{"id":1178,"date":"2024-01-13T04:14:01","date_gmt":"2024-01-13T04:14:01","guid":{"rendered":"https:\/\/financeify.ca\/?p=1178"},"modified":"2024-01-13T04:14:01","modified_gmt":"2024-01-13T04:14:01","slug":"ia-financial-net-profit-for-the-third-quarter-increased","status":"publish","type":"post","link":"https:\/\/financeify.ca\/index.php\/2024\/01\/13\/ia-financial-net-profit-for-the-third-quarter-increased\/","title":{"rendered":"iA Financial Net profit for the third quarter increased"},"content":{"rendered":"

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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.<\/p>\n

\u201cThe good core profitability in the third quarter is largely attributable to strong performance in the core insurance and non-insurance businesses,\u201d \u00c9ric Jobin, executive vice president, chief financial officer and chief actuary, said in the release.<\/p>\n

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.<\/p>\n

However, mutual fund sales fell 5.6% to $289 million.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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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. \u201cThe good core profitability in the third quarter is largely attributable to strong performance in the core insurance and non-insurance businesses,\u201d \u00c9ric Jobin, executive vice president, […]<\/p>\n","protected":false},"author":1,"featured_media":1179,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[18],"tags":[192,592,591,588,583],"class_list":{"0":"post-1178","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-seg-fund-investments","8":"tag-financial","9":"tag-increased","10":"tag-net","11":"tag-profit","12":"tag-quarter"},"aioseo_notices":[],"yoast_head":"\niA Financial Net profit for the third quarter increased - 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