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Desjardins Group’s life insurance, heath insurance and retirement savings unit reported a surge in profits in Q1 as assets under management and administration reached a record $100 billion.

For the three-month period ending March 31, Desjardins Financial Security reported net income of $133.3 million, up 34.5% from $99.1 million in the same period a year earlier.

Gross insurance premiums reached $1 billion, increasing $44.2 million or 4.5% from to Q1 2016.

Overall, the growth in net income was attributable to “a favourable claims experience,” Desjardins said.

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Originally published on Advisor.ca
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