19 July 2017 07:00
Desjardins Insurance has crossed for the first time the milestone of 100 billion dollars ($B) assets under management life insurance and savings in the first quarter of 2017.
The insurer has posted during this quarter with a net profit of 133.3 million of dollars ($M), compared to 99.1 Million$ for the first quarter of 2016, an increase of 34.5 %
The gross insurance premiums crossed the barrier of one billion. This is an increase of$ 44.2 Million and 4.5% compared to the first quarter of 2016. The rate of return on equity stood at 16.6 % compared to 13.8 % at march 31, 2016.
«We are starting the year with a solid net income growth and insurance sales, and this, in addition to cross for the first time the threshold of 100 billion of assets under management and under administration. It is the results that allow us to experience the vitality of sales in several sectors and build on the dynamism of all our teams in the coming months «, commented Gregory Crispin, president and chief operating officer of Desjardins financial Security.
The insurance sales have grown 26.3 % to eur 177.8 M$. They were of 140.8 Million during the first quarter of 2016. The total gross savings amounted to$3.3 billion.
Increase in individual life
In individual insurance, sales reached$ 18.2 Million, which represents an increase of 7.7 % compared to the first quarter of 2016. For the period, the insurance sales for groups and businesses reach$ 123.1 Million and are up$38.8 Million.
In group retirement savings, the total net sales reach to 88.9 M$. The net sales of Desjardins Funds totalled$ 655 Million, a growth of 43.8 % compared to the first quarter of 2016.
With respect to sales of insurance related to plans offered through financial institutions, including the Desjardins caisses, amounted to$ 26.8 Million.