Quebec City-based Industrial Alliance Insurance and Financial Services Inc. (IA) announced a significant increase in net income in the second quarter (Q2) as well as several changes in responsibilities among its senior management team on Thursday.

The firm reported net income attributed to common shareholders of $142.2 million as of June 30, a 25% jump over Q2 2014, although it did see a decrease in revenue year-over-year, to approximately $1.1 billion from approximately $2.3 billion. Diluted earnings per common share (EPS) rose to $1.40 from $1.13 a year ago and the annualized return on shareholders’ equity was 15.8%.

“This quarter was without a doubt among our best on record. Profit exceeded our guidance by a generous margin and business growth showed good momentum,” says Yvon Charest, IA’s president and CEO, in a statement. “We are pleased to highlight the continued momentum in our retail insurance sales, as well as our seg fund business that continues to gain market share across Canada. Our balance sheet remains solid and we have significant capital to support our internal and external growth initiatives.”

Retail insurance sales were $61.7 million, a jump of 11% from Q2 2014. Gross sales of segregated funds increased by 25% year-over-year to $366.5 million, which reflects the ongoing deployment of IA’s cross-Canada distribution strategy, according to the firm’s announcement. Gross inflows of mutual funds amounted to $383 million and outflows were $165.1 million for the quarter. The group insurance sector saw sales of $222.7 million, an increase of 13%.

In turn, IA’s board of directors increased the quarterly dividend by 7% to 30¢ a share on the company’s outstanding common shares. The dividend will be payable on Sept. 15 to shareholders of record at Aug. 21.

IA also announced several changes to the responsibilities of current members within its senior management team.

Renée Laflamme, currently head of group savings and retirement, is also now executive vice president responsible for group insurance employee plans and special markets solutions. Laflamme has been with IA for 17 years, during which she held assignments in mortgage loans and in investments.

René Chabot assumes the role of head of information technology and legal services in addition to remaining executive vice president, chief financial officer and chief actuary. Chabot, who has been with IA for 32 years, has held a several positions with the firm, including 10 years as head of group savings and retirement as well as marketing for personal financial services.

Denis Ricard, also an executive vice president, assumes responsibility for individual insurance and annuities in addition to keeping his post as head of group insurance dealer services and IA Trust. Ricard has held a number of positions, including chief actuary and chief financial officer, in his 30 years with the firm.

“These nominations are part of our organization’s ongoing succession planning that focuses on the development and promotion of high-performing individuals from within the organization,” says Charest. “This assures continuity and aligns our people with our long-term goals, that is, to be the preferred financial partner of our clients, the creator of sustainable value for our investors, as well as providing stimulating and rewarding careers for our employees.”