iA Financial’s net income rose 9% year-over-year in the first quarter of 2019 despite deterioration in individual wealth management, the company said Thursday in its quarterly earnings report.
iA’s net income attributable to common stockholders increased to $151.1 million for the quarter ended March 31, 2019 compared to $139.2 million for the same period last year.
The company’s assets under management increased 4% from a year ago to $181 billion as of March 31.
Outside of individual wealth management – where iA expected to lose profits due to market turmoil in the second half of 2018 – the company reported “strong growth” across all business lines, the results release said.
In its retail wealth management division, underwritten product sales of $109.2 million in the quarter were similar to a year ago, the company said, while mutual fund gross sales were $546.3 million, down 18%, and net outflows amounted to $88.5 million. Gross sales of separated funds were $610.9 million, down 1%.
Retail insurance sales fell to $41.2 million from $46.7 million a year ago, partly due to a decline in excess premiums, while the number of life insurance policies written rose 3%.
U.S. individual insurance sales increased 11% to $19.2 million, and dealer service sales increased 25% to $109.7 million.
The group savings and pensions sector grew by 26% year-on-year.
