iA Financial Corporation has taken a leap forward.
The insurer reported net income attributed to common shareholders of $830 million for the full year 2021, compared with $611 million for 2020. This increase amounts to 35.8 per cent or $219 million.
For the fourth quarter of 2021 alone, iA reported net income attributed to common shareholders of $209 million, versus $172 million in Q4 2020. The corresponding increase is 21.5 per cent or $37 million.
Four sectors advance, one retreats
Four of the insurer's five sectors advanced in 2021.
- Individual Wealth Management reported net income attributed to common shareholders of $227 million in 2021, up from $121 million in 2020. The increase is a staggering 87.6 per cent or $106 million;
- U.S. Operations recorded net income attributed to common shareholders of $89 million in 2021, versus $61 million in 2020, for an increase of 45.9 per cent or $28 million;
- Individual Insurance recorded net income attributed to common shareholders of $438 million in 2021, compared with $334 million in 2020. The increase amounts to 31.1 per cent or $104 million;
- Group Insurance reported net income attributed to common shareholders of $77 million in 2021 versus $61 million in 2020. The corresponding increase is 26.2 per cent or $16 million.
Group Savings and Retirement sustained a net loss of $1 million in 2021, down from net income of $34 million in 2020, for a $35 million decrease.
iA Insurance also gained ground
iA Insurance reported net income attributed to iA Financial Corporation, the holder of 100 per cent of its common stock, of $821 million in 2021, up from $638 million in 2020. This represents an increase of 28.7 per cent or $183 million.
Premiums and deposits
iA reported premiums and deposits of $16.6 billion in 2021, up from $14.1 billion in 2020. The increase equals 18.1 per cent or $2.5 billion.
Looking at the results in closer detail, premiums and deposits increased as follows in 2021:
- 36.7 per cent or $2.4 billion for the Individual Wealth Management sector, to $8.8 billion;
- 16 per cent or $143 million for the U.S. Operations sector, to $1 billion;
- 16.2 per cent or $55 million for the P&C insurance sector, to $395 million;
- 8.2 per cent or $133 million for the Individual Insurance sector, to $1.8 billion;
- 8 per cent or $139 million for the Group Insurance sector, to $1.9 billion.
Premiums and deposits decreased by 9.3 per cent or $283 million in the Group Savings and Retirement sector, to $2.8 billion.
“Today, driven by this momentum, we are very pleased to increase the core ROE target range for 2022 to 13 per cent to 15 per cent, one year earlier than previously announced. In 2021, the Company’s book value grew by 12 per cent, and this solid value creation is largely due to the superior client experience provided by our dedicated employees and distributors,” Denis Ricard, President and CEO of iA Financial Group, commented during the release of these results.