Desjardins General Insurance Group (DGIG), a Desjardins subsidiary that specializes in property and casualty insurance, reported a net income of $184.8 million for the quarter ended June 30, 2015. That compares to $49.4 million in the corresponding period in 2014.
Direct written premiums were $1,133.1 million, up from $616.4 million in the same quarter in 2014—both increases reflect the addition of State Farm’s Canadian P&C insurance operations.
The combined ratio for the quarter, excluding market yield adjustment, was 72.6%. This excellent performance was due to low loss ratios in all lines of business, which were the result, in part, of favourable weather conditions across much of the country.
And, “excluding the State Farm transaction, we achieved organic growth of 8% in the quarter, and 7.5% in the first six months,” says Sylvie Paquette, president and COO of DGIG.