iA Financial Corp. reported lower profits than a year ago as its individual wealth management and insurance businesses experienced small losses.
The Quebec City-based firm reported net income attributed to common shareholders of $215 million in the third quarter, down from $217 million a year ago. Year-to-date net income of $588 million as of Sept. 30 was down 5% from the previous year.
Earnings per common share of $2.03 in the third quarter were up 1% from the same period in 2021.
iA’s individual wealth management division reported a $9-million loss in the quarter, while individual insurance recorded a $3-million loss.
The firm’s assets under management and administration ended the third quarter at $196.2 billion, down 8% from a year earlier but up 1% from the previous quarter amid difficult financial markets and rising rates.
Despite the market conditions, iA said fund sales remained positive as customers turned to cash-equivalent products. Guaranteed product sales of $326 million in the quarter were up 52% from the previous year, it said.
“Our high performing distribution networks, supported by the quality of our products and digital tools, delivered strong growth in individual insurance sales and positive retail net fund inflows,” said iA president and CEO Denis Ricard in the release.