Lévis, Que.-based Desjardin Financial Security (DFS) continued to benefit from the newly acquired operations of State Farm Canada in the second quarter (Q2) ended June 30.
Net income for Q2 was $160.7 million, up by 50.3% from $106.9 million in Q2 2014, DFS announced on Tuesday.
Individual insurance sales totalled $22.1 million, an increase of $8.7 million, or 64.9%, year-over-year.
Group and business insurance sales were up by $7.4 million over Q2 2014 to $42.5 million.
Sales for plans offered in financial services institutions stood at $60 million after the first two quarters of 2015.
Gross insurance premiums totalled $974.6 million, an increase of $79.1 million, $33.6 million of which was generated by State Farm’s Canadian operations.
Assets under management and administration grew by 14.4% over Q2 2014 to stand at $45.5 billion.
“In spite of strong competition, insurance premium volumes and assets under management and administration have continued to grow since the start of the year,” says Denis Berthiaume, DFS’s president and chief operating officer, in a statement.
“We’re very satisfied with how the State Farm integration is progressing, with their operations already contributing to more than 40% of the increase in our gross insurance premiums for the quarter,” he adds.
DFS, a subsidiary of Desjardins Group, specializes in life insurance, health insurance and retirement savings.