2006 Q1/Q2 Results

Desjardins Financial Security says it has started its year on a “strong” note, even though its reported net income of CD$30.4 million for 2006 Q1 is slightly lower than the CD$31.9 million it posted during 2005 Q1.

These results, according to Desjardins, are “very good” in light of the deterioration in long-term disability claims the company experienced during the quarter.

Income from insurance and annuity premiums, investment income and other income increased 14.1% – from CD$732.9 million to CD$836.2 million. Also, the company reports that its insurance sales surpassed the CD$50-million mark, up CD$8.1 million over the same quarter last year.

Desjardins president and CEO Franois Joly says one of the company’s priorities in its 2006-2008 strategic plan is to double the company’s market share outside Qubec.

Group and business insurance recorded a net increase in sales totaling CD$42 million, compared to CD$33.7 million in 2005. Group insurance premiums were up CD$19.4 million to a total of CD$289.8 million.