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iA Financial reports earnings increase in third quarter

By The IJ Staff | November 06 2019 01:36PM

Photo: Freepik

Industrial Alliance Insurance and Financial Services Inc. released its earnings report Nov. 6 for the third quarter ended Sept. 30.  In it the company says net income attributed to common shareholders reached $183.7-million, up from $164.9-million reported for Q3 2018.

Earnings per common share are $1.72, up from $1.50 in 2018. Year-to-date net income reached $516.2-million compared to $S463.2-million year-to-date numbers reported in September 2018.

Denis Ricard, president and CEO of iA Financial Group, says business growth was good during the quarter, particularly in the U.S. market.

The company says expected profit on in-force business increased 14 per cent year-over-year to $206.9-million, reflecting growth in all lines of business. “Premiums and deposits of over $2.7-billion were up 15 per cent from the same quarter last year, reflecting strong growth in the individual wealth management and group savings and retirement business lines,” the company said in a statement. “Assets under management and administration of $187.1-billion were up two per cent quarter-over-quarter and six per cent year-over-year, owing to market growth and the influx of new assets.”

Retail insurance

In retail insurance the company says total premium sales were down five per cent while minimum premium sales were up five per cent. Group savings and retirement sales increased 38 per cent during the year while U.S. individual insurance sales grew 23 per cent. The company’s solvency ratio reached 134 per cent as of Sept.r 30, 2019, up from 119 per cent in September 2018.

The company’s board of directors also approved a quarterly dividend of $0.45 per share, payable Dec. 16 to shareholders of record as of Nov. 22, 2019. Dividends on preferred shares ranging from $0.24 to $0.30 are also payable Dec. 31, 2019 to preferred shareholders of record at Nov. 29, 2019.

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