Desjardins reports income increase of 70.8% for first half of ’07

Desjardins Financial Security reported an income of Cdn$1.386 billion for the first half of 2007.
Gross insurance premiums accounted for $1.178 billion, marking an increase of 12%, or $126.2 million, a Desjardins statement says.
The company recorded growth of 7.2% in Quebec and 25.1% in the other provinces, with new insurance sales figures reaching $210 million, an increase of $39.1 million over the first half of 2006.
2007 Q2 net earnings stood at $68.4 million compared to 2006 Q2s $38.7 million, the statement says.
Insurance premium income totalled $598.1 million, for a gain of 12.4% while sales totalled $112.0 million for 2007 Q2.
Desjardins Financial Security continues to differentiate itself in the Canadian marketplace, where it is enjoying a great deal of success, especially in the group and business insurance market, Alban DAmours, president and CEO of Desjardins Group and also CEO of Desjardins Financial Security, said in a statement.
In the first six months of 2007, group and business insurance sales rose by 24.2% to total $189.6 million, with gross premiums standing at $695.5 million, marking an increase of $107.8 million over the same period of last year.
In individual insurance, new sales realized during the six-month period ending on June 30 grew by 12.1% to total $20.4 million.
Gross premiums amounted to $230.4 million, for an increase of $9.1 million over 2006, the statement adds.