Desjardins Financial Security, a Desjardins Group subsidiary specializing in life insurance, health insurance and group retirement savings products, posted earnings of $25.1 million for the third quarter ended Sept. 30, down from $67.0 million for the same period a year ago.
Insurance sales stood at $117.6 million compared to $97.3 million in 2010. Insurance premiums totalled $769.4 million, compared to $726.6 million a year earlier.
Savings product sales totalled $307.7 million compared to $308.3 million for the same period in 2010.
Monique Leroux, chairwoman of the Board, president and CEO of Desjardins Group, and also CEO of Desjardins Financial Security, praised the company’s performance in these uncertain economic times.
“Once again, our life and health insurance company has posted notable growth while remaining strongly focused on national expansion. Its financial stability is excellent despite the recent upheaval of the financial markets,” she said.
For the nine months ended September 30, the share of DFS’ net income attributable to the shareholder, the Desjardins caisses, totalled $136 million. Return on shareholder equity was 19.0%, which ranks among the best in the financial services industry.
Assets under management and administration were $27.7 billion compared to $25.8 billion for the same period in 2010.