Quebec City-based iA Financial Group posted strong profits in the second quarter.
On Thursday, the company reported net income attributable to common shareholders of $231 million for the quarter ended June 30 – up from $183 million in the second quarter of 2020.
Total individual insurance sales were $73 million, up 38% from the prior year. iA attributed the strong sales to its distribution networks and the “excellent performance” of its digital tools.
A high level of sales was also recorded in the iA asset management department. Separated funds had net sales of $673 million, up from $417 million a year ago, and net inflows into mutual funds were $272 million, up from $50 million a year ago.
iA said total assets under management and administration were $210.5 billion at the end of the second quarter, up from $181 billion a year earlier.
“Our second quarter was characterized by excellent profitability as we continued to deliver value to our shareholders, increasing our book value by 11% over the last twelve months,” Denis Ricard, president and CEO of iA Financial Group, said in a statement.
