IA Financial posted $273 million in first-quarter core earnings, up 12% from $243 million during the same quarter last year, according to a quarterly report released Wednesday.
The insurer had $264 billion in assets under management and administration as of March 31, up from $229 billion at the same time in 2024.
The Canadian insurance segment delivered $100 million in core earnings for the quarter, up from $92 million in the same period last year. The 9% increase was driven by the favourable impact of new insurance business from employee plans, good performance from dealer services and distribution activities and lower claims in auto and home, among other factors.
Wealth management core earnings for the quarter were $106 million, up from $95 million a year ago. This was mainly driven by strong segregated fund sales, favourable impact of financial market performance over the preceding 12 months and good performance from group savings and retirement.
Segregated fund sales for the quarter were $1.9 billion, 52% higher year over year. Gross mutual fund sales also increased 33% to $647 million. However, sales of other savings products dropped to $467 million this quarter from $581 million in the same quarter in 2024.
U.S. individual insurance sales of US$68 million in the first quarter were 62% higher than a year earlier. The result was driven by good growth in the final expense, middle or family and government or worksite markets, as well as the addition of sales from the Vericity acquisition.
IA Financial’s robust solvency ratio is 132%.