August 3, 2017 12:30
For the quarter ended on June 30, 2017, iA financial Group has reported a net income of $ 127.5 million ($M) — a decrease of 8.6% compared to the second quarter of 2016 (139,5 M$).
In total, premiums and deposits totalled $ 2.4 billion (an increase of 26 %) for the second quarter of 2017, which makes particular account of a rise on the twelve months of the inflows on the side of mutual funds. Assets under management recorded an increase of almost 2 % during the quarter (132.2 billion$), mainly due, according to the company, with a strong contribution of the distributors affiliates in the sectors to individuals.
A second quarter in line with expectations
«Overall, our second quarter is consistent with the expectations of the management and to the indications given to the financial markets, explained René Chabot, executive vice-president, chief financial officer and chief actuary. In addition to a significant improvement of the results related to policyholders during the period, I would like to underline the 12% growth in earnings anticipated over the in-force and the improvement of the drain on the new business, two items that reflect a solid performance that is based on our operational factors fundamental. «
Same goes for Yvon Charest, president and chief executive officer of iA Group financial, which underlines the strong performance of the sector of the management of heritage and welcomes the acquisition of HollisWealth. Mr. Charest says it is also » pleased to see strong growth in our areas for groups and businesses, which corresponds to our goal to see these areas become contributors most significant for iA financial Group «.
Good performance in wealth management
In the sector of personal insurance, which includes canadian and u.s. sales totaled$ 74.8 Million (+3 %). Total sales in Canada amounted to 48.0 Million$ (of which$ 5.1 Million in disability insurance premiums adjustable), while those in the United States amounted to$26.8 Million.
The sector the individual wealth management has experienced a fourth consecutive quarter of net sales of funds positive. Gross sales of mutual funds rose 77 % in the second quarter, to $ 560.1 metric M$.
The insurance sector collective has recorded total sales of 250,6 M$, which represents an increase of 15 % over twelve months.
Finally, for iA Auto and home premiums written during the second quarter rose 12 %, to reach product 102.7 M$.