The second largest property and casualty insurer in the country reveals ambitious plans for its future
Ambitious Desjardins Group has set its sights on expanding beyond the borders of its home province in Quebec following on from its purchase of the Canadian arm of State Farm Life Insurance.
According to the company’s CEO, Monique Leroux, the company has a goal to go beyond Quebec in the next three-five years thanks to establishing a strong insurance operation and an encouraging financial position.
Last year, the company had $250billion in assets after swooping to buy State Farm Life Insurance: and now it is suggesting that its revenues outside the province could reach 40 per cent instead of its existing levels of 35 per cent.
The next step for Desjardins is the expansion into credit card services and business lending.It has also forged partnerships with co-operatives and credit unions.
According to Leroux, the company, which is already the second biggest casualty and property insurer in Canada, has a chance to differentiate itself from the pack because it has a competitive advantage due to its strong finances coupled with its experience in a variety of different sectors. She commented that “we have sufficient resources to do a lot.”
Indeed Leroux even believes that the challenging Canadian economy may lead to greater chances for expansion, highlighting “there could be an opportunity to make interesting partnerships and transactions.”
However, the company may face stiff competition. Both the Laurentian Bank of Canada and the National Bank of Canada have outlined similar plans: suggesting there will be a fierce battle for market share.
According to the company’s CEO, Monique Leroux, the company has a goal to go beyond Quebec in the next three-five years thanks to establishing a strong insurance operation and an encouraging financial position.
Last year, the company had $250billion in assets after swooping to buy State Farm Life Insurance: and now it is suggesting that its revenues outside the province could reach 40 per cent instead of its existing levels of 35 per cent.
The next step for Desjardins is the expansion into credit card services and business lending.It has also forged partnerships with co-operatives and credit unions.
According to Leroux, the company, which is already the second biggest casualty and property insurer in Canada, has a chance to differentiate itself from the pack because it has a competitive advantage due to its strong finances coupled with its experience in a variety of different sectors. She commented that “we have sufficient resources to do a lot.”
Indeed Leroux even believes that the challenging Canadian economy may lead to greater chances for expansion, highlighting “there could be an opportunity to make interesting partnerships and transactions.”
However, the company may face stiff competition. Both the Laurentian Bank of Canada and the National Bank of Canada have outlined similar plans: suggesting there will be a fierce battle for market share.
