Desjardins-Laurentian Financial Corp. is reporting a 30% increase in net earnings for the year ended Dec. 31, 2002.

The financial services holding company said Monday that consolidated net earnings were up 30% at $138 million, compared to $106 million in 2001. Return on equity was 12.7%, up markedly from 10% in 2001.

“DLFC and its subsidiaries achieved excellent financial results in 2002, in a difficult economic context worldwide, while at the same time, maintaining focus on their development projects and strengthening their balance sheets,” declared Alban D’Amours, president of Desjardins Group and CEO of DLFC.

Operating revenue, which increased in most of DLFC lines of business, was up 9% overall and, more particularly, reflected the 15% rise in group life and health insurance premiums and the 10% rise in net general insurance premiums.

Consolidated revenues for the year totalled $3.6 billion, up 6% from 2001, despite lower net interest and investment revenues attributable to the low interest rate environment and depressed stock market.

Consolidated net earnings totalled $51 million in the fourth quarter of 2002, compared to $28 million for the year-earlier period. Operating revenue totalled $783 million for the fourth quarter in 2002, up 9%, with the increase generated mainly by the insurance operations. Net interest and investment revenues remained stable, despite tough financial markets.

DLFC’s consolidated assets totalled $13.6 billion at Dec. 31, 2002 compared to $12.9 billion at Dec. 31, 2001. The increase was mainly attributable to enhanced business growth, which led to higher investment assets on the consolidated balance sheet.

Desjardins-Laurentian Financial Corp. holds companies active in life and health insurance (Desjardins Financial Security), general insurance (Desjardins Group General Insurance, which comprises the brand name The Personal in group general insurance all across Canada), the manufacture and distribution of mutual funds and trust services (Desjardins Trust), as well as investment and asset management (Elantis Investment Management and Opvest).