Net income of $64.3 million, up 54.5% from Q1 2011
Direct written premiums increased 8.7%, entirely through organic growth
Loss ratio of 63.6%, down 2.3 points compared to Q1 2011
Combined ratio of 88.2%, down 2 points from the same period in 2011
Launch of exclusive agent network in Montreal area
LÉVIS, QC, June 5, 2012 /CNW Telbec/ - For the first three months ended
March 31, 2012, Desjardins General Insurance Group, a Desjardins Group
subsidiary specializing in property and casualty insurance, posted a
net income of $64.3 million, compared to $41.6 million in the same
quarter in 2011.
Direct written premiums increased by 8.7% to $454.7 million compared to
$418.2 million in Q1 2011. This was the ninth straight quarter of above
market organic growth and once again all business areas contributed —
individual home and auto insurance, group insurance, white label
partnerships and commercial lines (Quebec only).
The combined ratio (claims and expenses divided by earned premiums)
dropped two points to 88.2% compared to the same period in 2011. This
positive result was largely due to favourable weather conditions and
continued improvement in the Ontario auto insurance market.
Ms. Monique F. Leroux, Chair of the Board, President and CEO of
Desjardins Group and CEO of Desjardins General Insurance Group, said
she was very happy with the growth in premium volume and the
significant increase in net income in the quarter. "P&C insurance is an
important component in Desjardins' pan-Canadian expansion strategy.
These results prove that our business development and growth
initiatives have been productive."
Ms. Sylvie Paquette, President and Chief Operating Officer of Desjardins
General Insurance Group, said that the mild winter across the country
had a positive impact on DGIG's results. "We did benefit greatly from
the weather, but we also took proactive steps to enhance our growth and
profitability. For example, we increased our focus on the Greater
Montreal Area, which included launching a small network of exclusive
agents aimed at English consumers. We also continued to maintain strong
underwriting discipline in the Ontario auto market, while achieving
above-market sales growth. With the Ontario Auto Reforms continuing to
show positive results, we are now further expanding our marketing
efforts in the province."
About Desjardins General insurance Group
A subsidiary of Desjardins Group, Desjardins General Insurance Group
provides home and auto insurance to consumers across the country and
commercial insurance to businesses in Quebec. With over 3,700 employees
across Canada, a portfolio of more than 2 million policies in force,
gross written premiums of $1.9 billion and assets of approximately $4
billion, DGIG ranks among the largest P&C insurers in Canada.
About Desjardins Group
Desjardins Group www.desjardins.com is the leading cooperative financial group in Canada with assets of
$196.4 billion. Drawing on the strength of its caisse network in Québec
and Ontario and its subsidiaries across Canada, it offers a full range
of financial products and services to its 5.6 million members and
clients. Desjardins specializes in Wealth Management and Life and
Health Insurance, in Property and Casualty Insurance, in Personal
Services, in business and Institutional Services. As one of the largest
employers in the country and among Canada's Top 100 Employers for 2012TM, Desjardins is supported by the skills of its 44,645 employees and the
commitment of nearly 5,400 elected officers. A new education and
cooperation program is now available to Desjardins members and the
general public. For more information, visit www.desjardins.com/co-opme.
SOURCE Desjardins Groupe d'assurances générales
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