Desjardins Group said Friday that first-quarter combined surplus earnings before dividends to members fell 8.2%.

The Levis, Que.-based financial company, said the combined earnings were $21 million lower at $234 million for the three moths ended March 31. The drop was attributed to narrower interest spreads in the personal and commercial segment combined with lower income from trading and investment activities.

But the company said solid performance in other segments, especially general insurance and life and health insurance, whose earnings were up $29 million over the same quarter one year earlier, helped to mitigate the overall decline.

Total assets at March 31, including Québec and Ontario caisses, Desjardins Credit Union, as well as the federations in Manitoba and New Brunswick, were $108.9 billion, up $8.2 billion or 8.1% over a year ago. The amount includes, effective this quarter, the $1.6 billion in assets from Desjardins Credit Union.

“We are satisfied with this first quarter’s performance. It has met our expectations, as we had anticipated the effects of decreased income in trading and investment activities,” Alban D’Amours, president and CEO of Desjardins Group said in a statement. “In response, strict management of costs remains a priority in all of our components. I am thrilled with the solid performance of our general and life and health insurance subsidiaries, as well as that of our venture capital subsidiary. Together, they contribute significantly to our overall profitability.”