Canadian Bank Creates New Wealth, Insurance Reporting Line

Tom Burroughes

31 October 2022

Canada-based TD Bank Group has created a wealth and insurance business segment as these areas have become increasingly important revenue drivers. The change takes effect from the start of the fourth quarter of this year.

Previously, the wealth management and insurance operations were reported along with Canadian personal and commercial banking in the Canadian retail segment.

"The wealth management and insurance businesses provide a significant and growing contribution to TD's success. They have an increasingly high profile in senior management analysis and strategic planning and this new reporting alignment provides TD shareholders with additional information on their performance," Kelvin Tran, senior executive vice president and chief financial officer, TD Bank Group, said.

Wealth and insurance have clocked up combined compound annual growth of 12 per cent net income after tax in wealth management and insurance over the past five years.

As of the three months to July 31 this year, wealth/insurance logged reported net income of C$575 million , versus C$1.879 billion a year before. In total, reported net income was C$3.214 billion, sliding from C$10.758 billion a year before.