Quebec City-based iA Financial reported third-quarter net income of $256 million, up 6% from the same quarter in 2022 and down 4% from $247 million in the prior quarter.
“The good core profitability in the third quarter is largely attributable to strong performance in the core insurance and non-insurance businesses,” Éric Jobin, executive vice president, chief financial officer and chief actuary, said in the release.
Total third-quarter personal insurance sales were $96 million, up 3% from the same quarter last year, with strong life insurance and life insurance sales. Meanwhile, gross sales of segregated funds increased 13% year-over-year to $882 million in the quarter, while sales of insured annuities and other savings products nearly doubled to $618 million.
However, mutual fund sales fell 5.6% to $289 million.
Profits from its wealth management and Canadian insurance businesses increased 8% to $91 million and 26% to $82 million, respectively. However, earnings from investing and financing activities declined 4% to $93 million year-over-year, which iA attributes to an inverted yield curve due to interest rate increases in the first half of 2023, which negatively impacted core investment performance.
In October, iA Private Wealth, the wealth management arm of Montreal-based iA Financial Group, became a dual-registered investment firm. At the time, it was one of only four in Canada to achieve this status under the new self-regulatory organization, the Canadian Investment Regulatory Authority.
