Desjardins Financial Security announces first quarter results

Desjardins Financial Security (DFS) has posted net earnings of $40.6 million for the first quarter ending on March 31, 2005. This is an increase of 55.2% compared to 2004 Q1 results 2004, which had reached $26.2 million. The portion of the earnings allocated to its shareholder, Desjardins Group, amounted to $38.5 million, up $15.5 million from 2004. ROE was reported at 20.5%.
2005 Q1 results include a $9.4 million gain from the sale of the Bahamas division of Imperial Life, which was finalized in January. Continuing operations reported net earnings of $31.9 million, up $5.2 million or 19.5% from 2004. Income from insurance premiums and annuities, investments and other income reached $732.9 million, compared with $711.3 million for the same period last year.
DFS contributes to the earning capacity of Desjardins Group, which from January to March 2005 posted $234 million in combined surplus earnings before patronage dividends to members.
President and CEO of Desjardins Group and CEO of DFS, Alban D’Amours, comments on the Q1 results: “DFS continues its strong show as a life and health insurer. Thanks to its partnership with the caisse network and the other components of the Group, it contributes to making Desjardins the top wealth and financial security manager in Quebec. It also remains a major player in our Canada-wide development strategy, where more and more strides are being made.”
Franois Joly, DFS’s President and COO, comments on the company’s steady growth. “The excellent performance of the recent quarters reinforces our capacity and our willingness to continue developing our company nation-wide. We are planning to focus on this success to ensure the profitable expansion of each of our activity sectors and thus strengthen and improve our position on the market.”