For the third quarter ended Sept, 30, Desjardins Financial Security (DFS), a subsidiary of Desjardins Group specializing in life insurance, health insurance and retirement savings products, recorded net income was $44.6 million compared to $79.9 million for the same quarter in 2013.

The Lévis, Que.-based firm says the difference is attributable to less favourable claims experience in the third quarter of 2014.

However, gross insurance premiums grew 4.6% over last year, standing at $912.1 million. Insurance sales totalled $117.1 million. Individual savings sales grew 0.4% to $366.2 million, compared to $364.6 million in Q3 2013. In group retirement savings, sales totalled $346.1 million.

Assets under management and administration (AUMA) were up 11.1% to stand at $40.3 billion at the end of the quarter, compared to $36.2 billion the previous year.

“Our strong results, even despite today’s challenging conditions, are a sign that our long-term plan is working, particularly our efforts to strengthen our financial stability and expand our sales activities,” said Denis Berthiaume, president and chief operating officer of DFS.