Lévis, Que.-based Desjardins Financial Security (DFS), posted net income of $104.2 million at the end of the first quarter, up from $48.6 million for the same period in 2012.

DFS is a subsidiary of Desjardins Group specializing in life insurance, health insurance and retirement savings.

Gross insurance premium income was up 6.9% compared to March 31, 2012, for a total of $844.5 million.

For the period ended March 31, 2013, insurance sales totalled $115.8 million versus $110.7 million for the same period in 2012. Savings product sales were $590.2M for the first quarter of 2013.

The improved first quarter results for were due to more stable economic conditions since early 2013, positive claims experience and the revision of certain actuarial assumptions, which had an impact of $29.8 million, DFS said in a release.

The share of net income attributable to the shareholder, Desjardins Financial Corp., was $99.5 million, compared to $45.3 million for the same period in 2012. The return on shareholder equity was 18.3% versus 11.0% in 2012.

DFS reported assets under management and administration of $35.4 billion at the end of the first quarter versus $33.5 billion as at March 31, 2012.

In group insurance, premiums from groups and businesses and plans offered in financial institutions, including the Desjardins caisses, stood at $688.5 mllion for Q1 versus $636.9 million for the same period in 2012 — an increase of 8.1%.

Group and business insurance sales volume was $97.3 million at the end of Q1 2013, compared to $50.4 million for the same period in 2012. Sales for plans offered in financial institutions totalled $36.3 million, compared to $35.7 million on the same date in 2012.

In individual insurance, premiums totalled $156 million, compared to $153 million in 2012, for an increase of 2%. Total sales recorded by the financial security advisors assigned to the Desjardins caisses, by the financial centres of the SFL network and by the Desjardins Financial Security Independent Network stood at $12.4 million as at March 31.

In group retirement savings, sales totalled $125.1 million; in individual savings, total sales stood at $84.9 million; and in mutual funds, sales were $380.2 million.

“We are pleased to see such positive growth across so many sectors, particularly individual insurance and group and business insurance,” said Denis Berthiaume, DFS president and chief operating officer.