Promutuel produces $35 million income for 2003

Promutuel – casualty insurer for a group of 34 Quebec mutuals – says it achieved net income of $35 million for 2003, on the back of 12% premium growth. Premiums last year rose to $412 million, and members’ equity hit $291 million, up fro $256 million in 2002.Investment income was up 33%, while claims dropped 56%, the company reports. The company had a busy 2004, changing its management structure – including the appointment of Claude Robitaille as CEO – and investing heavily in technology. Among its achievements last year was the decision to invest $50 million in new technology, including 50 new information technology jobs created.As well, the company created a “high yield account”, including call center support. It also signed an agreement with Force Financiere Excel to enhance members’ life and health insurance offerings.