Desjardins Financial Security


Desjardins Financial Security 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%. In terms of written premium, the industry ranks second in Quebec, and fifth in Canada.
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. They represent more than 5 million Canadians and administer over 100 billions in assets.
In 2018, they are targeting four new acquisition sectors: P&C insurance, wealth management, payment world and fintech/insurtech.

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, a service where custumers can meet a financial security advisor at any caisse populaire who can offer them insurance products.
Their main insurance products include life insurance, health insurance, and loan and credit insurance.
These services are offered through representatives and brokers, sales offices, caisses, online and through their mobile app.

History

In 1948, Desjardins Financial Security was created under the name of "Desjardins Life Insurance". The initial purpose was to provide ressources to families to help them achieve a better financial health, so they created programs like family insurance and credit insurance.
In 1962, they became the largest life insurance company in Quebec with the acquisition of La Sauvegarde.
In 2002, after many acquisitions, Desjardins Life Insurance was rebranded Desjardins Financial Security. 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.
In 2014, Desjardins Group bought StateFarm, an american insurance firm, and boosted their life insurance business with this transaction. It doubled the volume of life insurance premiums and Desjardins Financial Security became the fourth-largest life and health insurer in Canada.