Quebec City-based iA Financial reported third-quarter net income of $256 million, up 6% from the same quarter in 2022 and down 4% from $247 million in the previous quarter.
“Good core profitability in Q3 is largely attributable to strong results in the core insurance and non-insurance businesses,” Éric Jobin, executive vice-president, chief financial officer and chief actuary, said in a release.
Third-quarter individual insurance sales totalled $96 million, up 3% over the same quarter last year with strong sales in participating life and living benefit policies. Meanwhile, segregated fund gross sales were up 13% year-over-year to $882 million for the quarter, while sales of insured annuities and other savings products almost doubled to $618 million.
However, mutual fund sales fell 5.6% to $289 million.
Earnings from wealth management and Canadian insurance activities increased by 8% to $91 million and 26% to $82 million, respectively. But earnings from investment and financing activities fell 4% to $93 million compared to a year ago, which iA attributed to yield curve inversion from interest rate hikes during the first half of 2023 negatively impacted core investment results.
In October, iA Private Wealth, the Montreal-based wealth management arm of iA Financial Group, became a dually registered investment firm. At the time, it was one of only four across Canada to gain that status under the Canadian Investment Regulatory Organization.