Quebec City-based iA Financial Corporation’s earnings rose again in the third quarter.
The company reported net income attributable to common stockholders of $217.5 million in the third quarter, up from $188.2 million in the second quarter and $183.7 million a year earlier. Diluted earnings per common share (EPS) reached $2.03, marking the first time iA’s EPS exceeded the $2 threshold.
Most of iA’s business units reported “significant” revenue growth this quarter, the company said in a statement.
iA’s Individual Insurance division saw experience gains of $12.8 million. Markets were positive for universal life policies and reserve backing assets, although mortality was “unfavorable,” resulting in a $0.02 decline in EPS.
Individual wealth management generated a profit of $3.5 million. Guaranteed product sales were $208.2 million, up 29% year over year, and dedicated fund sales were $724.9 million, up 26% year over year.
Gross sales of mutual funds reached $544.7 million, an increase of 17% compared to last year. Net sales of mutual funds were positive for the second quarter in a row, and net inflows reached $47.6 million.
iA reported assets under management and administration were $185.8 billion in the third quarter, up from $181 billion at the end of the second quarter but down from $187.1 billion a year earlier.
The company reported a capital adequacy ratio of 125%, “well above” its target range of 110-116%.
“In the face of the ongoing pandemic, we are continuing to grow long-term while protecting our significant financial strength,” Denis Ricard, president and CEO of iA Financial Group, said in a statement.
