March 30, 2017 9:47 AM ET


Company Overview of Desjardins Groupe d'assurances Générales inc.

Company Overview

Desjardins Groupe d'assurances Générales inc. through its subsidiaries, provides a range of direct property and casualty insurance products to the general public and businesses in Quebec and members of partner groups across Canada. It offers automobile insurance products that cover for party liability, accident benefits, direct compensation property damage, uninsured driver and optional coverage, collision, family protection, and loss of use; and property insurance products for all risks and basic coverage. The company also provides motorcycle and recreational vehicle insurance that covers for all-terrain vehicles, snowmobiles, trailers, motor homes, boats, and personal watercraft; and busin...

6300, Boulevard de la Rive-Sud

Levis, QC G6V 6P9


Founded in 1944





Key Executives for Desjardins Groupe d'assurances Générales inc.

Chairman, Chief Executive Officer and President
Age: 45
General Manager
Compensation as of Fiscal Year 2016.

Desjardins Groupe d'assurances Générales inc. Key Developments

Desjardins Groupe d'assurances générales Introduces New Flood Coverage for Canadians

Desjardins Groupe d'assurances générales has introduced new flood coverage for Canadians. The Personal and State Farm Canada) who live in low-risk areas will automatically be covered, at no charge, for damage caused by an overflowing waterway or dam break, for instance. And, with an additional premium, clients living in medium-risk areas can also take advantage of the new coverage. 95% of Desjardins policyholders can benefit from flood coverage: 80% insure properties in low-risk areas, and 15% insure properties in medium-risk areas. The flood endorsement (16d) completes the range of optional coverage already offered by Desjardins. A minority of Canadians live in areas with a higher risk of flooding. As it stands, they still don't have access to appropriate insurance coverage.

Desjardins General Insurance Group Announces Financial Results for the Fourth Quarter and Year Ended December 31, 2016

Desjardins General Insurance Group announced financial results for the fourth quarter and year ended December 31, 2016. For the fourth quarter, net income was $170.3 million, compared to $102.3 million in 2015. Return on equity was 32.5%, well above the 21.1% recorded in the same period last year. Direct premiums written were $974.9 million in the quarter, down 1.2% compared to the same period in 2015. The drop in premiums was due to rate decreases in Ontario as a result of the Government's June 1, 2016 auto insurance reform, and to the impact of State Farm auto policies that were converted from 6 to 12 month terms. For the year, net income was $262.3 million, compared to $328.8 million in 2015. ROE was 12.4%, down 4.6 percentage points from the previous year. Direct premiums written were $4,463.2 million, an increase of 9.1% due to the conversion of State Farm Canada auto policies from 6 to 12 month terms and to organic growth.

Desjardins General Insurance Group Reports Consolidated Financial Results for the Third Quarter and Nine Months September 30, 2016

Desjardins General Insurance Group reported consolidated financial results for the third quarter and nine months September 30, 2016. For the quarter ended September 30, 2016, the company reported a net income of $12.1 million compared to a net loss of $32.0 million for the corresponding quarter in 2015. Return on equity (ROE) was 1.0%, mostly due to continued high auto insurance losses, mainly in Ontario, and to hail and heavy rain in Western Canada and Ontario. The ROE for the quarter exceeded the -8.6% recorded for the same period in 2015, which was negatively impacted by the decline in financial markets. Investment income was $50.7 million against loss of $37.8 million a year ago. For the first nine months of the year, net income was $91.9 million, down from $226.5 million in the corresponding period last year, which benefited from a one-time gain and other non-recurring items related to the purchase of State Farm's Canadian operations. Return on equity was 5.3%, with a combined ratio excluding MYA of 96.4%. Investment income was $170.6 million against $73.9 million a year ago.

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