Desjardins Financial Security posts net income of $104 million

Desjardins Financial Security (DFS), a subsidiary of Desjardins Group specializing in life insurance, health insurance and retirement savings, posted net income of $104.2 million at the end of Q1. This is up from $48.6 million for the same period in 2012.

Read: Desjardins posts Q1 earnings of $378 million

Gross insurance premium income was up 6.9%, and insurance sales totalled $115.8 million, compared to $110.7 million for the same period in 2012. Savings product sales were $590.2 million.

The improved financial results were due to more stable economic conditions, positive claims experience and the revision of certain actuarial assumptions, says the company in a release.

Read: Desjardins focuses on gender parity The share of net income attributable to the shareholder, Desjardins Financial Corporation, was $99.5 million, compared to $45.3 million for the same period in 2012. The return on shareholder equity was 18.3% versus 11% in 2012.

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“We are pleased to see such positive growth across so many sectors, particularly individual insurance and group and business insurance,” says Denis Berthiaume, DFS president and chief operating officer. “We will continue to do what it takes to meet the diverse needs of our members and clients, by being proactive and innovative.”

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