Desjardins Financial Security (DFS) 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%.[3] In terms of written premium, the industry ranks second in Quebec, and fifth in Canada.[4]
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[9] (union credit assurance), a service where customers can meet a financial security advisor at any caisse populaire who can offer them insurance products[10] (possible since the Act Respecting the Distribution of Financial Products and Services).[11]
These services are offered through representatives and brokers, sales offices, caisses, online and through their mobile app.[13]
History
In 1948, Desjardins Financial Security was created under the name of "Desjardins Life Insurance".[14] The initial purpose was to provide resources to families to help them achieve better financial health, so they created programs like family insurance and credit insurance.[9]
In 1962, they became the largest life insurance company in Quebec with the acquisition of La Sauvegarde.[15]
In 2002, after many acquisitions, Desjardins Life Insurance was rebranded as Desjardins Financial Security.[15] In 2009, following an organizational restructuring, their operations and corporative functions were incorporated by Desjardins Group, who wanted to reinforce the cohesion and the efficacy of its company and subsidiaries.[16]
In 2014, Desjardins Group bought State Farm, an American insurance firm, and boosted their life insurance business with this transaction.[17] It doubled the volume of life insurance premiums and Desjardins Financial Security became the fourth-largest life and health insurer in Canada.[18]
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