iA Financial’s net income increased 9% year over year in the first quarter of 2019 despite a decline in individual wealth management, the firm said Thursday in its quarterly earnings report.
iA’s net income attributed to common shareholders increased to $151.1 million in the quarter ended March 31, 2019, compared to $139.2 million in the same period last year.
The firm’s assets under management rose 4% from a year ago to $181 billion on March 31.
Aside from individual wealth management—where iA expected a profit loss due to market turmoil in the second half of 2018—the firm saw “strong growth” in all lines of business, the earnings release said.
In its retail wealth management division, guaranteed product sales of $109.2 million in the quarter were similar to a year ago, the firm said, while gross sales of mutual funds totalled $546.3 million, down 18%, with net outflows of $88.5 million. Gross sales of segregated funds amounted to $610.9 million, down 1%.
Retail insurance sales were down to $41.2 million from $46.7 million a year ago, partly due to a decline in excess premiums, while the number of life insurance policies issued was up 3%.
Individual insurance sales in the U.S. were up 11% to US$19.2 million, and dealer services sales increased 25% to US$109.7 million.
The group savings and retirement sector reported year-over-year growth of 26%.