Desjardins Financial Security (DFS), a subsidiary of Desjardins Group, recorded profits of $225.5 million for 2011, posting a year-over-year increase of 13.5%.
DFS, which specializing in life insurance, health insurance and retirement savings products, registered insurance premium income of $3.1 billion, up 6.6% over 2010. The company’s insurance sales grew by 17.8%, totalling $449.4 million for 2011, while sales of savings products stood at $1.7 billion for the same year.
“Thanks to an increase in sales and rigorous business management, Desjardins Financial Security has once again improved its financial performance,” said Monique F. Leroux, chair of the board, president and CEO of Desjardins Group, and CEO of Desjardins Financial Security. “Our life and health insurance company has skilfully navigated a highly competitive market and actively pursued its Canadian expansion.”
Denis Berthiaume, president and chief operating officer, DFS, added, “We’re particularly proud of acquiring MGI Financial because it’s a national independent financial services firm that specializes in mutual funds brokerage and it has expanded our national distribution network by an additional 225 representatives in some 150 offices.”