Despite a pandemic year, UNI did well in 2020
Despite a pandemic year, UNI did well in 2020
At its virtual annual general meeting on Tuesday, April 20, UNI Financial Cooperation released its financial results and those of its subsidiaries for the year ending December 31, 2020.
UNI’s board of directors and senior management had very positive news for 2020. Thanks to the resilience and hard work of UNI employees, UNI’s total assets were $4.8 billion as at December 31, 2020, up 8% from the previous year, while surpluses were $23.5 million compared to $21.1 million in 2019, despite nearly $1.3 million in expenses directly attributable to the pandemic.
This financial strength has given UNI the flexibility to continue its strategic investments, acquire and develop talent, enhance the member experience, pivot to digital technology and expand business development.
A commitment to values that reflect our founders and builders
Despite the difficulties of the pandemic, 2020 will be remembered as a year of accelerating change. UNI had to adapt on the fly in its new role as an essential service provider, quickly implementing solutions to ensure safe and effective support for its members and clients. In this, it was inspired by its commitment to values of solidarity, responsibility and courage. Here are few examples on a personal service level:
- Increased digital capacity to be able to meet with members and clients in virtual mode and accept electronic signatures—online subscriptions and support have increased significantly since the beginning of the pandemic.
- Rapid support to members and clients who needed flexible deferral programs.
- An enhanced Call Centre to assist clients with their day-to-day transactions.
- Support for members and corporate clients through the many government support programs.
Resolutely focused on the future
UNI is always on the lookout for opportunities to benefit members and clients, and so it enhanced its wealth management expertise and offerings by acquiring a $150 million portfolio and onboarding a new team.
The brand new Petit-Rocher business location opened its doors on November 2. It is designed to test new ways of doing things to better serve members and clients, to create new relational reflexes among employees and to truly present the caisse of tomorrow. This location will be inaugurated soon.
“2020 was a trying year in terms of physical health, mental health and, for some, financial health. As an essential service, UNI was able to adapt in record time by working hard to ensure the health and safety of all, with the help of our 900 employees. UNI has remained present with its members, clients and the community, despite the the distancing imposed by the pandemic, said CEO Robert Moreau.
As a member of the community and a major economic player, UNI has remained present by supporting and promoting initiatives aimed at the prosperity and vitality of our communities.
Through its Voilà! contest, UNI offered its member and client organizations the opportunity to develop visionary and sustainable projects that would create a positive impact in their communities. More than 175 submissions were received during the fall of 2020, and more than $300,000 was awarded to the winners, chosen in a vote by UNI members.
What was intended as a simple way to recognize UNI employees proved to be a huge success, as more than $325,000 was pumped into local businesses in just two months. The 100% Here: UNI Together for Local Prosperity initiative was a show of solidarity with local merchants who had been greatly impacted by the pandemic, and a way to recognize the hard work of UNI employees during this extraordinarily different time.
An institution by and for our local community for 85 years
UNI turns 85 years old on December 3. This date will mark the anniversary of the founding of the very first Acadian credit union in Petit-Rocher, in 1936. “It is thanks to the conviction and loyalty of our members that we continue to grow and look to the future with confidence. UNI has been, is and will continue to be a major player in the development of our communities, a player where decisions are made by us and for our collective well-being,” concluded Pierre-Marcel Desjardins, chair of the UNI board of directors.
About UNI Financial Cooperation
With $4.8 billion in assets and 900 employees, UNI Financial Cooperation, founded in 1936, is a major economic player that contributes actively to a thriving, growing economy in New Brunswick and beyond. UNI is committed to values of solidarity, responsibility and courage for the greater benefit and prosperity of the organization and its members and clients. To learn more, visit uni.ca.
Strategic Communications Advisor
UNI Financial Cooperation