$106 million returned to members and the community
Lévis (Qc), November 13, 2019 - For the quarter ended September 30, 2019, Desjardins Group, Canada's leading financial cooperative group, recorded surplus earnings before member dividends of $570 million, unchanged from the same quarter of 2018. These results were driven by a strong performance in the caisse network, offset by a less favourable claims experience on certain life and health insurance products and by narrower interest margins than in 2018 for this segment's operations. In property and casualty insurance, lower investment income was partly offset by a slightly favourable change in the claims experience, which nevertheless remains high.
The amount returned to members and the community was $106 million, including an $80 million provision for member dividends, $17 million in sponsorships, donations and scholarships, and $9 million in Desjardins Member Advantages. There was also another $4 million in commitments related to the $100 million regional development fund.
Guy Cormier, Desjardins Group President and Chief Executive Officer, commented: "Desjardins Group posted satisfactory third quarter results, mainly thanks to the sound performance of the Personal and Business Services segment and, more particularly, the caisse network. Our membership continues to expand, as does our market share in a number of segments, including in residential mortgages in Quebec. These results demonstrate Desjardins Group's financial solidity and its capacity to deal with unexpected situations."
Giving back to the community
In addition to the sustained commitment of the caisses in the communities they serve, here are some of the other ways that Desjardins is making a positive difference in people's lives.
- A $245,000 commitment to Fondation Jeunes en Tête and Kids Now to support youth mental health and
well-being, important factors in academic success.
- A $625,000 contribution to Fondation Yvon Deschamps, a foundation Desjardins has been working with for the last 40 years, for a new "Palestre nationale" community centre building in Montreal's Centre-Sud neighbourhood.
- A Canada-wide survey on distracted driving, conducted in collaboration with Ad hoc. The survey revealed that the public needs to be made more aware of distracted driving, to make it as socially unacceptable as drinking and driving.
- A grant of over $2.1 million to support ten community development projects in the Quebec City area, including the Théâtre jeunesse Les Gros Becs project to build the first performance stage aimed at young people from toddlers to teenagers.
Innovating and leading
Desjardins is constantly innovating to meet the needs of its members and clients. Here are just a few examples of the financial group's recent initiatives and recognitions.
- Launch of the fourth edition of the Cooperathon, an event designed to bring hundreds of changemakers together to workshop entrepreneurial projects with strong potential for social impact. The competition kicked off on October 2 at Montreal's Olympic Stadium.
- Inauguration at Complexe Desjardins of Quebec's first urban vehicle-charging superstation, in partnership with Hydro-Québec and the Electric Circuit.
- Desjardins became the first Canadian financial institution to sign the Principles for Responsible Banking. The new pledge follows the organization's commitment to the Principles for Responsible Investment (PRI),
ten years ago, and the Principles for Sustainable Insurance (PSI), more recently.
- Desjardins Group's GoodSpark program, which supports social entrepreneurs, was showcased on the new season of Dragons' Den, which premiered on September 26.