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]
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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.[5] They represent more than 5 million Canadians[6] and administer over 100 billions in assets.[7]
In 2018, they are targeting four new acquisition sectors: P&C insurance, wealth management, payment world and fintech/insurtech.[8]
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]
Acquisitions over time:[19]
1948: Desjardins Life Assurance was founded
1952: First pension and group insurance plans were established for Desjardins Group employees
1953: Family Insurance was created
1954: Savings-Life Insurance and Loan Insurance were launched
1955: First group insurance plans outside the caisse network were established
1958: Accident Insurance for School Children (renamed Accirance in 1968) was launched
1962: La Sauvegarde was acquired
1978: Assurance populaire Desjardins was launched
1989: Laurier Life Insurance was acquired
1990: Desjardins Life Assurance and La Sauvegarde merged
1992: Individual, group and accident insurance portfolios acquired from Les Coopérants
1994: Life and health insurance portfolio of the Laurentian Group and its subsidiary Imperial Life was acquired
1994: Desjardins Life Assurance became Desjardins-Laurentian Life Assurance
1995: Æterna-Life Insurance Company was acquired
2000: Desjardins-Laurentian Life Assurance and the Laurentian Life and Health Insurance Corporation merged
2001: Desjardins-Laurentian Life Assurance and Imperial Life merged
2002: Desjardins Financial Security was created
2006: Performa Financial Group was acquired
2007: Desjardins Financial Security Investments Inc. (brokerage subsidiary) was created
2009: Desjardins Group announced a restructuring and integration
2014: Desjardins Group announced the acquisition of State Farm Canada [20]
2019: State Farm is now officially rebranded under the Desjardins brand [20]
