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Industrial Alliance Insurance and Financial Services reported net income of $82.9 million in the first quarter, a 4% increase over last year.
“Our results represent a solid start to the year,” says president and CEO Yvon Charest. “With the increase in equity markets, together with our fund inflows during the quarter, our assets under management and administration exceeded the $100 billion mark, representing growth of 17% for the last 12 months.
In the group sectors, group savings and retirement led the way with sales growth of 17%.
In group insurance, employee plans reported higher than expected disability claims resulting in a loss.
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