Desjardins Group has released its results for the first quarter of 2017, revealing that while the company enjoyed an increase in revenue during the period, its P&C business took a notable hit.
The company’s revenue saw an 8% increase in revenue to $3.75 billion. Desjardins’ operating surplus for Q1 2017, however, sat at $383 million – only a marginal improvement from Q1 2016’s $382 million. According to Desjardins, the operating surplus’ stagnation for the quarter is mainly due to the influx of winter weather claims in both Quebec and Ontario.
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For the first quarter, Desjardins’ P&C insurance business posted a deficit of $18 million compared to a surplus of $39 million for the same period last year. The business’s adjusted surplus, after accounting for Desjardins’ asset transactions during the quarter (Western Financial and Western Life, purchase of State Farm's Canadian operations), declined to $3 million, compared to $46 million during the same period the previous year.
Desjardins’ other major lines of business were able to increase their surplus for the quarter.
In particular, the wealth management and life and health insurance segment posted the biggest increases. The segment generated net surplus earnings of $143 million by the end of the quarter – representing a 47.4% year-over-year increase from Q1 2016’s $97 million.
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