June 19, 2018 11:30
The Québec national Assembly has adopted the draft of the private act 235, Act to amend the An Act respecting Industrial-Alliance Insurance Company on the Life, which allows iA financial Group to create a portfolio management company (a holding company). This new structure would consolidate all activities of the insurer.
Since the announcement of its intention in February last, iA has received the approval of the Quebec superior Court and the approval of its board of directors, which voted in 97,11 % in favour of the arrangement.
Yvon Charest, president and chief executive officer of ai, has argued that the holding would allow the insurer to put on the same footing as its competitors, Sun Life Financial, Manulife and Great-West.
The future CEO and current chief operating officer, Denis Ricard, added that the new structure will serve the growth ambitions of iA and facilitate acquisitions.