Desjardins Financial Security

Desjardins Financial Security (DFS) is the life and health insurance arm of Desjardins Group, the leading financial institution in Quebec and the largest cooperative financial group in Canada. DFS registered a record-breaking revenue data in 2016, with a year-over-year increase of 12.5%.[1] In terms of written premium, the industry ranks second in Quebec, and fifth in Canada.[2]

Desjardins Financial Security
Private
IndustryInsurance
Founded1948 (1948) in Montreal, Quebec
FounderGuy Cormier
Headquarters
Lévis, Quebec
,
Canada
Area served
Most of Canada
Services
Number of employees
4,811 (December 31, 2017)
ParentDesjardins Financial Corporation inc.
Websitedesjardinslifeinsurance.com

The head office of Desjardins Financial Security is in Lévis, Quebec, and has branches in several cities across Canada, including Vancouver, Calgary, Winnipeg, Toronto, Ottawa, Montreal, Quebec City, Halifax and St. John's.[3] They represent more than 5 million Canadians[4] and administer over 100 billions in assets.[5]

In 2018, they are targeting four new acquisition sectors: P&C insurance, wealth management, payment world and fintech/insurtech.[6]

About

The company offers insurance for individual, groups or businesses, and also savings for individual or group retirement savings. They were the first ones in Quebec to offer what they call in french caissassurance[7] (union credit assurance), a service where custumers can meet a financial security advisor at any caisse populaire who can offer them insurance products[8] (possible since the Act Respecting the Distribution of Financial Products and Services).[9]

Their main insurance products include life insurance (term life, permanent life and universal life), health insurance (critical illness and disability insurance), and loan and credit insurance.[10]

These services are offered through representatives and brokers, sales offices, caisses, online and through their mobile app.[11]

History

In 1948, Desjardins Financial Security was created under the name of "Desjardins Life Insurance".[12] The initial purpose was to provide resources to families to help them achieve better financial health, so they created programs like family insurance and credit insurance.[7]

In 1962, they became the largest life insurance company in Quebec with the acquisition of La Sauvegarde.[13]

In 2002, after many acquisitions, Desjardins Life Insurance was rebranded as Desjardins Financial Security.[13] In 2009, following an organizational restructuring, their operations and corporative functions were incorporated by Desjardins Group, who wanted to reinforce the cohesion and the efficacity of its company and subsidiaries.[14]

In 2014, Desjardins Group bought StateFarm, an American insurance firm, and boosted their life insurance business with this transaction.[15] It doubled the volume of life insurance premiums and Desjardins Financial Security became the fourth-largest life and health insurer in Canada.[16]

See also

References
  1. Adriano, Lyle. "Desjardins unit hits record revenue". Insurance Business. Retrieved 2018-06-27.
  2. Rapport de gestion de la Fédération des caisses Desjardins du Québec (PDF) (in French). Quebec: Desjardins. 2017. p. 33.
  3. "Desjardins Sécurité financière : croissance des primes et des ventes d'assurances pour les particuliers | Quotidien économique". www.quotidieneconomique.com (in French). Retrieved 2018-06-27.
  4. "Desjardins Sécurité financière : croissance des primes et des ventes d'assurances pour les particuliers | Quotidien économique". www.quotidieneconomique.com (in French). Retrieved 2018-07-03.
  5. "Desjardins franchit le cap des 100 G$ d'actifs sous gestion | Journal de l'assurance". journal-assurance.ca (in French). 2017-07-19. Retrieved 2018-07-03.
  6. "Desjardins Group back on the acquisition track | The Insurance and Investment Journal". insurance-journal.ca. 2018-01-04. Retrieved 2018-06-18.
  7. "Sécurité financière - Un guichet tous services". Le Devoir (in French). Retrieved 2018-07-03.
  8. "Caisses and credit unions on the doorstep of the Ontario insurance market | The Insurance and Investment Journal". insurance-journal.ca. 2006-02-19. Retrieved 2018-06-21.
  9. "Sécurité financière - Un guichet tous services". Le Devoir (in French). Retrieved 2018-06-18.
  10. "Desjardins Financial Security". www.insurancedir.ca. Retrieved 2018-06-22.
  11. "Desjardins Financial Security Life Assurance Company : Company Profile and SWOT Analysis - Ken Research". Ken Research. 2016-06-15. Retrieved 2018-07-03.
  12. "Mouvement des Caisses Desjardins -- Company History". www.company-histories.com. Retrieved 2018-06-22.
  13. "Consolidation de Desjardins «  Histoire du Québec". histoire-du-quebec.ca. Retrieved 2018-06-22.
  14. "La révolution Desjardins". www.lesaffaires.com (in French). Retrieved 2018-07-03.
  15. "Desjardins to grow its home, auto insurance business with State Farm Canada deal - Canadian Business - Your Source For Business News". Canadian Business - Your Source For Business News. 2014-01-15. Retrieved 2018-06-27.
  16. "Desjardins ramps up in P&C | Investment Executive". Investment Executive. 2014-02-15. Retrieved 2018-06-27.


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