Industrial Alliance Insurance and Financial Services Inc. (TSX:IAG) has reported higher net income and revenues for the first quarter.
The Quebec City-based insurer said Thursday that net income attributed to common shareholders was $104.9 million for the quarter ended March 31, up from $82.9 million a year ago.
Earnings per common share (diluted) were to $1.03, compared with $0.83 a year ago.
Revenues, which include premiums, investment income and other revenues, climbed to $3.05 billion for the first quarter, up from $2.674 billion for the same period last year.
Total assets under management and administration (AUMA) were at $114.7 billion at the end of the quarter, up from $109.5 billion a year ago.
The firm enjoyed retail insurance sales of $55.1 million and group insurance sales of $163.9 million during the first quarter.
In its retail wealth management business, net sales of segregated funds of $170.8 million were offset by mutual fund outflows of $267 million, resulting in net investment fund outflows of $96.2 million.
“First-quarter earnings exceed our guidance provided to the Street. This result includes a significant tax gain and better than expected equity returns, partially offset by adverse mortality across all our insurance operations and higher than usual claims for iA Auto and Home. Our capital position remains strong and we have the flexibility on our balance sheet to expand our operations through internal and strategic initiatives,” said René Chabot, executive vice president and chief actuary, in a release.