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| 2004 Archives |
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Financial Results
Organization and Structure
Social Commitment
Products and Services
New Contracts
Awards and Honours
Surveys
2004 Third Quarter Financial Results:
Strong Growth for Desjardins Financial Security
Levis, December 7, 2004 - Desjardins Financial Security, life and health insurer of the Desjardins Group, is heading for record profits in 2004. For the first nine months of the year, it showed a net income of $94.8 million, representing a 20.8% increase as compared with $78.5 million in income for the same period in 2003. As for the 15.3% return on shareholder's equity, it is well above the 13.6% return posted in 2003. Lastly, the insurance and annuity premium income has reached nearly $1.7 billion, compared with $1.5 billion in 2003, an increase of 11.3%.
The growth of Desjardins Financial Security is contributing to the excellent performance of the Desjardins Group which, from January to September 2004, posted surplus earnings before dividends to members of $866 million, an increase of $200 million compared with the corresponding period last year.
As the Chief Executive Officer of Desjardins Financial Security, Alban D'Amours, President and Chief Executive Officer of Desjardins Group, believes that "such results can strengthen the top position of our life and health insurer in Quebec and consolidate our fourth place on the national level."
The President and Chief Operating Officer of Desjardins Financial Security, François Joly, explained that "these excellent results confirm the strength of our launch and demonstrate the relevance of our orientations and our objectives in terms of returns, growth and productivity."
Performance by activity sector
Individual Insurance - For this sector, the net income ($13.3 million) shows an increase of 6.4% over the first nine months of 2003 ($12.5 million). Net premiums collected ($287.8 million) represent a 2.1% increase over the same period in 2003. Sales reached $27.5 million.
Moreover, in a stagnating market, we have seen an increase in the number of policies and the average premium on these policies in the AssurFinance for Individuals sector. As for sales, they are up by $1.0 million compared with the first nine months of 2003. As for our division in the Bahamas, individual insurance sales are the same as they were for the same period last year.
Group Insurance - For the first nine months of 2004, activities linked to this sector have ended with a net income of $ 74.9 million, which represents an increase of $15.7 million compared with 2003. The greatest part of net income comes from loan insurance where we have seen a $11.6 million increase in income. These results are based on strong growth and excellent experience attributable to favourable economic conditions.
Net premiums collected in this sector have reached almost $1.1 billion, an increase of 9% compared with the results of $ 996.2 million realized for the corresponding period in 2003.
As for group insurance sales by the Group and Business Insurance sector, they have posted $84.2 million for the first nine months of the year.
Savings - The net income for this sector ($6.6 million) corresponds to that of the fist nine months of 2003 ($6.8 million). From January to September 2004, sales reached $375.8 million, compared with $226.3 million for the previous year. The increase was particularly noteworthy in group savings products.
With respect to the sales of individual savings products, low interest rates and the good performance of the markets during the last quarters have resulted in a shift from more secure investments like annuities to products that involve more risk but offer a better return such as mutual funds and segregated funds. Thus, segregated funds sales have gone up by 51.8% as at September 30, 2004, ($59.5 million) compared with $39.2 million at the same time last year.
About Desjardins Financial Security
Desjardins Financial Security, a subsidiary of the Desjardins Group, the largest cooperative financial group in Canada, specializes in life and health insurance as well as retirement savings. Over 5 million Canadians from coast to coast rely on it every day to ensure their financial security. Desjardins Financial Security employs some 3,679 people and manages more than $14 billion in assets. The company has offices in a number of cities nation-wide: Vancouver, Calgary, Winnipeg, Toronto, Ottawa, Montreal, Quebec City, Levis and Halifax.
Desjardins Financial Security records strongest growth of top ten life and health insurers in Canada
Levis, September 17, 2004 - Desjardins Financial Security had the strongest growth in direct written premiums among the top ten life and health insurers in 2003, in both the Canadian and Quebec markets. The growth achieved in these markets was 17.8% and 20.2% respectively. The Mouvement Desjardins' insurer now ranks fourth in the Canadian market and has strengthened its position as leader in the Quebec market. These results are taken from an analysis of the annual statements filed with the Office of the Superintendent of Financial Institutions and the Autorité des marchés financiers.
"All business segments of Desjardins Financial Security recorded an increase in the volume of direct written premiums", notes François Joly, president and chief operating officer. "The strategic approaches that guide our actions have furthered our progress in both the Canadian and Quebec markets."
In the Canadian market
As a result of the 17.8% growth in direct written premiums, Desjardins Financial Security's share of the Canadian market rose to 6.5%, up 0.6% compared with 2002.
Individual and group annuities took a particular leap, recording increases of 33.0% and 218.7% respectively. The group and individual health insurance markets also progressed, recording a growth in premiums of 14.6% and 12.2%. Group life insurance and individual life insurance also progressed, with rates of 2.0% and 5.9% respectively.
In the Quebec market
Desjardins Financial Security's share of the Quebec market rose to 18%. In addition, the insurer ranks first overall in accident and health insurance and in group insurance for Quebec.
In the accident and health insurance sector, the volume of premiums climbed 13%. The growth in group life insurance is 4.7%. The insurer also improved its position in individual and group annuities.
About Desjardins Financial Security
Desjardins Financial Security, a subsidiary of the Fédération des caisses Desjardins du Québec, specializes in life and health insurance including retirement savings products. More than 5 million Canadians count on Desjardins Financial Security every day for their financial security needs. It has 3,675 employees and more than $14 billion in assets. Desjardins Financial Security has offices in all major cities across Canada, including Vancouver, Calgary, Winnipeg, Toronto, Ottawa, Montreal, Quebec City, Lévis and Halifax.
 Life and health insurer rankings
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New Vice-President and General Manager
Madeleine B. Lafontaine joins Services financiers SFL
Levis, September 22, 2004 - Services financiers SFL has appointed Madeleine B. Lafontaine as its new Vice-President and General Manager. At the time of her appointment, Ms. Lafontaine held the position of Regional Vice-President, Eastern Canada for RBC Insurance. "I am pleased to be joining such a dynamic network that is increasingly strengthening its position as a leader in the distribution of financial products and services," Ms. Lafontaine indicated. Her appointment will take effect on October 4, 2004.
Denis Berthiaume, Senior Vice-President, Individual Insurance and President of SFL Management, indicated that Ms. Lafontaine will be responsible for ensuring the smooth operation and development of the 15 SFL financial centres in Quebec, a network in which Desjardins Financial Security is a 70% shareholder. She will also be responsible for the teams that support Canada-wide development through the network of Laurentian Financial Services (LFS) financial centres. "Ms. Lafontaine will be a huge asset to all the partners and advisors of the SFL-LFS network, whose business development efforts in Quebec as well as other Canadian provinces will be supported by the vast experience and skills she has acquired over the years," Mr. Berthiaume explained.
Ms. Lafontaine holds the designations of financial planner, financial security advisor, advisor in group insurance of persons and group savings representative. Over the last 20 years, she has held several positions associated with the distribution of financial products and services, both in large companies and in a life and health insurance firm.
About Services financiers SFL and Laurentian Financial Services
Services financiers SFL and Laurentian Financial Services (LFS) have 28 financial centres and some 1,000 partner-representatives across Canada. The network also has over a half-million clients and manages close to $5 billion in savings, in addition to approximately $235 million in life insurance premiums.
About Desjardins Financial Security
Desjardins Financial Security, a subsidiary of the Fédération des caisses Desjardins du Québec, specializes in life and health insurance and retirement savings plans. More than 5 million Canadians depend on it every day to ensure their financial security. It has 3,675 employees and more than $14 billion in assets. Desjardins Financial Security has offices in several cities across Canada: Vancouver, Calgary, Winnipeg, Toronto, Ottawa, Montreal, Quebec City, Levis and Halifax.
Desjardins Financial Security employees join in the
Mother Daughter Walk of the Heart and Stroke Foundation of Canada and pledge over $20,000
Lévis, September 26, 2004 - To mark their first-time participation in the Heart and Stroke Foundation's Mother Daughter Walk, Desjardins Financial Security (DFS) employees from every sector of the company rose to the challenge and doubled their objective with a combined pledge of $20,031.96. Accompanied by company managers, parents and friends, several hundred DFS employees took part in the walks held in Quebec City, Montreal, and Toronto and other cities today. Desjardins Financial Security is the national sponsor for the event, which was held in over 70 cities across Canada.
"Our and our employees' commitment is in acknowledgement of the important role the Foundation plays in heart disease research and prevention," said Louise Turgeon, Senior Vice-President of AssurFinance for Institutions, Direct Insurance and Desjardins Relations, speaking at the brief ceremony held at the end of Quebec City's edition of the walk at a Ste-Foy outdoor recreational site. She then invited Mr. François Joly, the company's President and Chief Operating Officer, to give the general manager of the Heart and Stroke Foundation, Mr. Jean Noël, a cheque representing the employees' contributions.
Of the $20,031 that was raised, $10,230 will be given to the Foundation's regional office in Quebec, since the money was collected from employees in Levis and Quebec City. The remainder will be divided between the Foundation's Montreal and Toronto branches. Employees in the other city centres across Canada registered directly with the Foundation. "I would like to congratulate and thank all our employees who took part in the walk and made a pledge," said Mr. Joly.
Desjardins Financial Security is committed to the Mother Daughter Walk as a means of supporting the Foundation's contribution to the wellbeing of Canadians. Through the prevention programs it supports, as well as through the research work it subsidizes, the Foundation promotes the development of treatments that aim to speed up recovery and improve the quality of life of people with heart disease.
About Desjardins Financial Security
Desjardins Financial Security, a subsidiary of the Fédération des caisses Desjardins du Québec, specializes in life and health insurance and retirement savings plans. More than 5 million Canadians depend on it every day to ensure their financial security. It has 3,675 employees and more than $14 billion in assets. The company's donations and sponsorships totalled close to $1 million in 2003. Desjardins Financial Security has offices in several cities across Canada: Vancouver, Calgary, Winnipeg, Toronto, Ottawa, Montreal, Quebec City, Levis and Halifax.
Desjardins Financial Security supports Heart and Stroke Foundation's Mother Daughter Walk
Lévis, September 2, 2004 - As a national associate sponsor, Desjardins Financial Security is supporting the Heart and Stroke Foundation's Mother Daughter Walk. This event will take place in 76 cities across Canada, including Quebec City, on September 26.
"In keeping with the cooperative spirit and values which define the Desjardins Group, particularly a belief in community involvement, we are partnering with organizations which, like the Heart and Stroke Foundation, contribute to our collective well-being," said Louise Turgeon, Senior Vice-President AssurFinance for Institutions, AssurDirect and Desjardins Relations, at Desjardins Financial Security.
"Through the prevention programs it supports and its research grants, the Heart and Stroke Foundation promotes the development of treatments designed to reduce disability periods and improve the quality of life for people with cardiovascular disease. The foundation plays an extremely important role in our healthcare system," continued Ms. Turgeon. "That's why Desjardins Financial Security and its employees nationwide are proud and happy to participate in the 2004 edition of the Mother Daughter Walk."
In addition to its financial support, Desjardins Financial Security has set up a program to encourage a high turnout among its managers and employees. A competition, in the form of a challenge, was also launched to see which business line can raise the most money and record the highest rate of participation for the various walks across Canada. "Social commitment is a value that's very important to Desjardins Financial Security employees and management. A high turnout for the Mother Daughter Walk will be an eloquent expression of this value," concluded Ms. Turgeon.
About Desjardins Financial Security
Desjardins Financial Security, a subsidiary of the Fédération des caisses Desjardins du Québec, specializes in life and health insurance and retirement savings plans. More than 5 million Canadians depend on Desjardins Financial Security every day to ensure their financial security. It has 3,675 employees and more than $14 billion in assets. Desjardins Financial Security has offices in cities across Canada, including Vancouver, Calgary, Winnipeg, Toronto, Ottawa, Montreal, Quebec City, Levis and Halifax.
Desjardins Financial Security continues to support Dean Bergeron
Lévis, August 12, 2004 - Dean Bergeron, world record holder in the wheelchair 400 metre, will represent Canada in five events at the Paralympic Games in Athens from September 17 to 28. Desjardins Financial Security, which has supported Dean since 1995, today announced the renewal of its sponsorship agreement and the launch of its new Website www.deanbergeron.ca.
"Dean Bergeron is a fine example of courage, perseverance and determination for his colleagues, and for people in general," asserts Daniel Roussel, Vice President, Public Affairs and Communications of Desjardins Financial Security. "After sustaining a serious injury at a hockey training camp, Dean successfully completed his physical and social rehabilitation, finished school, rediscovered his taste for competition and started an actuarial career. He has been an actuary with our company for ten years."
"Having the support of Desjardins Financial Security makes it easier for me to compete," Dean Bergeron adds. "2004 was a very important year for me. All the training and competing I've done over the past few years have been in preparation for the big event in Athens. I intend to beat my world record and become the first paraplegic racer to complete the 400 m in under one minute."
Qualifying for the Athens Paralympic Games
Dean Bergeron qualified to compete in the Athens marathon by completing the Boston marathon in under two hours and ranking second in his category on April 19. His performances in the Sherbrooke competitions from June 4 to 6 then earned him a place on the starting line for the 200 m, 400 m, 800 m and 1500 m at the Athens Paralympic Games.
Dean competed in several other events throughout the year, both in Canada and the U.S. (the Montreal Défi sportif, the road race in Grand Rapids, Michigan, where he finished in first place, and the America Series in Toronto, Ontario, Long Island, New York and Atlanta, Georgia). The weekend of August 6-8, he competed in the Edmonton national paralympic events, where he finished first in the 400 m and second in the 800 m.
Born in La Baie (now Saguenay), Quebec, on February 12, 1969, Dean Bergeron has always loved sports, especially hockey. At 17 years old, with a bright future ahead of him, he joined the Shawinigan Cataractes of the Quebec Major Junior Hockey League. But the following year, his life fell apart. Following a serious injury at a training camp, Dean became paraplegic.
Actuarial studies and wheelchair racing
Confined to his wheelchair, Dean Bergeron began his social and physical rehabilitation, and started school at Laval University. He received his bachelor's degree in Actuarial Science in 1992. Two years later, he joined the actuarial team at Desjardins Financial Security.
Dean Bergeron took up physical activity again during his time at Laval, and started training for wheelchair racing. Until 1992, he raced sporadically and rediscovered his taste for competition. Two years later, he landed a gold medal, two silvers and a bronze at the Canadian wheelchair athletics championships. Since then, he has raced in several Canadian and world championships, and in the Atlanta Paralympic Games in 1996 and the Sydney Paralympic Games in 2000, where he has earned medals and breaking records.
Desjardins Financial Security supports Dean Bergeron both financially and by facilitating his participation in the competitions. In addition, the life and health insurer has completely revamped the www.deanbergeron.ca Website for the athlete. His performances in Athens will be posted on the site as soon as they are known. Visitors can write to Dean and pass on words of encouragement directly through the site. The site also contains a wealth of information about Dean Bergeron: biographical notes, 2004 competition results and schedule, as well as records and distinctions.
About Desjardins Financial Security
Desjardins Financial Security, a subsidiary of the Fédération des caisses Desjardins du Québec, specializes in life and health insurance and retirement savings plans. More than 5 million Canadians depend on it every day to ensure their financial security. It has 3,675 employees and more than $14 billion in assets. Desjardins Financial Security has offices in a number of cities across Canada: Vancouver, Calgary, Winnipeg, Toronto, Ottawa, Montreal, Quebec City, Levis and Halifax.
Desjardins Financial Security launches two new 6-year term investments
Toronto, December 8, 2004 - Desjardins Financial Security is expanding its line of retirement savings products by adding two new six-year term investments. These are the Alternative Allocation Portfolio, a "multi-diversified" investment, and the Selective Advantage Index, a product diversified into international markets. These RRSP-eligible products are redeemable at any time and include a 100% capital guarantee at maturity and at death.
"These two products will interest individuals who want to preserve their capital and who seek returns that exceed those of guaranteed investment certificates," stated Michael Aziz, Sales and Business Development, Individual Savings Products, at Desjardins Financial Security. "The Alternative Allocation Portfolio is specifically intended for investors who want to take advantage of the opportunities that alternative strategies and non-traditional assets provide in order to optimize their portfolio's risk/return ratio. The Selective Advantage Index targets investors who are looking to profit from international markets without worry."
The Alternative Allocation Portfolio is a six-year term investment with a variable return linked to a carefully designed basket of seven traditional and non-traditional asset classes, including hedge funds. This basket is diversified worldwide, and is periodically monitored and rebalanced to take advantage of both bull and bear markets. In addition, the managers are selected according to their complementary styles and their expertise. At maturity, the capital is not only 100% guaranteed but also increases thanks to the money market returns and the performance of the asset classes.
The Selective Advantage Index, also a six-year term investment, is diversified worldwide. This allows investors to take advantage of increases registered in booming economies and thus compensate for a market downturn or a recession in a country. Its return is linked to the performance of six market indexes of Western Europe, Asia and the United States. Each year, the cumulative returns are compared and the best one is selected. At the end of the term, the average of the returns posted each year is the total return for six years. The capital is also 100% guaranteed at maturity and at death for this investment.
The Alternative Allocation Portfolio and the Selective Advantage Index require a minimal investment of $500. They are offered in Canada through LFS Laurentian Financial Services and Services financiers SFL representatives and representatives who have signed a distribution agreement with Desjardins Financial Security. These investments, like all the others the latter offers, are protected by the Canadian Life and Health Insurance Compensation Corporation, up to $60,000 per investor.
About Desjardins Financial Security
Desjardins Financial Security, a subsidiary of the Desjardins Group, specializes in life and health insurance as well as retirement savings. More than five million Canadians coast to coast count on Desjardins for their financial security needs. The company employs 3,675 people, manages more than $14 billion in assets, and has offices in Vancouver, Calgary, Winnipeg, Toronto, Ottawa, Montreal, Quebec City, Levis and Halifax.
Desjardins Financial Security adds five new managers to its group retirement savings line
Toronto, November 2, 2004 - Life and health insurer Desjardins Financial Security, which specializes in life and health insurance and retirement savings products, is expanding its group retirement savings offer with the addition of portfolio managers UBS Global Asset Management, Addenda Capital, GE Asset Management, New Star International Managers and Desjardins Global Asset Management. These five new portfolio managers, who have met the Desjardins Financial Security's exacting selection criteria, will be joining Desjardins' current stable of managers.
"These major improvements top up our current offer quite well by offering new investment options to our group retirement savings plan members," says Peter Ferland, Vice President, Sales Savings and Segregated Funds,. "Plan members will have a wider range of assets and managers to choose from because we selected managers with management styles that complement the current managers' approach."
Three new external managers are headquartered abroad: UBS Global Asset Management, a subsidiary of UBS, is one of the leading institutional wealth managers in the world; GE Asset Management is one of the largest asset managers in the US, and New Star Institutional Managers is an institutional asset manager whose research and management services are provided from its head office in London, England. The two other managers are headquartered in Canada: Addenda Capital is a well-known, fixed-income specialist and Desjardins Global Asset Management has expertise in the alternative investment field and with investment products that integrate financial engineering components.
There are now six new funds available to Desjardins Financial Security's group retirement services clients, and the complementary management styles provide an even broader range of investment options. UBS U.S. Large Cap Equity Fund is a core fund, as is GE's International Equity Fund and Barclay's indexed EAFE fund (Europe, Asia and Far East). New Star's international equity fund is presented as a diversified fund with a growth component. Addenda's Canadian Bond Fund is an active duration management-based fund. The Fiera Capital Canadian Equity Fund uses a value-based management style. The total number of funds offered by Desjardins Financial Security to its clientele is now 44.
"These funds complete the range of investment options offered by Desjardins Financial Security to the members of its group retirement savings plans," said Peter Ferland. "They now have an even broader selection to meet their objectives."
About Desjardins Financial Security
Desjardins Financial Security, a subsidiary of the Desjardins Group, specializes in life and health insurance as well as retirement savings. Over 5 million Canadians from coast to coast rely on it every day to ensure their financial security. Desjardins Financial Security employs some 3,675 people and manages more than $14 billion in assets. The company has offices in a number of cities nation-wide: Vancouver, Calgary, Winnipeg, Toronto, Ottawa, Montreal, Quebec City, Lévis and Halifax.
Desjardins Financial Security's Loan Insurance
is 50 this Year
Levis, September 21, 2004 - Launched in 1954 to guarantee the repayment of loans in the event of the borrower's death, Desjardins Financial Security's Loan Insurance plan is one of the largest in Canada. Nearly 2 million Canadians are insured under this plan, accounting for $35 billion of life insurance in force.
"This plan represents a major contribution in developing Desjardins Financial Security and protecting the assets of borrowers who buy loan insurance from our company," states François Joly, president and chief operating officer. "After fifty years, the Loan Insurance plan still reflects the cooperative values of the Desjardins caisses that prompted its creation."
Loan Insurance was introduced at the request of the caisses, which saw it as a way to guarantee their investments and, at the same time, protect their members' assets in the event of death or disability. When the plan was launched in 1954, the maximum insurable amount in the case of death was $10,000. This would gradually increase to $1 million in 1988. Since 1993, there has been no maximum insurable amount. The value of life insurance in force under this plan would reach $1 billion in 1969, climbing to $10 billion in 1986 and passing the $25 billion mark in 1994.
Not just in the caisses
Hailed as an innovative concept from the time it was launched, the Loan Insurance plan has evolved to continue meeting consumers' needs. Today, Desjardins Financial Security's loan insurance expertise is recognized around the world. It has also been presented as an example in a survey of bankinsurance in Europe.
"Desjardins' history is filled with original initiatives designed to meet the needs of our members and clients. They have had a lasting effect on the world of financial services, and the Loan Insurance plan is a case in point," declared Alban D'Amours, president and CEO of the Mouvement des caisses Desjardins. "At the time it was designed, this innovative product was a first. It is an example that continues to inspire us as we develop financial products and services tailored to today's needs."
The creation of the Loan Insurance plan and its subsequent progress are closely tied to the rapid strides made by Quebec's caisses and corporate financial centres, Ontario's caisses and Manitoba's caisses. Desjardins Financial Security also protects borrowers dealing with other institutions, such as the Desjardins Credit Union in Ontario, credit unions across Canada, auto dealerships, mortgage brokerages, the Community Futures Development Corporations, local development centres, economic development corporations, and so on.
About Desjardins Financial Security
Desjardins Financial Security, a subsidiary of the Fédération des caisses Desjardins du Québec, specializes in life and health insurance including retirement savings products. More than 5 million Canadians count on Desjardins Financial Security every day for their financial security needs. It has 3,675 employees and more than $14 billion in assets. Desjardins Financial Security has offices in all major cities across Canada, including Vancouver, Calgary, Winnipeg, Toronto, Ottawa, Montreal, Quebec City, Lévis and Halifax.
Lock in Market Gains With Desjardins Financial Security's New Dynamic Index-Linked Investment this RRSP Season
Millennia III adds seven new segregated funds to the family for more choice and improved asset allocation.
TORONTO, January 12, 2004 - Desjardins Financial Security launches the new Dynamic Index, an index-linked investment that guarantees investors always participate in market growth and leave any slumps behind in the dust.
Dynamic Index is an investment product that goes beyond being a savings tool for retirement or for other goals, such as saving for a down-payment for a new house. This new product offers protection against market downturns and allows investors to redeem their funds in whole or in part on the yearly anniversary date, an option not available in the index-linked investment market.
"Essentially, with the Dynamic Index, investors can realize positive returns in the market on a yearly basis," said Michael Aziz, regional vice-president of saving product sales for Desjardins Financial Security. "This allows them to protect their gain from any subsequent market drop. Dynamic index guaranteed value increases with market appreciation for the year and it does not drop even if the market sours because the valuation is not reset during any downturns. In effect, an investor gets a minimum 100 per cent maturity guarantee of the initial deposit, over a seven year term."
The product is ideal for investors wanting to weigh their asset allocation accordingly to help reduce risk in the portfolio; something of interest to individuals concerned about market performance over the medium-term horizon and who saw their portfolios shrink over the past few years.
"The Dynamic Index is also an ideal product for investors looking for a return based on the performance of the S&P 500 and reflects the long-term U.S. market," added Aziz.
Additionally, Desjardins Financial Security is launching the Classic Index, which is also an index-linked-term investment. The returns generated from the Classic Index are based on the fluctuations seen in a basket of international stock indices comprised of the EURO STOXX 50, the FTSE 100 and the Nikkei 225. The Classic Index has a maturity guarantee of 100 per cent of the initial deposit, over a five-year term.
Both index-linked investments are redeemable, have no management fees, are potentially creditor proof and are available as registered and non-registered products. These investments require a minimum deposit of $500 before any of an investor's money is invested in the product. A pre-authorized contribution of $25 a month is also available for both.
Seven New Segregated Funds Added to the Millennia III Family
Along with the launch of the Dynamic Index and Classic Index, Desjardins Financial Security added seven new segregated funds to the Millennia III fund family to offer more choice, growth and diversification. Available this RRSP season, the seven new funds offer complementary management styles and are managed by leading global fund managers including such companies as AllianceBernstein, Fidelity Investments Canada, Jarislowsky Fraser and AIM Trimark. All funds are available as registered and non-registered products.
These seven new funds offer investors a minimum 100 per cent capital guarantee at death, for deposits made before age 80; an automatic reset of the death benefit, until the age of 75, when the market value or inflation-adjusted value is higher than the existing death benefit; an immediate and quick transfer of capital to the beneficiary, by-passing probate; and investments exempt from seizure ¾ an advantageous protection provision for self-employed persons, business executives, managers and other professionals
The new funds are (see attached background fact sheet for additional information):
Fixed Income
- Mortgage Fund managed by Desjardins Asset Management.
Balanced and Asset Allocation
- Jarislowsky Fraser Global Balanced Fund managed by Jarislowsky Fraser.
Canadian Equity
- Trimark Canadian Fund, managed by AIM Trimark Investments.
- Maestral Quebec Growth Fund is managed by Maestral Funds with the assistance of sub-advisor Montrusco Bolton, a specialist in Quebec securities.
Foreign Equity
- Bissett Multinational Growth RSP Fund, managed by Bissett Investment Management.
- Fidelity International Growth RSP Fund is managed by Fidelity Investments Canada.
- American Equity Value Fund is managed by AllianceBernstein.
Desjardins Financial Security specializes in life and health insurance including retirement savings product | | | |