Desjardins General Insurance Group reports 2007 Q3 gains

Despite reporting gains in its general insurance operations, Desjardins Group, an integrated cooperative financial group, recorded combined surplus earnings in 2007 Q3 of Cdn$248 million, down Cdn$80 million or 24.4% from the same quarter of 2006.
“This decrease was primarily due to a write-down of 8.3%, or Cdn$160 million (pre-tax), related to non-bank-sponsored, asset-backed commercial paper (ABCP) holdings,” Desjardins noted in a press release. “Excluding this write-down, combined surplus earnings before member dividends would have been Cdn$355 million, up more than 8%.”