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Profits surged for Quebec City-based iA Financial Corp. in the first quarter.

On Thursday, the firm reported net income attributable to common shareholders of $172.9 million for the quarter ended March 31 — up 342% from the $39.1 million reported a year earlier, when the onset of Covid-19 wreaked havoc across the financial sector.

Sales were up 29% year over year in iA’s individual insurance line, and the firm’s wealth management division saw record sales of mutual funds and segregated funds.

Gross seg fund sales reached $1,377 million (up 58% year over year) and gross mutual fund sales reached $941.8 million (up 36% year over year), according to a release.

iA reported total assets under management and administration of $201.3 billion at the end of Q1, up from $175.7 billion a year earlier.