Canada’s property and casualty insurer Desjardins General Insurance Group (DGIG) has posted a net income of $42.5m for the second quarter ended on 30 June 2013, an increase of 13.3% compared to the same period last year.
Combined ratio for the quarter was 88.4%, which is an 8.3% point growth from the same period last year, despite floods in southern Alberta.
During the quarter, direct written premiums grew to $584.6m from $550.1m in the corresponding period in 2012.
The company’s general market home and auto insurance, group insurance, white label partnerships and commercial lines achieved a market growth of 6.3% during the quarter.
For the first half of the year, the company reported a net income of $67.9m, a decline from $99.7m for the same period last year.
During the first six months of 2013, the company’s direct written premiums rose by 6.2%, and the combined ratio grew by 94.1% to $1.06bn, while the ROE declined to 14.2% from 24.8% last year.