15 February 2018 13:30
Photo : Freepik
iA financial Group reported a decrease in its net income attributed to common shareholders of 14 % for the fourth quarter of 2017, while it amounted to 132.8 million dollars ($M), against$ 155 Million for the corresponding period in 2016. The group also posted a loss of 4 % of his net income attributed to common shareholders, from 537,2 M$ in 2016 in 515,5 M$ in 2017.
December 31, 2017, the assets under management and administration amounted 169.5 billion ($G$), against 126,2 G$ in 2016.
Fall in sales of 26 % in Canada
In Canada, sales of individual insurance products experienced a decrease of 26 % in the fourth quarter, amounting to 52.8 Million, respectively, compared to 71.4 Million$ to the same period in 2016. For the year 2017, these have declined by 9 % to reach$ 194 Million. iA financial Group attributes the decline to tax changes for the life insurance, which have boosted sales in the fourth quarter of 2016.
Overall, sales of individual insurance products have fallen by 20 % in the fourth quarter of 2017, rising from 93.4 Million to$ 74.9 Million$. For the year 2017, this is a decrease of 6 %, the subscriptions amounting to 288,1 M$.
Increase in home and auto
Subscriptions for iA auto and home saw an increase of 8% in the fourth quarter of 2017, to$ 64.2 Million, compared to$ 59.4 Million. For the year, sales amounted to 308,8 M$, an increase of 11 % compared to 2016.
The division of the dealer Services recorded sales of$ 99.0 Million in credit insurance (an increase of 16 %), 49.0 M$ (an increase of 12 %) in property insurance programs and auto loans, non-preferential$ 62.2 Million (an increase of 21 %).
Sun Life cash a decline in its net profit in 2017
The tax reform, lower interest rates and various adjustments have reduced the reported net income of Sun Life Financial of 71 % in the fourth quarter of 2017, up from 728 million dollars ($M) in the fourth quarter of 2016 to$ 207 Million. For the year 2017, it is a drop of more than 13 %, to a reported net income of $ 2.14 billion ($G$). The net loss recorded by Sun Life to reform us tax amounted to 251 Million$.
In Canada, the reported net income of$ 172 Million in the fourth quarter compared to$ 398 Million. This increase of$ 963 Million for fiscal year 2017, up from$ 936 Million recorded the previous year.
Decrease of 41 % of the subscriptions of individual products
Sun Life Canada has experienced a decline of 41 % of the subscriptions of individual insurance products in the fourth quarter of 2017, $ 120 Million$. The underwriting results in Canada totalled$ 227 Million, compared to 308 Million during the fourth quarter of 2016. These results are attributable to the legislative changes relating to life insurance, which entered into force on 1 January 2017.
For the year, the subscriptions amounted to$ 1.1 billion, against$ 950 Million in fiscal 2016. The sale of individual products, was down 5 % for the year 2017, to $ 451 M$.
Growth of 42 % in collective
The underwriting results in the group insurance industry experienced a growth of 42 % in 2017, due to several major contracts, ” says the insurer. As well, the subscriptions amounted to 674 Million us$ for the year 2017.
For the fourth quarter of 2017, it is an increase of 2 % to$107 Million.