In its annual results released on Wednesday, Desjardins Group posted surplus earnings down $892 million or 30% to $2.05 billion at the end of fiscal 2022.
This decline in profitability occurred despite growth in total revenues of 6.8% to 21.78 billion.
According to Desjardins senior management, the decrease in annual surplus earnings in 2022 is “largely attributable to an increase in the claims load in the Property and Casualty Insurance sector, in automobile and property insurance. »
“The increase in the frequency of automobile claims, whereas this was at a lower level in 2021 in the context of the pandemic, the impact of inflation as well as more unfavorable climatic conditions marked the year 2022. “, indicates Desjardins in its financial comments.
Moreover, despite this reduction in annual surpluses in 2022, Desjardins management maintained the increase in the provision for patronage dividends to client members of its network of caisses populaires. The amount of patronage refunds at the end of the 2022 financial year was recorded at 403 million, up by 16 million or 4.1% compared to the amount of the previous year.