Lévis, Que.-based Desjardins Financial Security Tuesday reported a drop in net income for the second quarter ended June 30.

Net income for the quarter was $30.5 million, compared with $58.8 million a year earlier.

Insurance sales totalled $158.2 million, compared with $107.0 million in 2011. Gross insurance premiums stood at $791.7 million, up $30.9 million over the second quarter of 2011. Savings sales totalled $582.3 million.

DFS, a subsidiary of Desjardins Group specializes in life and health insurance and retirement savings products.

Assets under management and administration were $33.1 billion as at June 30, 2012, compared with $27.4 billion for the same period in 2011, representing an increase of 20.8%.