Desjardins Financial Security
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%. In terms of written premium, the industry ranks second in Quebec, and fifth in Canada. 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. They represent more than  5 million Canadians and administer over 100 billions in assets. In 2018, they are targeting four new acquisition sectors: P&C insurance, wealth management, payment world and fintech/insurtech. About. 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" (union credit assurance), a service where customers can meet a financial security advisor at any "caisse populaire" who can offer them insurance products (possible since the Act Respecting the Distribution of Financial Products and Services). Their main insurance  products include life insurance (term life, permanent life and universal life), health insurance (critical illness and disability insurance), and loan and credit insurance. These services are offered through representatives and brokers, sales offices, "caisses", online and through their mobile app. History. In 1948, Desjardins Financial Security was created under the name of "Desjardins Life Insurance". 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. In 1962, they became the largest life insurance company in Quebec with the acquisition of "La Sauvegarde". In 2002 , after many acquisitions, Desjardins Life Insurance was rebranded as Desjardins Financial Security. In 2009, following an organizational restructuring, their operations and corporative functions were incorporated by Desjardins Group, who wanted to reinforce the cohesion and the efficacity of its company and subsidiaries. In 2014, Desjardins Group bought State Farm, an American insurance firm, and boosted their life insurance business with this transaction. It doubled the volume of life insurance premiums and Desjardins Financial Security became the fourth-largest life and health insurer in Canada. Acquisitions over time: 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 2019: State Farm is now officially rebranded under the Desjardins brand