Industrial Alliance reports Q3 2017 net income of $144.9 millionBy The IJ Staff | November 09 2017 09:45AM
Industrial Alliance Insurance and Financial Services announced on Nov. 8 net income attributed to common shareholders of $144.9 million for the third quarter of 2017, up slightly from $144.4 million in net income recorded for Q3 2016.
The company also reported return on equity for the last twelve months of 12.5 per cent.
"This quarter marked some important milestones in the expansion of our financial services network," said Yvon Charest, President and CEO of iA Financial Group. "We completed our acquisition of HollisWealth that firmly establishes iA Financial Group among the largest independent wealth management advisory firms in Canada. In the U.S., we expanded our geographic footprint and entered a second business segment by acquiring a manufacturer and distributor of extended warranties for vehicles."
Retail insurance sector
In the retail insurance sector, which includes activities in both Canada and the U.S., iA Financial Group reported sales of $68.6 million, a decrease of 9 per cent. Total sales in Canada amounted to $46.7 million and U.S. sales accounted for $21.9 million.
In retail wealth management, gross sales of mutual funds increased by 37 per cent to $461.8 million year over year. Net sales of $21.6 million compared with net outflows of $69.1 million in the same quarter a year earlier, reported the company.
Gross seg fund sales rose by14 per cent over the previous year to $423.2 million. Net sales reached $113.3 million from $71.6 million in 2016. The company says it “continues to hold first position for net segregated fund sales in Canada and third position for assets.”