Desjardins posts $477 million in surplus earnings for the second quarter of 2022 and surpasses $400 billion in assets

LÉVIS, QC, Aug. 11, 2022 /CNW/ – For the second quarter ended June 30, 2022, Desjardins Group, North America’s leading financial cooperative group, recorded surplus earnings before member dividends of $477 million, down $458 million from the same quarter of 2021. This decrease in surplus earnings was mainly due to a rise in the cost of claims in the Property and Casualty Insurance segment. This primarily reflected an increase in road traffic, which had fallen considerably in the comparative period as a result of the pandemic. In addition, the second quarter of 2022 was marked by a rare weather phenomenon known as a derecho, which affected Quebec and Ontario, and by a major event (windstorm and flooding) that had no equivalent in the second quarter of 2021. Surplus earnings also fell as a result of greater investment in particular in projects provided for in the strategic…