AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a+” (Excellent) to Desjardins Financial Security Life Assurance Company (DFS) (Lévis, Quebec, Canada). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect DFS’ balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

DFS is incorporated under the Insurers Act of Quebec, and under the control of the Federation des caisses Desjardins du Quebec (the Federation) through Desjardins Financial Corporation Inc., a subsidiary of the Federation, and as such, is a component of Desjardins Group. The company designs, markets and distributes individual and group insurance and savings products throughout Canada, with initiatives for additional operations expansion nationwide.

It is AM Best’s expectation that DFS will maintain at least the current levels of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), over the long term, as AM Best anticipates that the parent company will aid in maintaining the risk-adjusted capitalization, if needed. The company’s investment portfolio is overall well-balanced across various asset classes, which has been increasing in corporate bonds to improve expected yield while still having to match asset and liability interest rate sensitivities.

DFS’ operating profitability reflects continued strong policyholder experience and a focus on new business through capital-light products such as individual insurance, group benefits, and segregated funds, as well as mutual fund and guaranteed investment fund solution. Total revenues have continued to grow materially over the past few years, benefiting from favorable investment income and sales in multiple product lines. AM Best expects that the company will continue to grow and add geographic diversification outside of the Quebec province and gain additional market share.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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