Desjardins Financial Security (DFS), a subsidiary of Desjardins Group, has reported net income for Q1 2017 of $133.3 million, an increase of 34.5% over the $99.1 million reported for the same quarter last year.
In an announcement released May 17, DFS stated that overall, its net income growth “is attributable to a favourable claims experience.”
AUM reaches $100 billion
During the first quarter, DFS also saw assets under management hit the $100 billion mark for the first time.
Meanwhile, gross insurance premiums hit the $1billion mark in Q1 2017, which is up $44.2 million (4.5%) compared to the first quarter of last year. Return on equity was 16.6%, up from 13.8% for the first quarter of 2016.
Strong sales performance
"The year is off to a good start, with strong growth in net income and insurance sales and that's in addition to reaching the $100 billion mark for our assets under management and administration," said Gregory Chrispin, President and Chief Operating Officer of DFS. "What these results show is a strong sales performance in a number of sectors, something we expect all our teams to deliver in the upcoming months."
DFS’ insurance sales increased by 26.3% in Q1 2017, totalling $177.8 million. This compares to $140.8 million in Q1 2016.
Individual and group insurance
Individual insurance sales amounted to $18.2 million in Q1 2017, up 7.7% compared with the same quarter last year. Group and business insurance sales amounted to $123.1 million for the first quarter, up $38.8 million compared to Q1 2017.