Lévis, Quebec-based Desjardins Financial Security saw its net income more than double in the fourth quarter.
Net income for the quarter ended Dec. 31 was $88.1 million, compared with $31.7 million for the same period in 2010.
Insurance sales totalled $87.0 million compared with $77.6 million last year. Insurance premiums totalled $781.6 million, compared to $735.7 million in 2010. Sales of savings products stood at $320.1 million in the last quarter of 2011.
Fore the year, the insurance subsidiary of Desjardins Group recorded profits of $225.5 million compared with $198.6 million in 2010, for an increase of 13.5%.
Insurance premium income for 2011 was $3.1 billion, up 6.6% over 2010. Insurance sales grew by 17.8%, totalling $449.4 million for 2011. Sales of savings products stood at $1.7 billion in 2011.
The share of net income attributable to the shareholder, the Desjardins caisses, totalled $210.0 million compared to $202.8 million in 2010. Return on shareholder equity was 21.2%.
DFS’s financial stability is excellent, with
Assets under management and administration was $32.4 billion as at Dec. 31, 2011, compared with $26.3 billion for the same period in 2010.
“Thanks to an increase in sales and rigorous business management, Desjardins Financial Security has once again improved its financial performance,” said Monique Leroux, chairwoman, president and CEO of Desjardins Group, and CEO of DFS, in a release.