Q1 insurance revenues down 1.2% at TD Bank

Canada’s largest direct insurance writer, the Toronto-Dominion Bank, reported Thursday a 1.2% drop in first-quarter insurance revenues – including home, auto, life, health and travel – from $910 million in 2014 to $899 million in 2015.

“Reported and adjusted insurance claims and related expenses for the quarter were $699 million, an increase of $16 million, or 2%, compared with the first quarter last year,” TD stated in its management discussion and analysis on its financial results for the three months ending Jan. 31. This increase was “primarily due to the change in fair value of investments supporting claims, partially offset by less severe weather conditions.”

TD’s fiscal year-end is Oct. 31. The bank says it is the largest direct distribution insurer and the second largest personal insurer in Canada.

Related: TD Insurance to let auto customers file claims, get collision repairs at one location

In its securities filings for the quarter ending Jan. 31, TD did not break out its insurance results by property & casualty, nor did it report a combined ratio.

The bank’s total revenue for the most recent quarter was $7.614 billion, up from $7.565 billion in Q1 2014.

TD Insurance’s home and auto products are distributed by TD Insurance Direct Agency Inc. Its insurance products for professional and alumni groups are underwritten by Security National Insurance Company and distributed by

Meloche Monnex Financial Services Inc. in Ontario, by Meloche Monnex Insurance and Financial Services Inc. in Quebec and by TD Insurance Direct Agency Inc. in the rest of Canada.

TD also offers credit protection, travel insurance and life and health.