IA Financial Group bounced back from a difficult first quarter and reported year-over-year profit growth in second-quarter results released Thursday.
The Quebec City-based company reported second-quarter net income attributable to shareholders of $188.2 million, up 1% from a year ago. In the first quarter of 2020, IA’s net profits fell to $39.1 million as the Covid-19 pandemic hit markets.
Diluted earnings per share were $1.71 compared to $1.69 a year ago and $0.35 in the first quarter of 2020.
Individual insurance sales were $52.9 million, up 10% year-over-year in the second quarter and year-over-year, IA reported.
Individual wealth management underwritten sales of $174.9 million increased 79% year-over-year. Net inflows into segregated funds and mutual funds were $466.9 million in the second quarter.
The company reported AAssets under management and administration were $181.0 billion as of June 30, down 2% from a year earlier but up from $175.7 billion as of March 31. The company noted that assets increased compared to the first quarter even after the sale of IA Investment Counsel Inc. to CWB Financial Group, which closed on June 1.
