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ai improves its net profit by 26% in the first quarter

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May 11, 2018 09:45

Yvon Charest

iA financial Group has increased its net income attributed to common shareholders of 26 % for the quarter ended march 31, 2018, which amounted to 139.2 million ($M), compared to$ 110.3 Million in the corresponding quarter of 2017. iA assets under management and under administration 169,7 billion.

“In addition to the favourable results on the side of the policyholders, we have benefited from a strong contribution of Heritage Hollis for our activities in individual wealth management, which is consistent with our strategy to grow our distribution capabilities, as if it were a business in and of itself, highlights Yvon Charest, president and chief executive officer. We anticipate similar success for three other acquisitions completed since the beginning of 2018 — PPI and ABEX in Canada and DAC in the United States which contribute immediately to the increase of our profit. “

Sales in the individual and damage increase

Sales of individual insurance increased slightly during the first quarter, from$ 46.5 Million in 2017, $ 46.7 M$ for 2018. The net premiums total reach 391,8 Million, compared to 362,2 M$ for the corresponding period of the previous year.

In group insurance, sales were down a little less than$ 6 Million, from$ 212.5 Million to 206,7 M$. These sales include the employee plans, dealer services and insurance for special markets.

iA auto and home has also been an increase in the written premiums during the first quarter of 2018, to reach$ 62.2 Million, or 5 %, compared to$59.4 Million.

The sales of the subsidiary of the american cases have declined by 2 %, totalling $ 17.3 M$.

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