Desjardins General Insurance Group, a subsidiary of
Desjardins Group specializing in property and casualty insurance, has posted quarter one results featuring a 343% increase in net income and 7.3-point deterioration in loss ratio.
While much of this success is due to its acquisition of State Farm Canada, there may also be another story at play.
The insurer’s direct premiums rose by 77.8% compared to the same window last year, but even when neglecting to take the State Farm transaction into account, organic growth in net premiums still increased by 7 percent.
It considers this rate of growth “well above the market.”
Desjardins partially attributes these promising financial results to Ajusto, the first completely mobile telematics program in Canada that negates the need to install a separate device.
The company’s leadership feels encouraged by quarter one’s outcome.
“We had a solid quarter, and with the closing of the State Farm Canada transaction behind us, our integration program is now well underway,” said Sylvie Paquette, President and CEO of Desjardins General Insurance Group. “With our new, much larger operations and customer base across the country, we are building on the combined talents of all our employees and our new independent agents to meet our strategic growth, profitability and customer experience objectives.”
