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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%.