Desjardins Group insurance ops earnings up in first quarter

Quebec-based financial services company Desjardins Group is reporting its general insurance division, Desjardins General Insurance Group, posted strong net earnings of $13.6 million for the first quarter ending March 31, 2004. This is up from $4.7 million the year prior. Return on equity in the first quarter was 14.7% for the insurance operation. Gross written premiums were up 12%, due to growth in all business lines, the company reports. Claims experience was also improved, both in Quebec and elsewhere.The big boost came from investment revenue, the company says, due to realized gains on sale of investments, providing a strong first quarter, despite this traditionally being the least profitable period of the year.