CFO cites favorable insurance coverage expertise for a 3rd straight quarter
“Second quarter outcomes have been strong in each respect.”
These have been the phrases of iA Monetary Group president and chief government Denis Ricard when the iA Insurance coverage proprietor launched its earnings report for the second quarter of 2024.
In response to the insurance coverage and wealth administration group, right here’s the way it fared within the interval:
|
Metric
|
Q2 2024
|
Q2 2023
|
|---|---|---|
|
Web revenue attributed to widespread shareholders
|
CA$206 million
|
CA$196 million
|
|
Core earnings – insurance coverage, Canada
|
CA$106 million
|
CA$91 million
|
|
Core earnings – wealth administration
|
CA$98 million
|
CA$76 million
|
|
Core earnings – US operations
|
CA$22 million
|
CA$26 million
|
|
Core earnings – group
|
CA$267 million
|
CA$247 million
|
When the monetary outcomes have been introduced, Ricard highlighted: “Core EPS (diluted earnings per widespread share) of CA$2.75 is at a file degree, and enterprise progress was robust throughout all sectors, contributing to a 15% enhance in premiums and deposits. Significantly noteworthy have been gross sales of particular person insurance coverage and segregated funds in Canada, in addition to file gross sales in US insurance coverage.
“Together with robust natural progress, we just lately accomplished acquisitions in two high-growth sectors: our US insurance coverage operations and our wealth administration distribution enterprise in Canada, reflecting our disciplined execution of our technique.”
In Canada, components that contributed to the numbers included the favorable mortality expertise in particular person and group insurance coverage, decrease auto and residential safety claims, and the optimistic influence of premium will increase carried out in 2023. For the US, the group cited larger gross sales and extra onerous contracts.
Éric Jobin, chief monetary officer and chief actuary, commented: “Profitability was robust within the second quarter with a 15% enhance in core EPS. Along with continued gross sales momentum, this efficiency was notably pushed by favorable insurance coverage expertise for a 3rd consecutive quarter.”
In the meantime, iA Monetary accomplished its swoop for 2 present blocks of enterprise from Prosperity Life Group and in addition introduced a quarterly dividend of CA$0.8200 per excellent widespread share payable on September 16.
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