September 2, 2009 / 1:19 PM / 9 years ago

Desjardins Financial Security Q2 profit falls

* Q2 profit falls to C$52.8 mln vs C$59.3 mln

* Insurance premium income rises in first half of 2009

TORONTO, Sept 2 (Reuters) - Desjardins Financial Security, a unit of Desjardins Group, said on Wednesday its profit fell 11 percent in the second quarter as insurance sales declined.

The Quebec-based subsidiary, which specializes in life and health insurance and retirement savings, said net income fell to C$52.8 million ($47.7 million) in the quarter ended June 30, down from C$59.3 million in the same period a year earlier.

Insurance sales dropped to C$51.2 million, down from C$57.5 million for the same period last year, while gross insurance premiums rose C$21.6 million to C$675.7 million.

“Our life and health insurance subsidiary is recording good business growth and substantial profitability in economic conditions that remain challenging and call for prudence and vigilance,” Desjardins Group Chief Executive Monique Leroux said in a statement. ($1=$1.11 Canadian) (Reporting by Andrea Hopkins, editing by Gerald E. McCormick)

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