- 34.5% increase in net income
- Assets under management and administration hit the $100 billion mark for the first time
- Gross insurance premiums grew to reach the $1 billion mark
- 26.3% increase in insurance sales, totalling $177.8 million
- 43.8% increase in net sales of Desjardins Funds, totalling $665.0 million
LÉVIS, QC, May 17, 2017 /CNW Telbec/ - For the period ending March 31, 2017, Desjardins Financial Security, a subsidiary of Desjardins Group specializing in life insurance, health insurance and retirement savings, posted net income of $133.3 million, compared to $99.1 million for the same period last year (an increase of 34.5%). For the first time, assets under management and administration reached the $100 billion mark.
Gross insurance premiums hit the $1 billion mark—an increase of $44.2 million or 4.5% compared to Q1 2016. Return on equity was 16.6%, compared to 13.8% as at March 31, 2016. Overall, the growth in net income is attributable to a favourable claims experience.
"The year is off to a good start, with strong growth in net income and insurance sales—and that's in addition to reaching the $100 billion mark for our assets under management and administration," said Gregory Chrispin, President and Chief Operating Officer of Desjardins Financial Security. "What these results show is a strong sales performance in a number of sectors, something we expect all our teams to deliver in the upcoming months."
| Highlights |
|||
| (In millions of dollars, unless otherwise indicated) |
Q1 2017 |
Q1 2016 |
Change |
| Net income |
133.3 |
99.1 |
34.5% |
| Gross insurance premiums |
1,024.4 |
980.2 |
4.5% |
| As at March 31, 2017 |
As at December 31, 2016 |
As at March 31, 2016 |
|
| Return on equity |
16.6% |
17.9% |
13.8% |
| Assets under management and administration |
$100.3 billion |
$96.5 billion |
$89.9 billion |
Q1 2017 business sector results
Insurance sales were up 26.3% to total $177.8 million (compared to $140.8 million in Q1 2016). Gross investment sales were $3.3 billion.
Individual insurance sales totalled $18.2 million, up 7.7% compared to the first quarter of last year. At the end of Q1 2017, group and business insurance sales stood at $123.1 million, up $38.8 million from the same period last year. Total net sales for group retirement savings stood at $88.9 million. Net sales for Desjardins Funds totalled $655.0 million, up 43.8% compared to Q1 2016.
Sales for plans offered in financial institutions, including the Desjardins caisses, ended the quarter at $26.8 million.
About Desjardins Financial Security
Desjardins Financial Security (DFS) is a subsidiary of Desjardins Group, the leading cooperative financial group in Canada, specializing in providing life insurance, health insurance and retirement savings products to individuals and groups. Each day, more than 5 million people count on DFS to protect their financial security. The company employs some 4,800 people and administers $100.3 billion in assets. DFS has offices in a number of cities nation-wide including Vancouver, Calgary, Edmonton, Winnipeg, Toronto, Montreal, Quebec City, Lévis, St. John's and Halifax. For more information, visit www.desjardinslifeinsurance.com.
SOURCE Desjardins Financial Security
Jacques Bouchard, Public Relations, Desjardins Group, 514-281-0844 or 1-866-866-7000, ext. 5557940, [email protected], [email protected]
Share this article