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Desjardins continues to support members and clients, while bringing in $2,050 million in surplus earnings for 2022

February 22, 2023

AN ACTIVE AND INVOLVED GROUP. Dream the Impossible initiativelaunched to make young people’s voices heard and bring their ideas to life

Lévis, February 22, 2023 For the fiscal year ended December 31, 2022, Desjardins Group, North America's leading financial cooperative group, recorded surplus earnings before member dividends of $2,050 million, down $892 million from fiscal 2021. This decrease in surplus earnings was largely due to a rise in the cost of automobile and property insurance claims in the Property and Casualty Insurance segment. Fiscal 2022 was marked by an increased frequency of automobile insurance claims, which was lower in 2021 in the context of the pandemic, the impact of inflation and more adverse weather conditions. The decrease in surplus earnings can also be attributed to investments in projects planned in accordance with Desjardins Group’s strategic directions and an increase in spending on personnel. This reduction in surplus earnings was partially offset by an increase in net interest income and other operating income(1), the effect of higher interest rates on actuarial liabilities in life and health insurance, and an overall more favourable experience in group insurance.

For fiscal 2022, the provision for member dividends was $403 million, up $16 million or 4.1% from fiscal 2021. Sponsorships, donations and scholarships came to $115 million, including $46 million from caisse Community Development Funds. This amounted to a total of $518 million returned to members and the community,(2) up $21 million or 4.2% from fiscal 2021.

For the fourth quarter ended December 31, 2022, surplus earnings before member dividends were $576 million, up $183 million from the same period in 2021. This increase in surplus earnings was due to the favourable impact of changes in actuarial assumptions related to life and health insurance operations and increased net interest income and other operating income(3). The rise in surplus earnings was offset by a higher cost of claims in the Property and Casualty Insurance segment.

“Our annual results met our expectations. Members dividends, membership and operating income are up, which will allow us to accelerate many projects set out in our strategic plan, especially those related to IT. Also, the strength of our results have helped us expand our insurance distribution and wealth management businesses across Canada and offer our members and clients personalized support in an inflationary environment.

See our full financial results This link will open in a new window. This link will open in a new window. This link will open in a new window.

Supporting a green economic and social recovery

Desjardins is contributing to regional development and the economy through the GoodSpark Fund, which has set aside $250 million to stimulate social and economic activity in communities, and the Momentum Fund to support businesses.

Since the creation of the GoodSpark Fund, Desjardins has committed a total of $161 million to 726 projects. Meanwhile, the Momentum Fund has also supported 1,912 businesses for a total outlay of $14 million.

Desjardins is also working to help members and clients transition to a low-carbon economy. Over the next three years, it will provide up to $1.0 billion in financing for green projects by medium and large companies in partnership with Export Development Canada (EDC).

Desjardins has made and continues to make commitments to combat the loss of biological diversity (in French only). These include planting more than 430,000 trees in 15 years and signing biodiversity commitments with the United Nations and the financial community.

Connecting with young people

Desjardins Group and the Regroupement des jeunes chambres de commerce du Québec joined forces and leveraged their networks to create a unique youth forum External link. This link will open in a new window. (in French only). At a time when the current economic situation is profoundly influencing crucial issues such as employment, entrepreneurship, housing and education, this initiative seeks to create a space for productive discussions with young professionals and entrepreneurs from several regions of Québec.

Guy Cormier, President and CEO of Desjardins Group, hosted six regional meetings, each with an average of 125 participants. The first meeting took place in September 2022 and the last meeting was held on January 31, 2023.

After these meetings, Guy Cormier announced the launch of the Dream the Impossible initiative. This is a major event that will be held in Montreal on June 19 and 20, 2023 to discuss and find solutions to issues identified by young people, including the environment, education, employment, finance and the economy. Young people will also have privileged access to influential leaders, workshops with renowned experts and meetings with artists and other inspiring figures.

Doing what’s best for members and clients

Desjardins is involved in people’s lives, whether by supporting community initiatives related to diversity, inclusion, cooperation, financial literacy and healthy living or offering innovative financial solutions to meet their needs. Here are some ways that Desjardins made a positive difference in people's lives in the fourth quarter of 2022:

Giving back to the community

  • Successive interest rate hikes and the inflationary environment have created financial pressures on many of our members and clients. Desjardins offers several options to provide them with personalized support. More than 50,000 Desjardins members who hold variable-rate mortgages and who could be vulnerable because of rising interest rates were contacted by our advisors to propose solutions.
  • Prizes awarded to seven winning teams at the seventh edition of the Cooperathon Gala, the platform for the creation of impact entrepreneurs, jointly presented by Desjardins and Montreal NewTech, for projects tackling challenges facing the environment and human health.
  • $1.2 million donation to La Hutte for the construction of a new emergency shelter in Québec’s Laurentian region to promote the reintegration of people experiencing homelessness.
  • According to Forbes magazine, Desjardins ranks among the World’s Top Female-Friendly Companies due to its commitments to gender parity.
  • $1.35 million agreement signed with Québec International to support the recruitment and integration of newcomers to Canada. This agreement will support entrepreneurs in their recruitment efforts abroad, as well as improve financial services for newcomers to Canada to help them get settled and encourage them to stay.


  • Agreement for the Strategic acquisition of leading insurance distribution network from Guardian Capital Group Limited to accelerate Desjardins Group’s growth across Canada. The transaction is expected to close in the first quarter of 2023 and is subject to the customary closing conditions, including regulatory approvals.
  • Acquisition of a minority stake in The Insurance Company of Prince Edward Island (ICPEI) External link. This link will open in a new window., which offers leading products in home, automobile and business insurance. This transaction leverages ICPEI’s expertise in developing commercial insurance products to better meet the needs of Canadian small and medium-sized businesses. The transaction is expected to close in the first quarter of 2023, subject to customary closing conditions.
  • Desjardins was recognized at the Refinitiv Lipper Fund Awards 2022 for two responsible investment products: the Desjardins SocieTerra Cleantech Fund and the RI Emerging Markets Multifactor - Low CO2 ETF.

(1). For more information on non-GAAP financial measures and supplemental financial measures, see "Non-GAAP financial measures and other financial measures" on pages 14 to 19

(2). For more information on non-GAAP financial measures and supplemental financial measures, see "Non-GAAP financial measures and other financial measures" on pages 14 to 19

(3). For more information on non-GAAP financial measures and supplemental financial measures, see "Non-GAAP financial measures and other financial measures" on pages 14 to 19

For journalists only: 
Chantal Corbeil
Public relations, Desjardins Group
514 281-7229 or 1 866 866-7000, ext. 5557229