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Sustained growth of the insurance activities of the Mouvement Desjardins in the second quarter

by

Mathieu Carbasse

11 August 2017 13:30

Photo : Jean-Philippe Bourgoin

At the end of the second quarter ended June 30, 2017, the growth of the activities of the Desjardins group continued, with an increase of 11.4% of its operating revenues, which reached$3.9 billion.

«The performance of our cooperative financial group, during this quarter, deserves to be highlighted and reflects the strong progression of our business, said president and chief executive officer, Guy Cormier. The success of Desjardins is also that of all its members and customers. It allows him to assume a leadership role in socio-economic even more important and give back more to members and the community. «

This growth also relates to activities in insurance of persons and damage insurance the co-operative movement. These last have in fact benefited from the reinsurance treaty signed in the framework of the acquisition of the canadian businesses of State Farm, which resulted in an increase of 19.3% of net premiums (2,08 G$ against 1,74 G$ to the corresponding quarter of 2016).

Wealth management and life and health Insurance to increase sharply

At the end of the quarter, the segment’s net surplus earnings generated by the wealth Management and life and health Insurance amounted to$ 189 Million (compared with$ 124 Million in the second quarter of 2016). According to the insurer, this increase of 52.4% is mainly the result of the good performance of investments and the decrease in actuarial liabilities arising from changes to the ratings used for the titles matched to these provisions. For the first six months of 2017, the surplus of 332 M$ (compared to$ 221 Million for the first half of 2016).

Net surplus earnings of$ 98 Million in damage insurance

The Insurance segment has recorded net surplus earnings of$ 98 Million, up compared to the same period of 2016 ($49 Million). This increase is mainly due to positive claims development from prior years, compensated, however, by a loss ratio in motor insurance and property insurance more important than in the second quarter of 2016. For the first six months of 2017, the surplus earnings amounted to$ 80 Million (compared to$ 88 Million for the first half of 2016).

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