Quebec-based iA Financial Group has set out a number of objectives in its 2030 action plan. Among them is expanding its presence across Canada, particularly in Ontario.
iA Financial Group has been active in Ontario for more than three decades, says Renée Laflamme, Executive Vice-President, Individual Insurance, Savings and Retirement, in an interview with Insurance Portal.
“We have been operating across Canada for a very long time, but it is clear that our presence is still strongest in Quebec, since that is where we have our roots and our career agency network,” she explains. “That said, Ontario is indeed an important growth target.”
Currently, iA Financial Group has 10,200 employees, more than 4,000 of whom work outside Quebec.
The company has expanded from coast to coast through some 70 acquisitions since the turn of the millennium. These include the acquisition of Clarington (now iA Clarington Investments) in Toronto in 2005.
In 2018, iA Financial Group acquired Toronto-based PPI Management, followed by WGI Manufacturing in 2020. That same year, the company also acquired Lubrico Warranty, based in London, Ontario.
This continued geographic expansion was notably marked by the acquisition of a majority stake in Toronto-based RF Capital Group (Richardson Group) last October. That single transaction added half a million clients to iA Financial Group’s roster. The family-owned firm had more than $43.6 billion in assets under administration at the time of the sale.
A winning formula
iA Financial Group’s expansion and consolidation plans are progressing as expected, says Laflamme, who attributes this success to the breadth of its product offering and its technological tools, but above all to the growth of its distribution network—particularly the independent distribution of its products.
Nationwide, more than 33,000 advisors do business with the insurer to offer its various products and financial services to their clients.
“We are the company that issues the largest number of individual insurance policies, according to the latest LIMRA figures,” Laflamme notes.
According to this data, iA holds 27% of the Canadian market in individual insurance. Between 2020 and 2024, the number of policies sold grew by 5%. In savings and segregated funds, the company reports that it is also a national leader, holding 40% of the market, according to the Investor Economics Insurance Report.
“Clearly, growth is there, and we want to continue building on that momentum,” she adds. “We want to do so by remaining attentive to our clients and our advisors. We want to be top of mind—and close to the heart—across the country.”
Elsewhere in Canada and the United States
Laflamme notes that the group also intends to strengthen its presence in the western provinces.
It acquired Vancouver-based WGI Service Plan Division in 2020. The company has also been a majority shareholder in Surexdirect.com since 2021, as well as in SAL Marketing.
The Quebec-based financial group also maintains a presence in the United States, notably through the acquisition of a company now known as iA American Life Insurance Company, based in Waco, Texas, in 2008. Two years later, it also acquired American-Amicable Life Insurance Company of Texas.
iA Financial Group further expanded into Ohio and New Mexico in 2018 with the acquisition of American Warranty Corp., followed later that same year by the purchase of Dealers Assurance Company in Ohio.
Last spring, following iA Financial Group’s annual general meeting of shareholders, its President and CEO, Denis Ricard, discussed the group’s U.S. operations with Insurance Portal.
