Desjardins Financial Security, the Desjardins Group’s life and health insurer, posted record earnings of $130.2 million in 2004, up 18.7% over 2003, the company has announced.

Shareholders’ portion of 2004 earnings was $127.5 million, an increase of 27.2%, the company said in a press release issued today. At 19.6%, return on shareholder’s equity was one of the best in the industry; premium and annuity income totalled $2.1 billion, a rise of 3.8%, the company reports.

Desjardins Financial Security’s growth and profitability contributed to the performance of the Desjardins Group, which declared surplus earnings before dividends to members of $1,072 million in 2004, an increase of $238 million or 28.5% over the previous year.

François Joly, president and chief operating officer of Desjardins Financial Security, says the company’s 2004’s performance would not have been as satisfactory, nor growth as sustained, without the implementation of the company’s 2003-2005 strategic plan, which has provided a framework for Desjardins Financial Security’s actions and helped the Company reach its growth, profitability and performance objectives.

“Our enhanced presence in the Canadian market overall, an increasingly large line of financial products and services designed to meet the changing needs of customers, together with the expansion and strength of our distribution networks and sound, stringent management, enabled Desjardins Financial Security to take full advantage of 2004’s extremely favourable economic climate,” he said in the press release.