign currenciesThe Company’s consolidated financial statements are presented in Canadian dollars, which is the functional currency of the Company. Fund units denominated in foreign currencies are converted at the exchange rate in effect at the date of the financial statements.

Business acquisitionBusiness acquisitions are accounted for using the acquisition method. The acquisition cost consists of the fair value of the consideration transferred and measured at the acquisition date. Acquisition-related costs are accounted for as expenses in the period in which they are incurred.

Insurance contracts and investment contracts – classificationThe Company issues contracts that transfer an insurance risk, a financial risk, or both. Insurance contracts are contracts that involve a significant insurance risk. A significant insurance risk exists when the Company agrees to indemnify policyholders or policy beneficiaries should a specified uncertain future event have an adverse effect on the policyholder. Investment contracts are contracts that carry a financial risk with no signi-ficant insurance risk.

Life and health insurance contracts and segregated fundRevenue recognition and related expenses

Life and health insurance premiums are recognized as revenues when they become due. Once premiums are recognized, liability related to life and health insurance contracts is computed in a manner such that expenses are matched with such revenues. Claims are recognized when a notice is received of an event that gives entit-lement to compensation. Furthermore, commissions and premium taxes are recognized on the same basis as life and health insurance premiums.

The Company collects commission revenues on individual contracts ceded to reinsurance. The commissions are recorded when the contracts are ceded to reinsurance and are posted uniformly to the consolidated sta-tement of income over the term of the corresponding ceded contracts. Unearned reinsurance commissions correspond to the portion of the commissions for the unexpired period of the corresponding contracts, prorated over the remaining number of days. The portion attributable to subsequent periods is recognized in liabilities related to life and health insurance.

71




Life and health insurance contracts and segregated fund (cont’d)Life and health insurance contracts

The actuarial reserve, provisions for claims and experience refunds, and deposits related to life and health insurance contracts are established by the actuary in accordance with the standards of practice of the Canadian Institute of Actuaries and reflect the amounts required to meet obligations resulting from insurance contracts in force. The actuarial reserve is calculated according to the Canadian asset liability method, a recognized actuarial method established by the Canadian Institute of Actuaries. This method requires the use of assump-tions based on best estimates of future experience, according to the Company’s own experience and that of the industry, and includes additional amounts for plausible adverse deviations related to assumptions made on the different factors considered.

Some insurance contracts may contain embedded derivative instruments. These derivative instruments either meet the definition of insurance contracts themselves or correspond to an option to surrender an insurance contract for a fixed amount and are not valued separately from the host contract.

Segregated fund insurance contracts

Liabilities for segregated fund insurance contracts include the deposit portion of these contracts, recognized in the same manner as investment contracts. The guaranteed portion recognized from the life and health insurance contracts liability, which is determined by an actuary in accordance with the practice standards of the Canadian Institute of Actuaries, corresponds to the amount required to cover current insurance contract commitments. The insurance contract liabilities of segregated funds are calculated according to the Canadian asset liability method, and include additional amounts for plausible adverse deviations related to assumptions made on the different factors considered.

Segregated fund insurance premiums related to the insurance component of the contract are recognized as revenue when they become due.

Liability adequacy test

On each date of the financial statements, a liability adequacy test is performed to ensure the adequacy of liability related to life and health insurance contracts, net of deferred acquisition costs. Since the concept of liability adequacy is an integral part of the Canadian asset liability method, any inadequacy of provisions is immediately carried to profit or loss in order to ensure compliance.

Property and casualty insurance contractsRevenue recognition and related expenses

Property and casualty insurance premiums are recognized as revenue in prorata to the duration of the policies. Unearned premiums represent the portion of written premiums for the unexpired in-force policies, according to the daily prorata method. For some products, unearned premiums are adjusted to account for changes in the related risks. Furthermore, commissions and premium taxes are recognized on the same basis as property and casualty insurance premiums.

72




Property and casualty insurance contracts (cont’d)Unpaid claims

Unpaid claims are attributable to events associated with the ultimate settlement of claims. The amount of unpaid claims is established in accordance with the standards of practice of the Canadian Institute of Actuaries. It is presented on a discounted basis, based on the experience of the Company and the industry. Claims are recognized when a notice is received of an event that gives entitlement to compensation.

Claims liability adequacy test

The claims liability adequacy analysis is done on each reporting date and reviewed as necessary, if an event that could affect results occurs. To this end, past claims development by business sector are analyzed in order to project anticipated claims at the time of the valuation. Assumptions regarding the rate of payment of liabi-lities are necessary to value obligations on a discounted basis. Finally, margins for adverse deviations in interest rates, materiality and reinsurance are added to consider the uncertainties related to the assumptions.

Premiums liability adequacy test

Premiums liability adequacy is evaluated on each reporting date. Unearned premiums are decreased by defer-red acquisition costs, reinsurance premium, claims and adjustment costs anticipated between the valuation date and the expiry of the contracts, and expected maintenance costs to administer the contracts. In addition, the impact of the time value of money is considered. Finally, margins for adverse deviations in interest rates, materiality and reinsurance are added to consider the uncertainties related to the assumptions.

Ceded reinsurance assetsIn the normal course of business, the Company uses reinsurance to manage its level of risk exposure. The risk and the corresponding premium are transferred to duly registered reinsurers that are subject to the same regulatory bodies as the Company. The ceded reinsurance assets are valued in a similar manner to the liabili-ties related to life and health insurance contracts and property and casualty insurance contracts and in accordance with the terms and conditions of each reinsurance contract. Ceded reinsurance assets represent amounts due to the Company with respect to the liabilities of the ceded policies. Ceding a risk does not release the Company from its obligation to fully comply with the commitments made to its insureds. These assets are subject to an impairment test and, if they are impaired, their carrying value is reduced and the loss in value is carried to profit and loss.

Investment contracts Revenue recognition

Investment contracts fall under the scope of IAS 39, Financial Instruments: Recognition and Measurement. Deposit accounting applies to these contracts, which involves recording the premiums received and benefits paid on these contracts as deposits and withdrawals, with no impact on the income statement. Revenues from these contracts consist of fees related to contract issue, administration and surrender as well as asset mana-gement, and are recognized in Administration fees and other revenues.

73




Investment contracts (cont’d)Investment contract liabilities

All investment contracts are designated at fair value through profit or loss, since changes in net income are offset by changes in the value of investments related to the general funds and segregated funds and are managed on a fair value basis.

Recognition of other incomeIncome on investment property is recognized in profit or loss on a straight-line basis over the term of the lease.

Fees for the management of segregated funds and for the management of administrative service contracts are recognized when earned in Administration fees and other revenues.

Financial Instruments – classificationOn initial recognition of its financial instruments, the Company must classify financial assets into one of the following categories: at fair value through profit or loss, held to maturity, loans and receivables and available-for-sale. The “fair value through profit or loss” category includes financial assets held for trading and financial assets designated at fair value through profit or loss. The Company must classify financial liabilities into one of the following categories: designated at fair value through profit or loss and at amortized cost.

Financial instruments are classified upon initial recognition according to their nature and the Company’s use of the financial instrument.

BondsBonds backing liability related to life and health insurance contracts are designated at fair value through profit or loss, since changes in their fair value on the income statement are offset by changes in liability related to life and health insurance contracts.

Bonds backing general fund investment contracts are designated at fair value through profit or loss, since they are managed and measured on a fair value basis in accordance with a strategy for managing the risks in investment contracts.

Bonds not backing liability related to life and health insurance contracts and investment contracts are classified as assets available-for- sale and are carried at fair value. Changes in fair value of these bonds are recorded in other comprehensive (loss) income. Upon disposal of these bonds, or upon the recognition of any impairment loss, the gain or loss is reclassified from accumulated other comprehensive (loss) income to net income. Reversals to impairment losses may occur and are recognized in profit or loss when there is objective evidence of recovery.

Interest income and the amortization of discounts and premiums on bonds are recorded in income according to the effective interest rate method.

Purchases and disposals of bonds are recognized at trade date.

74




LoansLoans are classified as loans and receivables and are carried at amortized cost according to the effective interest rate method, less the allowance for investment losses. Their fair value is established by discounting future cash flows at the current market rate for this type of receivable and for a term equal to the term of the loan. The allowance for investment losses is established on an individual and collective basis from the esti-mated realizable value measured by discounting the expected future cash flows.

Commissions paid on issuance of new loans are recognized with loans and amortized according to the effec-tive interest rate method.

Fund units and sharesFund units and shares backing liability related to life and health insurance contracts are designated at fair value through profit or loss, since changes in their fair value on the income statement are offset by changes in liabi-lity related to life and health insurance contracts.

Fund units and shares not backing liability related to life and health insurance contracts are classified as asset available-for-sale. Purchases and disposals of fund units and shares are recognized at trade date. They are carried at fair value and all changes in fair value are recorded in other comprehensive (loss) income. Transac-tion costs paid upon purchase, if any, are capitalized at cost. Upon disposal of these fund units and shares, or upon the recognition of any impairment loss, the gain or loss is reclassified from accumulated other compre-hensive (loss) income to net income. No reversal of impairment losses is allowed. However, fund units and shares continue to be carried at fair value, even if an impairment loss has previously been recognized.

Investment fundThe investment fund is held for trading and includes Canadian equity securities acquired with the proceeds from the offering of certain debentures. In accordance with the debenture acts, the excess fair value of these securities over the capital of the debentures is recorded to the liability account of the Company. When fair value of the securities is less than the capital value of the debentures, the Company records a receivable from the decline in value equal to the difference.

Cash and cash equivalentsCash and cash equivalents are made up of bank accounts and short-term fixed income securities held with financial institutions. The bank accounts are classified as loans and receivables and are carried at amortized cost according to the effective interest rate method. Short-term money market securities are designated as held for trading.

Derivative financial instrumentsDerivative financial instruments include foreign exchange contracts, daily settlement stock index contracts and interest rate swaps. These financial instruments are held for trading. Derivative financial instruments with a positive fair value are presented as investments while derivative financial instruments with a negative fair value are presented as other liabilities.

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Derivative financial instruments (cont’d)The Company uses derivative financial instruments in support of the liability related to life and health insurance contracts. Gains and losses related to these contracts are recognized in income under Investment income.

The Company also uses foreign exchange contracts under its currency risk management strategy. Such finan-cial instruments cover fair value of assets and their effectiveness is reviewed on a monthly basis. Exchange gains and losses on forward contracts and fluctuations in fair value related to asset currency price are reco-gnized in income under Investment income.

Recognition of investment incomeInvestment income is recognized on an accrual basis.

Investments fair valueThe best evidence of fair value is published price quotations in an active market. This value is observed in the case of fund units, shares and futures contracts. Fair value of bonds and shares is based on their bid price at year-end. Fair value of derivative financial instruments and when the market for an investment is not active, is established by using a valuation technique that makes maximum use of inputs observed from the markets.

Asset held for saleAn asset held for sale is classified as such if it is expected that its book value will mainly be recovered through a sale rather than continuous usage. This is the case when an asset is immediately available for sale in its current state and the sale is highly likely to occur. An asset held for sale is measured at the lower of book value and fair value, net of sale fees.

Other financial assets and liabilitiesOther financial assets and liabilities are recognized at amortized cost and classified as loans and receivables and other liabilities, respectively.

Investment property under developmentInvestment property under development consists of portion of real estate properties under construction held for resale. These properties are valued at the lower of cost and net realizable value. Cost is determined accor-ding to the specific identification method, and net realizable value corresponds to the estimated disposal price of the property less estimated completion costs and disposal costs.

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Investment propertyInvestment property held by the Company, real estate properties held either to earn rentals or for capital appre-ciation, are recognized at acquisition cost less losses in value. The cost of property is depreciated by major component, using each component’s estimated useful life and according to the straight-line method. Useful lives, residual values and the depreciation method are reviewed at the end of each year. The impact of any change in estimates is recorded prospectively.

The profit or loss on the disposal or retirement of an investment property, which is the difference between proceeds on the asset’s disposal and its carrying value, is recognized in profit or loss.

Depreciation is calculated using the following useful lives:

Structure 100 yearsBuilding envelope 60 yearsMechanical services 40 yearsLand improvements 20 years

Government grantsThe Company receives government grants to build properties under development and investment properties. It recognizes the grants to reduce the carrying amount of these assets. The grants related to properties under development are recognized in income when the assets are sold and are presented to reduce gains. The grants related to investment properties are recognized in income in proportion to the depreciation of the assets, and presented to reduce the depreciation expense.

Foreclosed assetsProperty acquired by foreclosure and held for resale are recorded at the lower of either the investment in the mortgage foreclosed or the estimated net proceeds from the disposal of the property. Gains and losses on resale of these properties are recorded in income in the period in which they arise.

Fixed assetsFixed assets are recognized at acquisition cost less impairment. The cost of these fixed assets is depreciated by major component, using each component’s estimated useful life and according to the straight-line method except for land, which is not depreciated. Useful lives, residual values and the depreciation method are reviewed at the end of each year. The impact of any change in estimates is recorded prospectively.

The profit or loss on the disposal or retirement of a fixed asset, which is the difference between proceeds on the asset’s disposal and its carrying value, is recognized in profit or loss.

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Fixed assets (cont’d)Depreciation is calculated using the following useful lives:

BuildingsStructure 100 yearsBuilding envelope 60 yearsMechanical services 40 yearsLand improvements 20 years

IT equipments 5 yearsOffice furniture and equipment 10 yearsLeasehold improvements Lease term

Intangible assetsIntangible assets acquired separately

Intangible assets include application software and are recorded at acquisition cost less impairment losses. Amortization is calculated according to the straight-line method over an estimated useful life of five years.

Intangible assets resulting from business combinations

Intangible assets resulting from business combinations include finite life intangible assets, i.e., a portfolio of in-force policies, software, distribution networks, and other items as well as indefinite life intangible assets, i.e., a trademark. These intangible assets are initially recognized at their fair value at the date of the business combination.

Subsequent to initial recognition, intangible assets resulting from business combinations are recognized at cost less impairment. For finite life intangible assets, amortization is calculated using the straight-line method and useful life varies from five to twenty-seven years, except for the trademark, which is not amortized but subject to an annual impairment test.

Internally developed intangible assets

Internally developed intangible asset include application software meeting the criteria for deferral.

The amount initially recognized for an internally developed intangible asset is equal to the sum of expenses incurred from the date that the asset first met the recognition criteria. When no internally developed intangible asset can be recognized, development expenses are charged to income in the year in which they were incurred.

Following their initial recognition, internally developed intangible assets are recognized at cost less impairment losses. Amortization is calculated according to the same method and term used for intangible assets that are acquired separately.

Useful lives and the amortization method of intangible assets are reviewed at the end of each year, and the impact of any change in estimates is recognized prospectively.

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Depreciation and amortization of investment property, fixed assets and intangible assets with finite useful livesAt each reporting date, the Company reviews the carrying values of investment property, fixed assets and intangible assets to determine whether there is any evidence that these assets are impaired. If such evidence exists, an estimate is made of the recoverable amount of the asset to determine the amount of the impair-ment loss.

If the estimated recoverable value of an asset is less than its carrying value, the asset’s carrying value is reduced to its recoverable value. An impairment loss is immediately recognized in profit or loss.

If an impairment loss is subsequently reversed, the carrying value of the asset is increased to the revised estimate of its recoverable value up to a maximum of its amortized cost. The reversal of impairment is imme-diately recognized in profit or loss.

At each year-end date, intangible assets not yet available for use are subject to an annual impairment test.

Goodwill and intangible asset with indefinite useful lifeGoodwill represents the excess of the fair value of the transferred consideration over the identifiable assets acquired and liabilities assumed and is deemed to have an indefinite useful life. An intangible asset with an indefinite useful life is classified as such when the Company determines that there is no foreseeable limit to the period over which the asset is expected to generate net cash inflows. Goodwill and intangible asset with indefinite useful life are not amortized but are tested for impairment at least annually.

For purposes of the impairment test, goodwill and intangible asset with indefinite useful life are allocated to cash-generating units (CGU), which are the smallest groups of assets and liabilities for which the identifiable cash inflows are independent.

Within each CGU, net carrying value is compared with the recoverable amount. The recoverable amount corresponds to the higher of the fair value less costs to sell and the value in use. The value in use corresponds to the anticipated future net assets and net revenues of existing portfolios and new business, taking the CGU’s future cash flows into consideration, discounted with the current risk-free interest rate on the market, to which a risk premium is added. Impairment losses related to the CGU are applied against the carrying value of the goodwill and intangible assets with indefinite useful lives allocated to the CGU. No impairment loss reversal is allowed.

Segregated fund investments Segregated fund investments are the accumulated net assets of the segregated funds, including inter-fund eliminations. They include bonds, shares, investment fund units and other assets and liabilities, including derivative financial instruments.

The investments are designated at fair value through profit or loss since they are managed and valued on a fair value basis in accordance with the investment strategy approved by Management.

Other assets and liabilities are classified as loans and receivables and other liabilities, respectively, and are recognized at amortized cost except for derivative financial instruments, which are held for trading and reco-gnized at their fair value.

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Employee retirement benefitsThe Company offers its employees pension plans and other retirement benefits such as severance pay and life and health insurance coverage. The cost of pensions and other retirement benefits earned by employees is actuarially determined according to the projected benefit method prorated on services and Management’s best estimate of salary increases, retirement ages of employees and expected health care costs. Actuarial gains or losses are recorded immediately in other comprehensive (loss) income. The cost of past services is included in the statement of income when a modification arises. The plans’ assets are carried at fair values and are held in separate trustee pension funds.

Income taxes Income taxes include current and deferred taxes. Income taxes are recognized in profit or loss, except for income taxes on items included under other comprehensive (loss) income or Equity. In these specific cases, the income tax expense is recognized in other comprehensive (loss) income and Equity, respectively.

Income taxes receivable and payable are obligations to or claims by tax authorities for prior years or the current year that have not been received or paid at the end of the year. Current income taxes are calculated based on taxable income, which is different from net income. The calculation is made based on the tax rates and laws in force at the end of the year.

The Company recognizes income taxes using the deferred tax asset and liability method. According to this method, deferred tax assets and liabilities are determined based on the difference between the carrying value and the taxable value of the assets and liabilities. Any change in the net amount of deferred assets and liabili-ties is posted to income and accumulated other comprehensive (loss) income. Deferred tax assets and liabilities are determined based on currently applicable or applied tax rates and laws which, to the extent that can be predicted, will apply to the taxable income in the periods in which the assets and liabilities will be reco-vered or paid. Deferred tax assets are recognized when it is probable that they will be realized.

Operating leases Leases that do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases. Payments made under operating leases are presented on the income statement in Selling and administrative expenses. The amounts of future rents under operating leases are presented in the note on contingencies and commitments.

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3. CHANGES IN ACCOUNTING POLICIES

Application of a new accounting standardEmployee benefits

In November 2013, the IASB issued amendments to IAS 19, Employee Benefits, which clarify the accounting of employee or third-party contributions to defined benefit plans. These amendments have been applied to annual periods beginning on or after July 1, 2014. The amendments to the standard had no impact on the Company’s consolidated financial statements.

New accounting standards not yet effectiveFixed assets and intangible assets

In May 2014, the IASB issued an amendment to IAS 16, Property, Plant and Equipment and IAS 38, Intangible Assets. Entitled Clarification of Acceptable Methods of Depreciation and Amortisation, the amendment specifies that a revenue-based depreciation and amortization method can no longer be used. The depreciation and amortization method must reflect the consumption of the future economic benefits of an asset. The provisions of this amendment will apply prospectively to the financial statements of annual periods beginning on or after January 1, 2016. The amendment to these standards will have no impact on the Company’s consolidated financial statements.

Consolidated financial statements, disclosure of interests in other entities, and investments in associates and joint ventures

In December 2014, the IASB issued amendments to IFRS 10, Consolidated Financial Statements, to IFRS 12, Disclosure of Interests in Other Entities and to IAS 28, Investments in Associates and Joint Ventures, which clarify the rules for exempting investment entities from consolidation. The amendments are effective for annual periods beginning on or after January 1, 2016 and will have no impact on the Company’s consolidated financial statements.

Financial instruments

In July 2014, the IASB issued IFRS 9, Financial Instruments (IFRS 9), which replaces IAS 39, Financial Instru-ments: Recognition and Measurement regarding the classification and measurement of financial assets and liabilities, impairment and hedge accounting. On September 23, 2015, the IASB issued an update containing measures to give companies whose business model is to issue insurance contracts the option to defer the effective date of IFRS 9 until 2021 or until the application of IFRS 4, Insurance Contracts if that standard is applied before 2021. The Company is currently assessing the impact of this new standard on its consolidated financial statements.

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3. CHANGES IN ACCOUNTING POLICIES (cont’d)

New accounting standards not yet effective (cont’d)Revenue recognition

In May 2014, the IASB issued IFRS 15, Revenue from Contracts with Customers (IFRS 15), which replaces IAS 18, Revenue and IAS 11, Construction Contracts. This new standard establishes a single framework for how and when to recognize revenue, except in the case of leases, financial instruments and insurance contracts. Following the IASB’s decision to defer the effective date of the standard by one year, IFRS 15 will apply retro-spectively or prospectively with a cumulative adjustment as of January 1, 2018. The Company is currently assessing the impact of this new standard on its consolidated financial statements.

Income taxes

In January 2016, the IASB issued an amendment to IAS 12, Income Taxes to clarify the accounting of deferred tax assets related to debt instruments measured at fair value. The provisions of this amendment will apply retrospectively to financial statements of annual periods beginning on or after January 1, 2017. The Company is currently assessing the impact of this standard on its consolidated financial statements.

Leases

In January 2016, the IASB issued IFRS 16, Leases, which replaces IAS 17, Leases. This new standard sets out the principles for the recognition, measurement, presentation and disclosure of leases. It provides a single lessee accounting model, requiring the recognition of assets and liabilities for all leases, unless the lease term is 12 months or less or the underlying asset has a low value. However, lessor accounting remains largely unchanged, and the distinction between operating and finance leases is retained. This standard will apply retrospectively to annual periods beginning on or after January 1, 2019. The Company is currently assessing the impact of this standard on its consolidated financial statements.

Statement of cash flows

In February 2016, the IASB issued narrow-scope amendments to IAS 7, Statement of Cash Flows, which require companies to provide disclosures on changes in liabilities in the financing section. The amendments will apply prospectively to annual periods beginning on or after January 1, 2017. The Company is currently assessing the impact of this standard on its consolidated financial statements.

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3. CHANGES IN ACCOUNTING POLICIES (cont’d)

Restatement of the consolidated statement of income for the year ended December 31, 2014The Company changed its accounting policy applicable to recognizing segregated fund premiums. The Com-pany now unbundles segregated fund contracts. Accordingly, only the premiums of the insurance component are recognized as income. The deposit component is now recognized using deposit accounting in accordance with IAS 39, Financial Instruments: Recognition and Measurement and is no longer recorded in the consolidated statement of income.

The Company believes that the new accounting policy provides disclosures that enhance the comparability of its consolidated financial statements with those of other insurance companies.

The retrospective application of the standard has required an adjustment to the consolidated statement of income of the comparative period. The table below summarizes the impact of the change in accounting policy for the year ended December 31, 2014:

Before the change in accounting policy

$

Impact of the new accounting policy

$

Restated balance

$

REVENUESGross premiums 2,400.1 (315.7) 2,084.4Investment income 125.7 0.3 126.0Administration fees and other revenues 79.6 (8.1) 71.5

TOTAL REVENUES 2,509.8 (323.5) 2,186.3

BENEFITS AND EXPENSESGross benefits 1,540.1 8.1 1,548.2Transfers to segregated funds 331.6 (331.6) 0.0

TOTAL BENEFITS AND EXPENSES 2,404.3 (323.5) 2,080.8

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4. INVESTMENTS

Carrying value and fair value of general fund investments2015

Held for trading

$

Designated at fair value

through profit or

loss $

Available- for-sale

$

Loans and receivables1

$Total

$

Fair value

$

BondsCanada, Quebec and other

provinces – 1,342.5 251.7 – 1,594.2Municipal and subsidized – 389.3 72.9 – 462.2Canadian corporations – 813.5 107.3 – 920.8

– 2,545.3 431.9 – 2,977.2 2,977.2

Loans Residential mortgages – – – 376.6 376.6Non-residential mortgages – – – 17.9 17.9Other – – – 138.7 138.7

– – – 533.2 533.2 538.4

Fund units and sharesCanadian fund units – 35.0 32.3 – 67.3United States (U.S.)

fund units – 27.3 10.6 – 37.9International fund units – 5.7 – – 5.7Preferred shares – 21.7 47.1 – 68.8

– 89.7 90.0 – 179.7 179.7

Investment fund 45.9 – – – 45.9 45.9

Cash and cash equivalents 75.0 – – 166.3 241.3 241.3

Derivative financial instruments 27.6 – – – 27.6 27.6

148.5 2,635.0 521.9 699.5 4,004.9 4,010.1

1 Fair values provided for cash and cash equivalents and loans classified as loans and receivables use Level 1 and Level 3 inputs, respectively. Refer to Note 5 for details of the fair value levels.

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4. INVESTMENTS (cont’d)

Carrying value and fair value of general fund investments (cont’d)2014

Held for trading

$

Designated at fair value

through profit or

loss $

Available- for-sale

$

Loans and receivables1

$Total

$

Fair value

$

BondsCanada, Quebec and

other provinces – 1,464.0 285.0 – 1,749.0Municipal and subsidized – 321.7 63.0 – 384.7Canadian corporations – 786.8 109.0 – 895.8

– 2,572.5 457.0 – 3,029.5 3,029.5

Loans Residential mortgages – – – 338.7 338.7Non-residential mortgages – – – 16.3 16.3Other – – – 107.3 107.3

– – – 462.3 462.3 468.5

Fund units and sharesCanadian fund units – 32.0 35.3 – 67.3United States (U.S.)

fund units – 24.1 8.7 – 32.8International fund units – 5.2 – – 5.2Preferred shares – 19.1 22.3 – 41.4

– 80.4 66.3 146.7 146.7

Investment fund 52.2 – – – 52.2 52.2

Cash and cash equivalents 116.3 – – 120.5 236.8 236.8

Derivative financial instruments 19.7 – – – 19.7 19.7

188.2 2,652.9 523.3 582.8 3,947.2 3,953.4

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4. INVESTMENTS (cont’d)

Derivative financial instrumentsThe Company uses daily settlement foreign exchange contracts, stock index contracts and interest rate swaps in support of certain obligations towards insureds and under its currency risk management strategy.

Futures contracts, which are negotiated contracts in an organized market, represent firm commitments to buy or sell financial instruments at a given date.

Swaps are contracts in which the Company and a third party commit to paying cash flows based on a notional amount, during a set time period and frequency.

The following tables detail the notional principal amounts and remaining terms to expiration and the fair value of the Company’s derivative financial instruments:

2015

Notional Fair value

Less than 1 year

$1 to 5 years

$Over 5 years

$Total

$Positive

$Negative

$

Foreign exchange contracts 71.8 – – 71.8 – (0.3)Stock index contracts 118.9 – – 118.9 – –Interest rate swaps 30.0 68.3 245.0 343.3 27.6 (1.4)

220.7 68.3 245.0 534.0 27.6 (1.7)

2014

Notional Fair value

Less than 1 year

$1 to 5 years

$Over 5 years

$Total

$Positive

$Negative

$

Foreign exchange contracts 46.2 – – 46.2 – (0.1)Stock index contracts 89.3 – – 89.3 – –Interest rate swaps – 37.3 159.0 196.3 19.7 –

135.5 37.3 159.0 331.8 19.7 (0.1)

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5. FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES Financial instruments recorded at fair value in the consolidated statements of financial position are classified using a hierarchy that reflects the significance of the inputs used in determining valuations and includes three levels:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2 – A valuation based on inputs observable in markets for the asset or liability, obtained either directly or indirectly

Level 3 – A valuation based on inputs other than inputs observable in markets for the asset or liability

The following table shows financial assets and liabilities classified based on the fair value hierarchy:

2015

Level 1 $

Level 2 $

Level 3 $

Total $

Financial assets at fair value through profit or loss Bonds

Canada, Quebec and other provinces 8.5 1,334.0 – 1,342.5Municipal and subsidized 0.2 389.1 – 389.3Canadian corporations 3.6 809.9 – 813.5

Fund units and sharesCanadian fund units 35.0 – – 35.0U.S. fund units 27.3 – – 27.3International fund units 5.7 – – 5.7Preferred shares 21.7 – – 21.7

Investment fund 45.9 – – 45.9Cash and cash equivalents – 75.0 – 75.0Derivative financial instruments – 27.6 – 27.6

147.9 2,635.6 – 2,783.5

Available-for-sale financial assetsBonds

Canada, Quebec and other provinces 13.2 238.5 – 251.7Municipal and subsidized 0.4 72.5 – 72.9Canadian corporations 5.5 101.8 – 107.3

Fund units and sharesCanadian fund units 32.3 – – 32.3U.S. fund units 10.6 – – 10.6Preferred shares 47.1 – – 47.1

109.1 412.8 – 521.9

Financial liabilities at fair value through profit or lossDerivative financial instruments – 1.7 – 1.7General fund investment contracts – – 0.3 0.3

– 1.7 0.3 2.0

The determination of the fair value hierarchy levels is performed at the end of each financial year. During the years ended December 31, 2015 and 2014, there were no transfers of financial assets between Levels 1 and 2.

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5. FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES (cont’d)2014

Level 1 $

Level 2 $

Level 3 $

Total $

Financial assets at fair value through profit or loss Bonds

Canada, Quebec and other provinces 9.2 1,454.8 – 1,464.0Municipal and subsidized 0.3 321.4 – 321.7Canadian corporations 4.0 782.8 – 786.8

Fund units and sharesCanadian fund units 32.0 – – 32.0U.S. fund units 24.1 – – 24.1International fund units 5.2 – – 5.2Preferred shares 19.1 – – 19.1

Investment fund 52.2 – – 52.2Cash and cash equivalents – 116.3 – 116.3Derivative financial instruments – 19.7 – 19.7

146.1 2,695.0 – 2,841.1

Available-for-sale financial assetsBonds

Canada, Quebec and other provinces 46.9 238.1 – 285.0Municipal and subsidized 1.4 61.6 – 63.0Canadian corporations 20.3 88.7 – 109.0

Fund units and sharesCanadian fund units 35.3 – – 35.3U.S. fund units 8.7 – – 8.7Preferred shares 22.3 – – 22.3

134.9 388.4 – 523.3

Financial liabilities at fair value through profit or lossDerivative financial instruments – 0.1 – 0.1General fund investment contracts – – 0.3 0.3

– 0.1 0.3 0.4

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6. FINANCIAL INSTRUMENTS RISK MANAGEMENTThe Company has adopted control policies and procedures to manage risks related to financial instruments. An investment policy was approved by the Board of Directors to provide a framework for making investment decisions. The control procedures arising from this policy ensure sound management of investment risks.

Segregated funds are excluded from the financial instruments risk management analysis since the policy-holders assume the risks and benefit from the rewards of the segregated fund contracts.

Risks related to financial instruments are credit risk, liquidity risk and market risk.

Credit riskCredit risk is the risk of financial loss to the Company if a debtor fails to honour its obligations. The Company is exposed to this type of risk through its investment portfolios and, in particular, through credit extended as loans. The Company is also exposed to credit risk with regard to outstanding premiums and amounts receivable from reinsurers. It manages credit risk by applying the following control procedures:

• utilization guidelines that set minimum and maximum limits are established for each class of investment to meet the specific needs of each business sector;

• the guidelines allocate liability among various quality Canadian issuers with credit ratings from recognized sources of BBB or higher at trade date;

• an overall limit is established for each credit rating quality level;

• an overall limit is also established for investments of a related issuer or group of issuers to mitigate concen-tration risk;

• a detailed mortgage loan policy specifies the requirements for guarantees and credit;

• loans to insureds, included in other loans, correspond to the unpaid capital balances of policy loans and are fully secured by the cash surrender value of the insurance contracts on which the respective loans are made;

• the Investment Committee of the Board of Directors carries out regular reviews of the investment portfolio and its transactions;

• when entering into reinsurance agreements, the Company monitors the financial position of the reinsurers;

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6. FINANCIAL INSTRUMENTS RISK MANAGEMENT (cont’d)

Credit risk (cont’d)Maximum exposure to credit risk

2015 $

2014 $

Bonds 2,977.2 3,029.5Loans 533.2 462.4Preferred shares 68.8 41.5Cash and cash equivalents 241.3 236.8Derivative financial instruments 27.6 19.7Outstanding premiums 167.2 175.3Ceded reinsurance assets 1,567.1 1,497.4Other assets

Other receivables 53.4 46.2Investment income due and accrued 16.3 14.9

5,652.1 5,523.7

Bond portfolio quality

$

2015 %

$

2014 %

Bonds Canada, Quebec and others provinces 1,594.2 53.5 1,749.0 57.7Municipal and subsidized 462.2 15.5 384.7 12.7Canadians corporations, per credit rating

AAA 32.8 1.1 36.0 1.2AA 125.6 4.2 115.6 3.8A 565.2 19.0 532.6 17.6BBB 197.2 6.7 211.6 7.0

2,977.2 100.0 3,029.5 100.0

Loan portfolio quality

2015 $

2014 $

Insured loans 370.9 285.7Conventional loans 162.3 176.6

533.2 462.3

As at December 31, 2015, the current portion of bonds and loans amount to $176.9 (2014 – $204.4) and $94.0 (2014 – $110.1), respectively.

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Credit risk (cont’d)Allowance for investment losses

The allowance for investment losses is established based on the Company’s assessment of its financial assets, considering all objective evidence of impairment. Such evidence stems from the financial difficulties of the issuer or from defaults on principal or interest payments. Obligations towards insureds also include an allo-wance to cover any potential loss on loans and investments in debt securities.

The Company maintains an allowance for credit losses relating to the carrying value of its loans. A loss provi-sion is established when the Company entertains doubt regarding the full recovery of the principal or interest on a loan. For allowance purposes, estimated realizable loan value takes into account recovery forecasts, guarantee valuations and market conditions.

The following table summarizes impaired loans and allowances for investment losses:

2015 2014

Impaired loans $

Allowance for investment

losses $

Impaired loans $

Allowance for investment

losses $

Residential mortgages loans 0.5 0.2 0.7 0.2Other loans 30.1 1.7 30.0 1.7

30.6 1.9 30.7 1.9General allowance on mortgage loans – 1.8 – 1.7

30.6 3.7 30.7 3.6

2015 $

2014 $

Allowance for investment lossesBalance, beginning of year 3.6 3.8New allowance 0.1 –Recovery – (0.2)


Past due financial assets

A financial asset is deemed past due when the counterparty has failed to make a payment when contractually due. A financial asset that is past due is subject to a provision for loss to adjust its accounting value in relation to its estimated net realizable value when the Company doubts its recovery. As at December 31, 2015, the Company has financial assets past due for $4.2 (2014 – $3.5).

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Credit risk (cont’d)Securities lending

The Company engages in securities lending to generate additional income, which are recorded in investment income. Some securities are lended to other institutions for a short period. The Company receives garantees that represent a minimum of 102% of the fair value of the securities lent out. These garantees are deposited by the borrower with a depository to be retained until the securities lent out are recovered by the Company. The fair value of the securities on loan are monitored on a daily basis. Additional security is required depending on fluctuations in the fair value of the underlying securities on loan. As at December 31, 2015, the carrying value of the securities on loan by the Company included in investments is of $124.1 (2014 – $202.1).

Liquidity riskLiquidity risk refers to the risk that the Company might experience cash flow difficulties arising from its obli-gations and financial liabilities. The Company manages liquidity risk by applying the following control procedures:

• the Company manages its liquidities by matching cash flows from its operations and investments to those required to meet its obligations

• its cash position is analyzed on short and medium term horizons to meet the needs of the different business sectors

The following table presents contractual maturities of the undiscounted cash flows of financial liabilities and unsettled claims of the Company’s property and casualty insurance contracts.

2015

Payable on demand

$

Less than 1 year

$1 to 5 years

$Over 5 years

$Total

$

Unpaid claims – 30.2 4.0 0.1 34.3General fund investment contracts 0.3 – – – 0.3Accounts payable – 147.3 – – 147.3Derivative financial instruments – 1.7 – – 1.7Subordinated debt – – 10.0 165.0 175.0Other financial liabilities 0.8 1.2 – – 2.0

1.1 180.4 14.0 165.1 360.6

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Liquidity risk (cont’d)

2014

Payable on demand

$

Less than 1 year

$1 to 5 years

$Over 5 years

$Total

$

Unpaid claims – 29.4 3.7 0.2 33.3General fund investment contracts 0.3 – – – 0.3Accounts payable – 144.5 – – 144.5Derivative financial instruments – 0.1 – – 0.1Subordinated debt – – 3.0 172.0 175.0Other financial liabilities 0.8 3.6 – – 4.4

1.1 177.6 6.7 172.2 357.6

Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to market factors. Market risk includes three types of risk: interest rate risk, market price risk and currency risk.

A) Interest rate risk

The Company matches its assets with liabilities from obligations in each of its business sectors. Interest rate risk exists when interest rates fluctuate due to widening spreads in matching expected cash flows between assets and liabilities.

In managing interest rate risk, the Company focuses on matching expected cash flows of assets and liabilities in selecting the investments backing its obligations. It uses different measures and performs sensitivity ana-lyses to evaluate the spreads between the cash flows generated by investments held and those required to meet obligations according to various future interest rate scenarios. The Company’s investment policy sets maximum spread limits for those measures as applied to assets and liabilities. This information is disclosed to the Investment Committee on a quarterly basis.

The results of the interest rate sensitivity analyses also serve to establish the amounts to be included in the valuation of obligations towards insureds for interest rate risk. A change of 1% in the interest rate curve would not have a significant impact on income of 2015 and 2014.

For its available-for-sale financial assets not matched to obligations towards insured, the Company believes that a 1% increase in the interest rate curve would result in a decrease of $23.7 (2014 – $21.3) in other com-prehensive income.

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Market risk (cont’d)B) Market price risk

The Company is exposed to market price risk through its available-for-sale equity investments and fund units. The investment policy puts restrictions on equity investments and fund units and sets out their limits.

Changes in the fair value of these investments are recognized in comprehensive (loss) income. A sudden 10% decrease in the value of such investments would result in an estimated decrease of $6.6 (2014 – $4.8) in other comprehensive income.

The Company is also exposed to market price risk through income from investment fund management fees and expenses related to capital guarantees provided to segregated funds. A sudden 10% decrease in stock markets would result in an estimated decrease of $1.1 (2014 – $1.1) in income.

C) Currency risk

Currency risk exists when transactions in currencies other than the Canadian dollar are affected by unfavourable exchange rate changes.

As at December 31, 2015 and 2014, the Company was not exposed to any significant currency risk in respect of financial instruments.

7. RIGHT OF OFFSET, COLLATERAL HELD AND TRANSFERREDThe Company negotiates financial instruments in accordance with the Credit Support Annex (CSA) of the International Swaps and Derivative Association’s (ISDA) Master Agreement and in accordance with the Supplemental Terms and Conditions Annex of the Global Master Repurchase Agreement (GMRA). These agreements require guarantees by the counterparty or by the Company. The amount of assets pledged is based on changes in fair value of financial instruments. Under that agreement, the Company has the right to offset in the event of default, insolvency, bankruptcy or other early termination. The Company does not offset financial instruments due to conditional rights.

8. LIFE AND HEALTH INSURANCE CONTRACTS

Fair value of gross reserveThe fair value of the actuarial reserve is determined based on the fair value of the assets supporting the liabi-lities it represents. Insofar as the assets supporting the actuarial reserve are recorded on the statement of financial position at fair value, the carrying value of the actuarial reserve reflects fair value.

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8. LIFE AND HEALTH INSURANCE CONTRACTS (cont’d)

Nature of obligationsThe liability related to life and health insurance contracts are amounts that, added to future premiums and investment revenues, will allow the Company to respect its commitment to pay future claims, experience refunds and corresponding expenses originating from contracts in force. The liability related to life and health insurance contracts are periodically reviewed and allow for additional amounts required to cover risks origina-ting from plausible adverse deviations in experience as compared to the most probable assumptions. These amounts take into account the uncertainty included in the valuation assumptions.

Inherent uncertainty of the appraisal processIn order to estimate the liability related to life and health insurance contracts, assumptions are required regar-ding future events related to mortality, morbidity, lapses, investment returns and operating expenses. These assumptions also include a provision for adverse deviations attributable to the inherent uncertainty of the appraisal process.

MortalityThe mortality assumption is based on a combination of the Company’s most recent experience and the recent industry experience published by the Canadian Institute of Actuaries.

MorbidityThe morbidity assumptions used are those published by the industry adjusted to consider the Company’s own experience over a long period of time. Each year, the actual experience is compared to the one anticipated to ensure that the morbidity assumptions used are adequate.

Investment returnsThe investment returns considered in the valuation of liability related to life and health insurance contracts are based mostly on those of the assets held to back these obligations. In this context, cash inflows from assets are compared to those of the liability related to life and health insurance contracts to detect any mismatch taking properly into account the reinvestment or disinvestment risks inherent to such situations. To ensure that the amount of assets will be sufficient to cover all the obligations, a multi-scenario analysis is performed regarding future evolution of interest rates when cash flow mismatches are expected.

Losses due to credit impairment have impacts on the future cash flows of assets backing the obligations. In addition to the allowance for investment losses already deducted from the carrying value of investments, additional credit risk, whose level is close to the one experienced by the Company or determined through analysis performed by the industry, is considered in the determination of future cash flows from invested assets.

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8. LIFE AND HEALTH INSURANCE CONTRACTS (cont’d)

LapsesPolicyholders may choose to let their contracts lapse by ceasing to pay their premiums. The Company bases its estimate of the lapse rate on past results of each of its business portfolios. A business portfolio is consi-dered to be lapse-supported if an increase in the ultimate lapse rate is associated with increased profitability. On the other hand, if a decrease in the ultimate lapse rate is associated with increased profitability, the business portfolio is not considered to be lapse-supported.

Operating expensesThe assumptions regarding operating expenses are drawn from internal analyses performed yearly by the Company, with adjustments for expected future inflation.

9. PROPERTY AND CASUALITY INSURANCE CONTRACTS

Nature of obligationsLiabilities related to property and casualty insurance contracts represent the amounts that, increased by future investment income, will enable the Company to honour the appraised amount of future claims and the corres-ponding fees under the terms of the contracts in force. Liabilities related to property and casualty insurance contracts are periodically reviewed and include additional amounts representing possible adverse deviations in relation to the most probable assumptions; these additional amounts vary based on the degree of uncertainty inherent in the assumptions used.

Inherent uncertainty of the appraisal processIn calculating the liability related to property and casualty insurance contracts, assumptions are made regarding probable future events related to materialization and the discount rate. These assumptions also include a margin for adverse deviations attributable to the inherent uncertainty of the appraisal process.

Margin for claims developmentThe margin for claims development assumption is used to take several factors into account such as the fre-quency and severity of claims. This assumption is based on the Company’s experience and on forecasts made in accordance with the requirements of the Canadian Institute of Actuaries.

Discount ratesDiscount rates are used in calculating the liability related to property and casualty insurance contracts to take the time value of money into account.

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10. SUBORDINATED DEBT2015

$2014

$

Debenture, Series A, 7.75%, maturing in 20191 3.0 3.0Debenture, 7.49%, maturing in 2022

and redeemable by the Company under certain conditions 50.0 50.0Debenture payable to majority shareholder, 6.4%, maturing in 2027 10.0 10.0Debenture, 6.3%, maturing in 2030

and redeemable by the Company under certain conditions 20.0 20.0Debenture payable to majority shareholder, 6.74%, maturing in 2030 15.0 15.0Debenture, 6%, maturing in 2032

and redeemable by the Company under certain conditions 20.0 20.0Debenture payable to majority shareholder, 7.446%, maturing in 2032

and redeemable by the Company under certain conditions 30.0 30.0

148.0 148.0

Subordinated notes, maturing in 2020 and bearing interest at 7.09% compounded semi-annual1 6.1 6.1Majority shareholder 0.9 0.9Shareholder 7.0 7.0

Subordinated note payable to majority shareholder, maturing in 2023, bearing interest at 5.93% compounded semi-annual until 2018, bearing interest at the 3-month Canadian Dealer Offered Rate plus 2.50% compounded quarterly until 2023 20.0 20.0

27.0 27.0

175.0 175.0

Fair value2 200.3 206.2

1 Convertible at the discretion of the holder into shares under certain circumstances such as change in control, merger, public offering or default in the payment of interest and principal at maturity.

2 The fair value provided for the subordinated debt uses Level 3 inputs. Refer to Note 5 for additional information on of the fair value levels.

The fair value of subordinated debt classified as other financial liabilities is determined using a model based on discounted expected cash flows. Cash flows are discounted at a rate equal to the rate of return of a benchmark index with a risk profile that is similar to that of underlying assets and with a term whose duration equals the maximum anticipated maturity of the subordinated debt.

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11. SHARE CAPITALAuthorized

Class A150,000,000 shares, with no par value, with participating and voting right

Class B150,000,000 shares, with no par value, with participating and voting right,

redeemable by mutual agreement, convertible at the discretion of the holder in whole or in part, into Class A shares, one Class A share for each Class B share exchanged

Class C100,000,000 shares, with a par value of one dollar each, non-voting, giving

the right to fixed preferred dividends to Class A and B shares, issuable in one or several series.

2015 $

2014 $

Issued20,615,293 Class A shares 95.4 95.450,690,905 Class B shares 247.8 247.8

343.2 343.2

On November 27, 2014, the Company converted 16,666,667 Class A shares which had a book value of $17.2 into 16,666,667 Class B shares. The Company also issued 7,380,750 Class A shares to its minority sharehol-der along with 18,151,378 Class B shares to its majority shareholder with book value of $88.6 and $218.0 respectively, in exchange for the non-ownership stake in SSQ Insurance Company Inc. The difference of $70.5 between the issued share capital and the book value of $236.1 of the non-ownership stake was adjusted to retained earnings. These book values were established as at September 30, 2014, in accordance with any agreement between the parties.

12. CAPITAL MANAGEMENTThe Company’s capital management policy is designed to satisfy the laws, regulations, guidelines of the Autorité des marchés financiers (Autorité) and applicable instructions regarding capital management. To ensure sound and prudent capital management, the Company is required to comply with the guideline on capital adequacy requirements.

The Company is subject to the requirements defined by the Autorité. According to the Autorité’s guideline on capital adequacy requirements, the capital adequacy ratio is calculated by dividing available capital by required capital. Available capital represents total capital, less the deductions prescribed by the Autorité. Required capital is determined on the basis of certain risk factors.

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12. CAPITAL MANAGEMENT (cont’d)To maintain a capital amount that satisfies the criteria of the Autorité, the Company makes annual financial forecasts for the next five years; among the data reviewed are the solvency ratio and changes to the solvency ratio. The actuary, appointed by the Board of Directors in conformity with An Act respecting insurance, pre-pares an annual assessment of the financial position of the Company; he carries out dynamic capital adequacy testing (DCAT) of which one objective is to verify the capital adequacy of the Company despite plausible unfavourable events. These documents are submitted and presented to the Board of Directors.

The Autorité’s guideline states that the Company must set a target level of available capital that exceeds the minimum requirements. The Company’s current solvency ratio exceeds minimum requirements and is higher than the set target.

Available capital position2015

$2014

$

Equity 727.0 670.7Subordinated debt 175.0 175.0Prescribed reductions and other adjustments (106.7) (121.8)

Available capital 795.3 723.9

Concerning its subsidiaries, SSQ Insurance Company Inc. and SSQ General Insurance Company Inc., the Company’s policy is to maintain a higher target level of capital than required under the Autorité’s guidelines on capital adequacy requirements, namely CAR and MCT, that apply respectively to the subsidiaries. The solvency ratios of the subsidiaries as at December 31, 2015 and 2014 exceed the level required under the guidelines.

13. INCOME TAXES2015

$2014

$

Income tax expense for the year – IncomeCurrent income taxes 33.2 23.9Deferred income taxes resulting from the origination or reversal

of temporary differences (11.6) (6.5)

21.6 17.4

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14. COMPONENTS OF THE CONSOLIDATED STATEMENT OF INCOME2015

$2014

$

Gross premiumsLife and health insurance 1,917.6 1,816.5Investment and retirement 72.4 47.8Property and casualty insurance 214.9 220.1

2,204.9 2,084.4

15. SEGREGATED FUNDS

A) Carrying value of segregated fund investments 2015

$2014

$

Investment fund units 3,612.4 3,276.2Bonds and other fixed income investments 600.4 660.7Shares 526.5 422.6Derivative financial instruments 0.7 0.5

Total investments 4,740.0 4,360.0

Other assets and liabilities 29.8 9.6

4,769.8 4,369.6

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15. SEGREGATED FUNDS (cont’d)

B) Fair value of segregated fund investments The following tables present investments in segregated funds classified according to the fair value hierarchy defined in Note 5 and exclude all other financial assets except derivative financial instruments:

2015

Level 1 $

Level 2 $

Level 3 $

Total $

Segregated fund financial assets at fair value through profit or loss

Investment fund units 3,114.2 498.2 – 3,612.4Bonds – 476.5 – 476.5Money market – 123.9 – 123.9Shares 517.0 – 9.5 526.5Derivative financial instruments 0.7 – – 0.7

3,631.9 1,098.6 9.5 4,740.0Segregated fund financial liabilities at fair value

through profit or lossDerivative financial instruments (6.6) – – (6.6)

(6.6) – – (6.6)

During the years ended December 31, 2015 and 2014, there were no transfers of investments related to segregated funds between Levels 1 and 2.

2014

Level 1 $

Level 2 $

Level 3 $

Total $

Segregated fund financial assets at fair value through profit or loss

Investment fund units 2,872.9 403.3 – 3,276.2Bonds – 517.9 – 517.9Money market – 142.8 – 142.8Shares 413.8 – 8.8 422.6Derivative financial instruments 0.5 – – 0.5

3,287.2 1,064.0 8.8 4,360.0Segregated fund financial liabilities at fair value

through profit or lossDerivative financial instruments (7.8) – – (7.8)Share purchase commitment (9.2) – – (9.2)

(17.0) – – (17.0)

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15. SEGREGATED FUNDS (suite)

C) Changes in segregated fund insurance contracts and investment contracts 2015 2014

Insurance contracts

$

Investment contracts

$

Insurance contracts

$

Investment contracts

$

Balance, beginning of year 1,591.5 2,778.1 2,050.3 2,593.5Amounts collected from poli-

cyholders 339.5 435.9 344.0 300.3Investment income 31.7 138.3 121.3 365.7Amounts paid to policyholders (265.2) (280.0) (330.9) (403.6)Disposal of portfolios – – (593.2) (77.8)

Balance, end of year 1,697.5 3,072.3 1,591.5 2,778.1

In accordance with the contractual maturities of cash flows, segregated fund insurance contracts and investment contracts are payable on demand.

16. CONTINGENCIES AND COMMITMENTS

ContingenciesThe Company and its subsidiaries are subject to legal actions, including proposed class actions. The Com-pany does not expect that settlement of current legal actions will have a material adverse effect on its consolidated financial position.

Letters of creditIn the normal course of business, banking institutions issue letters of credit on the Company’s behalf. As at December 31, 2015, these letters of credit amount to $3.3 (2014 – $2.9). No assets were pledged against these letters of credit.

CommitmentsThe Company leases vehicule, IT equipment and office space as lessee. These leases mature between 2016 and 2025. Lease payments, equal to the minimum payments expensed during the year, totalled $9.9 (2014 – $10.1).

The expected payments on the leases are as follows:

Less than 1 year $

1 to 5 years $

Over 5 years $

Total $

Basic rents 7.3 17.0 15.3 39.6

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17. LEASES The Company leases, as lessor, certain investment properties and fixed assets under operating leases. These leases mature between 2016 and 2030.

During the year, the Company’s rental income from its investment property and fixed assets totalled $20.0 (2014 – $19.0), while direct operating expenses totalled $13.9 (2014 – $14.0).

Expected receipts on operating leases are as follows:

Less than 1 year $

1 to 5 years $

Over 5 years $

Total $

Basic rents 9.5 28.6 25.3 63.4


103

STRUCTURE

SSQ Insurance Company Inc. SSQ Realty Inc.

Fonds de solidarité FTQ SSQ Dedicated Segregated Fund

SSQ, Mutual Management Corporation

SSQ, Mutual Holding Inc.

SSQ Foundation


SSQ General Insurance Company Inc.


104

Boards of DirectorsChairman

Pierre Genest* / Quebec CityChairman of the BoardSSQ, Mutual Management Corporation

Vice-Chairman ÉmileVallée* / Gatineau

RetireeFédération des travailleurs et travailleuses du Québec (FTQ)

Directors Normand Brouillet* / Saint-Lambert

RetireeConfédération des syndicats nationaux (CSN)

Jean-François Chalifoux / Quebec CityChief Executive OfficerSSQ, Life Insurance Company Inc.

Claude Choquette / Quebec CityPresidentHDG Inc.

ChantalDoré/BouchervilleVice-President – Information Technology, Project Management and AdministrationFonds de solidarité FTQ

CarolleDubé* /RepentignyPresidentAlliance du personnel professionnel et technique de la santé et des services sociaux (APTS)

Eddy Jomphe*/LévisUnion RepresentativeCanadian Union of Public Employees (CUPE) – FTQ

Andrew MacDougall* / TorontoPresidentSpencer Stuart Canada

Jude Martineau / Quebec CityCorporate Director

GaétanMorin/TerrebonnePresident and Chief Executive OfficerFonds de solidarité FTQ

Member of Mutualism Promotion Committee Member of Executive and Human Resources Committee Member of Audit and Risk Management Committee Member of Investment Committee Member of Ethics Committee

Michel Nadeau* / LongueuilExecutive Director Institute for Governance of Private and Public Organizations

Denyse Paradis* / TerrebonneSecretary and Treasurer Fédération de la santé et des services sociaux (FSSS) – CSN

SylvainParé/MontrealExecutive Vice-President, FinanceFonds de solidarité FTQ

AlainPélissier* / MontrealRetireeCentrale des syndicats du Québec (CSQ)

Jean Perron* / Quebec CityCorporate Director

Sylvain Picard* / WendakeExecutive DirectorRégime des bénéfices autochtones

Alistair Angus H. Ross / PictonPresidentL&A Concepts

Norman A. Turnbull / Varennes Corporate Director

Corporate Secretary HélènePlante

* Member of the Board of Directors of SSQ, Mutual Management Corporation

SSQ, LIFE INSURANCE COMPANY INC. AND SSQ INSURANCE COMPANY INC.


105

Chairman Pierre Genest / Quebec City

Chairman of the BoardSSQ, Life Insurance Company Inc.

Vice-Chairman Jacques Rochefort / Montreal

Chief Executive OfficerTC Media Books

Directors Jean-François Chalifoux / Quebec City

Chief Executive OfficerSSQ, Life Insurance Company Inc.

JoséeLachapelle/LavalSenior DirectorInvestments – Financial Services, Services, Mining and Metal Products Investment DirectorFonds de solidarité FTQ

Danielle Lallemand / L’AssomptionAccountant Confédération des syndicats nationaux (CSN)

AndréL’Écuyer/Saint-Augustin-de-DesmauresPresidentRabaska

LucieMartineau/LévisGeneral PresidentSyndicat de la fonction publique et parapublique du Quebec (SFPQ)

BernardPiché/MontrealCorporate Director

Jocelyn Tremblay / Quebec CityUnion Representative Canadian Union of Public Employees (CUPE) – FTQ

Pierre-MauriceVachon/QuébecCorporate Director

Corporate Secretary HélènePlante

SSQ FINANCIAL GROUP

Senior Management

Jean-François ChalifouxChief Executive Officer

Serge BoiteauAppointed Actuary and Strategic Advisor to the Chief Executive Officer

Patrick CyrSenior Vice-PresidentFinance and Realty

Carl LaflammeSenior Vice-PresidentGroup Insurance

Marie LamontagneSenior Vice-PresidentCorporate Communications and E-business

DenisLégaréSenior Vice-PresidentHuman Resources and Internal Communications

Michel LorangerSenior Vice-President Information Technologies

Gilles MouretteChief Executive OfficerSSQ General Insurance Company Inc.

Bernard TanguaySenior Vice-PresidentInvestment and Retirement and SSQ Insurance Company Inc.

ÉricTrudelSenior Vice-PresidentCorporate Services

Member of Executive and Human Resources Committee Member of Audit and Risk Management Committee Member of Investment Committee Member of Ethics Committee

SSQ GENERAL INSURANCE COMPANY INC.


106

SSQ, LIFE INSURANCE COMPANY INC.

Corporate Secretary

HélènePlante

Vice-presidencies

Group insurance Chantal Auger

Vice-President – Administration Dany Caron

Regional Vice-President Quebec City Office

Donald CyrVice-President – Actuarial

Diane GaulinVice-President – Sales, Public Sector

Blair MacIntyreRegional Vice-President – Corporate Accounts Toronto Office

Ron SmitkoRegional Vice-President – TPA Sector Toronto Office

Individual Insurance and Investment MartinBédard

Regional Vice-President – Business DevelopmentInstitutional and Private Wealth

LucBosséRegional Vice-President – Business DevelopmentMontreal Office

Sylvain CharbonneauVice-President – Actuarial and Marketing

Jean Cinq-MarsVice-President – Client Services and Administration

Douglas PaulRegional Vice-President – Business DevelopmentOntario, Western Canada and Atlantic Region

MarcTrépanierVice-President – National Business Development Individual Insurance and Retirement

Investments Hugo Drouin

Vice-President – Investments

Corporate Services Carl Cleary

Vice-President – Corporate Development France LeBlanc

Vice-President – Corporate Actuarial

Information Technologies ÉricBenoit

Vice-President – IT Business Solutions Development – Group Insurance and Corporate Services

MartinParéVice-President – IT Infrastructure, Integration and Security

ÉricSavardVice-President – IT Business Solutions Development – Individual Products


107

SSQ INSURANCE COMPANY INC.

Vice-presidencies Jean Cinq-Mars

Vice-President – Client Services and Administration Sylvain Charbonneau

Vice-President – Actuarial and Marketing Gilles Loiselle

Vice-President – Strategic Advisor

SSQ GENERAL INSURANCE COMPANY INC.Corporate Secretary HélènePlante

Vice-presidencies Ginette Fortin

Vice-President – Insurance Aurel Lessard

Vice-President – Sales and Marketing Patrice Raby

Vice-président – Actuarial ÉricThériault

Vice-President – Claims

SSQ REALTY INC.Vice-presidency France Rodrigue

Vice-President – Realty and Material Resources


108

ADDRESSES

SSQ, Life Insurance Company Inc.HeadOffice2525 Laurier BlvdQuebec City, QC G1V 2L2Tel.: 418-651-70001-800-463-5525

1200 Papineau Avenue, Suite 460Montreal, QC H2K 4R5Tel.: 514-521-73651-800-361-8100

110 Sheppard Avenue East, Suite 500Toronto, ON M2N 6Y8Tel.: 416-221-34771-866-696-6001

SSQ General Insurance Company Inc.HeadOffice

2515 Laurier BlvdQuebec City, QC G1V 2L2Tel.: 418-683-55151-888-683-5515

1010 Sérigny Street, Suite 800Longueuil, QC J4K 5G7Tel.: 450-321-00561-888-683-5515

SSQ Realty Inc.2525 Laurier BlvdQuebec City, QC G1V 2L2Tel.: 418-682-1245

SSQ Insurance Company Inc.800 6th Avenue SW, Suite 650Calgary, AB T2P 3G3Tel.: 403-592-85161-855-772-3082

1680 Bedford Row PO Box 1001Halifax, NS B3J 2X1Tel.: 1-800-848-0158

2020 Robert-Bourassa Blvd, Suite 1800Montreal, QC H3A 2A5Tel.: 514-282-60641-855-233-7056

110 Sheppard Avenue East, Suite 500Toronto, ON M2N 6Y8Tel.: 416-928-88011-877-928-8801

701 Georgia Street West, Suite 1500Vancouver, BC V7Y 1C6Tel.: 604-681-92661-855-803-5797

CONTACT USCorporate Communications

SSQ Financial Group2525 Laurier Blvd Quebec City, QC G1V 2L2Tel.: [email protected]

You can also visit us at ssq.ca.

ISSN 1700-0688 Legal Deposit – 2nd quarter 2016 Bibliothèque et Archives nationales du Québec National Library of Canada

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1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

BMG115A (2016-04)

2015 annual report - ssq … ·...

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