Canada NewsWire
LÉVIS, QC, Nov. 25, 2013
Highlights
Net income of $45.4 million, up from $20.9 million in Q3 2012.
Direct written premiums increased by 6.3% compared to the same period in 2012, entirely through organic growth.
Combined ratio of 95.1%, a 6.5 percentage point improvement from the same period in 2012.
Continued strong customer acceptance in Ontario and Quebec of the
Ajusto and Intelauto usage based insurance pricing programs, with about
one third of eligible new customers enrolling.
Signing of a white label partnership to underwrite CIBC's new home and auto insurance program.
LÉVIS,
QC, Nov. 25, 2013 /CNW Telbec/ - Desjardins General Insurance Group
(DGIG), a Desjardins Group subsidiary specializing in property and
casualty insurance, posted a net income of $45.4 million for the quarter
ended September 30, 2013, up 117.2% from the corresponding period in
2012.
Direct written premiums increased to $550.1 million for the
quarter, compared to $517.4 million in 2012. All business areas
contributed to this 6.3% growth, led by DGIG's group insurers under The
Personal brand.
The combined ratio for the quarter was 95.1%, an improvement of 6.5 percentage points from the corresponding period in 2012.
Nine Month Results
For
the first nine months of the year, net income was $113.3 million, down
from $120.6 million for the same period in 2012. The ROE for the first
nine months was 15.2%, compared to 19.6% in 2012. Direct written
premiums rose by 6.2% to $1,617.1 million and the combined ratio was
94.4%, an improvement of 1.5 percentage points compared to the same
period last year.
"The Lac-Mégantic tragedy in Quebec and the
severe storms in areas of Ontario and Quebec during the quarter reminded
us once again of how the coverage we provide is critical in helping
people recover and move on with their lives," said Sylvie Paquette,
President and COO of Desjardins General Insurance Group.
Ms.
Paquette said she was pleased with DGIG's results in the quarter and
year to date, and by the success so far of the Ajusto and Intelauto
usage based insurance pricing programs. In the first 4-1/2 months,
approximately one third of eligible new customers in Ontario and Quebec
signed up for the programs. Overall about 38,000 customers have
enrolled.
"With these programs, customers can earn a discount of
up to 25% on their auto insurance renewal," she noted. "That's positive
for us as we are attracting good drivers and encouraging good driving
habits, and it's positive for our customers as they are saving money on
their auto insurance. In addition, it is supporting the Ontario
government's goal to reduce the cost of auto insurance in the province."
Ms.
Paquette also said that the signing of an agreement with an insurance
subsidiary of CIBC to underwrite its new home and auto insurance program
was an achievement that will help DGIG to continue its strong growth
across the country. The program has already launched in Ontario, with a
broader rollout planned for 2014.
About Desjardins General insurance Group
A
subsidiary of Desjardins Group, Desjardins General Insurance Group
provides home and auto insurance to consumers across the country and
commercial insurance to businesses in Quebec. With 3,700 employees
across Canada, a portfolio of more than 2.1 million policies in force,
gross written premiums of $2.0 billion and assets of over $4.4 billion,
DGIG ranks among the largest P&C insurer in Canada.
SOURCE Desjardins Groupe d'assurances générales
Source: digitaljournal.com/pr/1606428
No comments:
Post a Comment
Thank you for your comments.
Canadian Insurance News does not endorse any of the views posted. By submitting your comments, you acknowledge that we have the right to reproduce, broadcast and publicize those comments or any part thereof in any manner whatsoever.