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iA Financial’s first-quarter earnings fell slightly year over year.

The Quebec City-based company reported net earnings attributed to common shareholders of $233 million in the first quarter of 2024, down from $270 million in the same quarter last year.

Segregated funds gross sales were just under $1.3 billion for the quarter, up 24% year over year, with net sales of $557 million. However, mutual funds experienced a net outflow of $143 million, which the company attributed to industry-wide challenges.

Individual insurance sales totalled $89 million in Canada, similar to the first quarter of 2023. The company said it was the national leader for the number of policies issued according to LIMRA data.

iA Financial had $229.3 trillion in assets under management and administration on March 31, up 5% from the previous quarter and up 11% over the past 12 months. The increase was driven by favourable market conditions and net fund inflows from segregated funds.

The insurer also announced changes to its executive committee Thursday. Sean O’Brien will replace Michael L. Stickney as chief growth officer of U.S. operations. Stickney’s other role as co-head of acquisitions will go to Denis Berthiaume, who is also executive vice-president of strategy, performance, mergers and acquisitions.

In addition, Louis-Philippe Pouliot has been appointed executive vice-president of group benefits and retirement solutions. These changes will take effect on May 29.

The company also announced a quarterly dividend of $0.82 per common share.