iA Financial reports strong Q2 earnings

Profits were strong for Quebec City-based iA Financial Group in the second quarter.

On Thursday, the firm reported net income attributable to common shareholders of $231 million for the quarter ended June 30 — up from $183 million in Q2 2020.

Individual insurance sales totalled $73 million, up by 38% from a year ago. iA attributed the strong sales to its distribution networks and the “excellent performance” of its digital tools.

Sales were also strong in iA’s wealth management division. Segregated funds had net sales of $673 million, up from $417 million a year ago, and mutual funds experienced a net inflow of $272 million, up from $50 million a year ago.

iA reported total assets under management and administration of $210.5 billion at the end of Q2, up from $181 billion a year earlier.

“Our second quarter was marked by excellent profitability as we continued to deliver value to our shareholders by growing our book value by 11% over the last twelve months,” Denis Ricard, president and CEO of iA Financial Group, said in a statement.

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