DFS Posts Strong Quarterly ResultsBy Andrew Rickard | August 26 2015 12:51PM
In quarterly results released on Aug. 25, Desjardins Financial Security (DFS) reports that its net income is up by 50% compared to the same period last year.
DFS, a subsidiary of Desjardins Group, recorded $160.7 million in net income during the second quarter of 2015; this is 50.3% higher than the $106.9 of net income generated during the same quarter in 2014. Year to date, DFS reports income of $240.5 million, which is 23.5% higher than the $194.8 reported for the first six months of 2015.
As for gross insurance premiums, DFS says these have grown to $1,940.6 million year-to-date; this represents an increase of $155.5 million or 8.7% over 2014. The insurer notes that nearly $68.0 million of this amount was generated by State Farm's Canadian operations.
Insurance sales for the period were steady compared to previous years at $242.0 million while savings sales increased from $441.2 million last year to $630.2 million in 2015. During the first six months of this year DFS assets under management and administration grew 14.4% compared to the same period in 2014 and now stand at $45.5 billion.
"In spite of strong competition, insurance premium volumes and assets under management and administration have continued to grow since the start of the year," comments Denis Berthiaume, President and Chief Operating Officer of Desjardins Financial Security. "We're very satisfied with how the State Farm integration is progressing, with their operations already contributing to more than 40% of the increase in our gross insurance premiums for the quarter."