Industrial Alliance Reports Fourth Quarter and Year-end Results - Business growth driven by organic initiatives, acquisitions and strategic partnerships

Q4 Highlights

  • EPS of $0.04 reflects net reserve strengthening of $107.9 million
  • Retail insurance sales up 19%
  • Premiums and deposits up 11% to $2.0B
  • AUA/AUM up 6% YoY to $115.8B
  • BVPS up 9% YoY to $36.76
  • Solvency ratio of 213%

A full discussion of our results is available at www.ia.ca under About iA, in the Investor Relations section.

 

QUEBEC CITY, Feb. 11, 2016 /CNW Telbec/ - For the fourth quarter ended December 31, 2015, Industrial Alliance Insurance and Financial Services Inc. (TSX: IAG) reports net income attributed to common shareholders of $4.2 million and diluted earnings per common share (EPS) of $0.04. These results include a net reserve strengthening of $107.9 million or $1.05 EPS that is in line with the preview provided to the financial markets in November. Excluding the reserve strengthening, EPS amounted to $1.09 and the annualized return on shareholders' equity (ROE) was 11.8%, both of which are well within the guidance ($1.00-$1.10 EPS and 11.0%-12.5% ROE) provided for the fourth quarter. The solvency ratio at quarter-end was 213%.

"During 2015 we continued to strengthen our position as a diversified financial services group through internal growth, acquisitions and strategic partnerships," commented Yvon Charest, President and Chief Executive Officer. "One of the highlights in this regard was our retail insurance and segregated fund businesses, which both delivered outstanding growth. Equally important, we continued to invest in our distribution network with the acquisition of four insurance and wealth management brokerages to serve our retail clientele. In our mutual fund business, we remain focused on our plan to significantly improve gross and net sales."

"On the group side, our dealer services enlarged their car loan offer through the EPS-accretive acquisition of CTL late in the year. Our special risks group maintained their steady growth trend, our wealth operations benefited from the addition of new client groups and our employee benefits division delivered an encouraging year-over-year improvement. At iA Auto and Home, agreements were signed with industry partners that will accelerate future growth. All of these achievements build on our foundation to sustain future earnings growth."

"Despite the drop in equity markets and lack of progress in the long-term interest rate environment, iA Financial Group delivered another solid year of growth ," added René Chabot, Executive Vice-President, CFO and Chief Actuary. "Our fourth quarter earnings, before taking into account our annual assumption review, were at the top of our guidance reflecting a good contribution from our retail insurance business. Our net reserve strengthening relates principally to our lapse assumption to align it with recent industry studies, and was carried out with no impact on our capital position."

"As in previous years, we are introducing our earnings guidance for the next year. We are projecting that 2016 earnings per share will be in the range of $4.20 to $4.60,  with key contributions coming from our individual and group insurance sectors. In addition to normal growth of expected profit in our insurance operations and the EPS accretion from CTL, the excellent progress made in managing the cost of writing new business has allowed us to lower our strain guidance from 30% to 15%, which will be an important driver of 2016 earnings and help to offset the weaker contribution expected from our mutual fund business. With respect to our balance sheet, we are in a strong position with capital available to realize our future ambitions and we have the necessary protection in place to withstand significant market and interest rate events."

 




Highlights




Fourth quarter

Year-to-date at December 31


(In millions of dollars,

unless otherwise indicated)

2015


2014


Variation


2015


2014


Variation


Net income attributed to shareholders

8.3


123.7


(93%)


386.4


432.9


(11%)


Less: preferred share dividends

4.1


7.3


(44%)


18.0


28.5


(37%)


Less: premium on preferred share redemption


4.0



4.0


4.0



Net income attributed to common shareholders

4.2


112.4


(96%)


364.4


400.4


(9%)


Earnings per common share (diluted)

$0.04


$1.11


($1.07)


$3.57


$3.97


($0.40)


Return on common shareholders' equity 1

0.4%


13.4%



10.2%


12.4%


(220 bps)


Results excluding changes in assumptions













Net income attributed to common shareholders

112.1


115.6


(3%)


472.3


403.6


17%


Earnings per common share (diluted)

$1.09


$1.14


($0.05)


$4.63


$4.00


$0.63


Return on common shareholders equity1

11.8%


13.8%


(200 bps)


13.0%


12.5%


50 bps


1 Annualized for the quarter. Trailing twelve months for the year to date.





December 31, 2015




September 30, 2015




December 31, 2014


Solvency ratio



213%




225%




209%


Book value per share



$36.76




$36.45




$33.83


Assets under management and administration



$115.8B




$111.2B




$109.5B


Net impaired investments as a % of total investments



0.05%




0.10%




0.07%


 

FOURTH QUARTER HIGHLIGHTS

Profitability - For the fourth quarter ended December 31, 2015, Industrial Alliance Insurance and Financial Services Inc. reports net income attributed to common shareholders of $4.2 million and diluted earnings per common share (EPS) of $0.04. These results include a net reserve strengthening of $107.9 million or $1.05 EPS. Excluding the reserve strengthening, EPS amounted to $1.09 and the annualized return on shareholders' equity (ROE) was 11.8%, both of which are well within the guidance ($1.00‑$1.10 EPS and 11.0%-12.5% ROE) provided for the fourth quarter.

The key elements that explain profitability follow. All figures are after taxes unless otherwise indicated.

Expected profit on in-force increased by 11% to $129.4 million pre-tax over the same quarter last year, and is attributed mainly to the retail insurance sector. In addition, Industrial Alliance realized a net experience gain of $14.6 million pre-tax ($0.10 EPS) related to favourable policyholder and market-related experience. A detailed analysis of gains and losses follows.

Year-end assumption review - The Company's actuarial reserves were strengthened by a net amount of $107.9 million or $1.05 EPS. This strengthening relates principally to the lapse assumption in order to align it with recent industry studies.

Individual Insurance reported a net experience gain of $0.15 per share ($14.9 million). Of this amount, $0.06 EPS is explained by market gains on Universal Life policies and the remainder is mostly related to better than expected mortality.

Individual Wealth Management had a net experience loss of $0.02 per share (-$1.8 million).  While the dynamic hedging program for the segregated fund guarantee contributed a gain of $0.04 EPS and higher fees on assets under management added $0.01 EPS, these were more than offset by lower profitability in iA affiliates and typically higher year-end expenses.

Group Insurance reported an experience loss of $0.02 per share ($1.5 million) related to higher death claims for Employee Plans. Long-term disability experience was in line with expectations.

Group Savings and Retirement reported an investment loss of $0.01 per share ($0.9 million) in the fourth quarter.

Strain - In the Individual Insurance sector, strain on new business amounted to $14.4 million pre-tax, or 20% of sales,  lower than the  fourth quarter guidance of 25% . Management estimates that the lower strain ratio, which is attributed to sales growth, improvements in US underwriting and changes to some reinsurance agreements, represented a gain of $0.01 per share.

Income on capital - Total income on capital of $20.2 million pre-tax compares with $23.5 million in the previous quarter. The decrease in the fourth quarter is attributed equally to higher property claims as well as investments in a new subsidiary at IA Auto and Home.

Income taxes - The effective tax rate excluding the impact of the year-end assumption review was 21%.

Business Growth - Premiums and deposits of $2.0 billion were up 11% over the previous year principally because of higher inflows in the group wealth management sector. Assets under management and administration of $115.8 billion grew by 4% in the fourth quarter and 6% over the last twelve months, with good inflows from our segregated funds and iA distribution affiliates.

In retail insurance, business growth continued to maintain good momentum for the fifth quarter in a row. Total sales of $73.7 million (+19%) reflect growth in Canada (+8%) and the US (+55%). Sales in our adjustable disability business, which is continuing its cross-Canada rollout, were up by 21%.

In retail wealth management, gross sales of segregated funds increased to $366.8 million (+8%) reflecting the ongoing success of our cross-Canada distribution strategy; net inflows amounted  to $82.3 million (-7%) in the quarter. Gross sales of mutual funds amounted to $296.1 million (-30%) while net outflows were $247.5 million for the quarter.

The group insurance sector reported total sales of $212.0 million (+12%). Special Markets Solutions had sales of $59.1 million (+10%). In Dealer Services, sales amounted to $49.1 million (+31%) in P&C products and $89.3 million (-1%) in creditor insurance for an overall increase of 8%. In the Employee Plans segment, sales amounted to $14.5 million (+93%).

In Group Savings and Retirement, sales were $477.0 million, 108% higher than the previous year, reflecting inflows from the addition of new client groups.

Capital - At December 31, 2015, the solvency ratio was 213% compared with 225% at the end of the previous quarter. The decrease is principally related to the update of macroeconomic assumptions for segregated funds (-5%) and recent acquisitions (-7%).

Dividend - The Board of Directors approved a dividend of 30 cents per share on the Company's outstanding common shares. This dividend is payable on March 15, 2016 to shareholders of record at February 26, 2016.

Dividend Reinvestment and Share Purchase - Registered shareholders wishing to enroll in the Company's Dividend Reinvestment and Share Purchase Plan (DRIP) so as to be eligible to reinvest the next dividend payable on March 15, 2016 must ensure that the duly completed form is delivered to Computershare no later than 4:00 p.m. on February 19, 2016. Enrollment information is provided on the Company's website at www.ia.ca under About iA, in the Investor Relations/Dividends section. It should be noted that common shares issued under the Company's DRIP shall be purchased on the secondary market and no discount will be applicable.

Macroeconomic Sensitivity at December 31, 2015 The Company can absorb a sudden decrease of about 27% in the S&P/TSX index before having to strengthen reserves for future policyholder benefits (24% at September 30, 2015).

  • The Company can absorb a sudden decrease of 39% in the S&P/TSX index before the solvency ratio drops below 175% (48% at September 30, 2015) and a decrease of 53% before the solvency ratio drops below 150% (59% at September 30, 2015).
  • The full-year impact on net income attributed to common shareholders of a sudden 10% decrease in the stock markets is $28 million ($28 million also at September 30, 2015). This does not take into consideration any potential reserve strengthening.
  • The impact on net income attributed to common shareholders of a 10 basis point decrease in the initial and ultimate reinvestment rates totals $91 million ($89 million at September 30, 2015).

Market Guidance for 2016

  • Earnings per common share: new target range of $4.20 to $4.60
  • Return on common shareholders' equity (ROE): target range remains at 11.0% to 12.5%
  • Solvency ratio: target range remains at 175% to 200%
  • Dividend payout ratio: payout range remains at 25% to 35% with the target being the mid-point
  • Effective tax rate: target range remains at 18% to 20%
  • Strain on new business: new target of 15% (±5%) of sales in Individual Insurance

GENERAL INFORMATION

Non-IFRS Financial Information
The Company reports its financial results in accordance with International Financial Reporting Standards (IFRS). It also publishes certain non-IFRS financial measures that do not have an IFRS equivalent, including sales, value of new business and solvency ratio, or which have an IFRS equivalent such as data on operating profit and income taxes on earnings presented in the sources of earnings table. The Company also uses non-IFRS adjusted data in relation to net income, earnings per share and return on equity. These non-IFRS financial measures are often accompanied by and reconciled with IFRS financial measures. The Company believes that these non-IFRS financial measures provide investors and analysts with additional information to better understand the Company's financial results as well as assess its growth and earnings potential. Since non-IFRS financial measures do not have a standardized definition, they may differ from the non-IFRS financial measures used by other institutions. The Company strongly encourages investors to review its financial statements and other publicly-filed reports in their entirety and not to rely on any single financial measure.

Forward-looking Statements
This press release may contain statements relating to strategies used by Industrial Alliance or statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "may", "will", "could", "should", "would", "suspect", "expect", "anticipate", "intend", "plan", "believe", "estimate", and "continue" (or the negative thereof), as well as words such as "objective" or "goal" or other similar words or expressions. Such statements constitute forward‑looking statements within the meaning of securities laws. Forward‑looking statements include, but are not limited to, information concerning the Company's possible or assumed future operating results. These statements are not historical facts; they represent only the Company's expectations, estimates and projections regarding future events.

Although Industrial Alliance believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Factors that could cause actual results to differ materially from expectations include, but are not limited to: general business and economic conditions; level of competition and consolidation; changes in laws and regulations including tax laws; liquidity of Industrial Alliance including the availability of financing to meet existing financial commitments on their expected maturity dates when required; accuracy of information received from counterparties and the ability of counterparties to meet their obligations; accuracy of accounting policies and actuarial methods used by Industrial Alliance; insurance risks including mortality, morbidity, longevity and policyholder behaviour including the occurrence of natural or man-made disasters, pandemic diseases and acts of terrorism.

Additional information about the material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the "Risk Management" section of the 2015 Management's Discussion and Analysis and in the "Management of Risks Associated with Financial Instruments" note to Industrial Alliance's consolidated financial statements, and elsewhere in Industrial Alliance's filings with Canadian securities regulators, which are available for review at www.sedar.com.

The forward-looking statements in this news release reflect the Company's expectations as of the date of this press release. Industrial Alliance does not undertake to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, except as required by law.

Documents Related to the Financial Results
For a detailed discussion of the Company's fourth quarter and year-end results, investors are invited to consult the MD&A for the year ended December 31, 2015, related consolidated financial statements and accompanying notes as well as our supplemental information package, all of which are available on the iA Financial Group website at www.ia.ca under About iA, in the Investor Relations/Financial Reports section and on SEDAR at www.sedar.com.

Conference Call
Management will hold a conference call to present the Company's results on Thursday, February 11, 2016, at 12:00 p.m. (ET). The toll-free dial-in number is 1-800-695-1004. A replay of the conference call will be available for a one‑week period, starting at 2:30 p.m. on February 11, 2016. To access the the conference call replay, dial 1‑800‑558‑5253 (toll-free) and enter access code 21794620. A webcast of the conference call ( listen-only mode) will also be available on the iA Financial Group website at www.ia.ca.

About iA Financial Group
Founded in 1892, iA Financial Group offers life and health insurance products, mutual and segregated funds, savings and retirement plans, RRSPs, securities, auto and home insurance, mortgages and car loans and other financial products and services for both individuals and groups. It is one of the four largest life and health insurance companies in Canada and among the largest publicly-traded companies in the country. iA Financial Group stock is listed on the Toronto Stock Exchange under the ticker symbol IAG.

iA Financial Group is a business name and trademark of Industrial Alliance Insurance and Financial Services Inc.


CONSOLIDATED INCOME STATEMENTS





Quarters ended

December 31

Twelve months ended
December 31

(in millions of dollars, unless otherwise indicated)

2015

2014

2015

2014


$

$

$

$

Revenues





Premiums





Gross premiums

1,812

1,461

6,564

5,872

Premiums ceded

(142)

(115)

(523)

(446)

Net premiums

1,670

1,346

6,041

5,426

Investment Income





Interest and other investment income

297

282

1,097

1,007

Change in fair value of investments

116

658

(61)

2,163


413

940

1,036

3,170

Other revenues

290

270

1,158

1,084


2,373

2,556

8,235

9,680

Policy benefits and expenses





Gross benefits and claims on contracts

1,036

1,151

4,270

4,156

Ceded benefits and claims on contracts

(88)

(171)

(336)

(415)

Net transfer to segregated funds

274

69

741

425

Increase (decrease) in insurance contract liabilities

273

660

514

2,572

Increase (decrease) in investment contract liabilities

7

7

21

38

Decrease (increase) in reinsurance assets

253

184

266

317


1,755

1,900

5,476

7,093

Commissions

315

284

1,197

1,119

General expenses

266

233

973

898

Premium and other taxes

28

18

106

85

Financing charges

17

14

62

50


2,381

2,449

7,814

9,245

Income before income taxes

(8)

107

421

435

Income taxes

(11)

(18)

39

---

Net income

3

125

382

435

Net income attributed to participating policyholders

(5)

1

(4)

2

Net income attributed to shareholders

8

124

386

433

Dividends attributed to preferred shares

4

8

18

29

Redemption premium on preferred shares

---

4

4

4

Net income attributed to common shareholders

4

112

364

400

Earnings per common share (in dollars)






Basic

0.04

1.12

3.59

4.01


Diluted

0.04

1.11

3.57

3.97

Weighted average number of shares outstanding (in millions of units)






Basic

102.0

100.4

101.4

99.9


Diluted

102.6

101.2

102.0

100.8

Dividends per common share (in dollars)

0.30

0.28

1.16

1.06

 

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION



(in millions of dollars)

As at December 31


2015

2014


$

$

Assets



Cash and short-term investments

969

498

Bonds

19,278

18,575

Stocks

2,924

3,242

Mortgages and other loans

3,169

2,886

Derivative financial instruments

332

225

Policy loans

841

713

Other invested assets

337

80

Investment properties

1,216

1,190

Total investments

29,066

27,409




Other assets

1,649

1,772

Reinsurance assets

1,280

1,368

Fixed assets

178

153

Deferred income tax assets

31

59

Intangible assets

623

560

Goodwill

334

270

General fund assets

33,161

31,591

Segregated funds net assets

19,777

18,748

Total assets

52,938

50,339

Liabilities



Insurance contract liabilities

22,848

22,021

Investment contract liabilities

655

693

Derivative financial instruments

398

217

Other liabilities

4,080

3,893

Deferred income tax liabilities

150

235

Debentures

846

597

General fund liabilities

28,977

27,656

Segregated funds liabilities

19,777

18,748

Total liabilities

48,754

46,404

Equity



Share capital and contributed surplus

1,707

1,740

Retained earnings and accumulated other comprehensive income

2,432

2,146

Participating policyholders' account

45

49


4,184

3,935

Total liabilities and equity

52,938

50,339

 

SEGMENTED INCOME STATEMENTS



The following tables present a summary of income by sector of activities:



(in millions of dollars)

Quarter ended December 31, 2015


Individual

Group




Insurance

Wealth
Management

Insurance

Savings and
Retirement

Other

Total


$

$

$

$

$

$

Revenues







Net premiums

411

396

351

460

52

1,670

Investment income

321

(11)

23

46

34

413

Other revenues

39

246

22

18

(35)

290


771

631

396

524

51

2,373

Operating expenses







Gross benefits and claims on contracts

179

335

249

248

25

1,036

Ceded benefits and claims on contracts

(54)

(13)

(21)

(6)

6

(88)

Net transfer to segregated funds

---

90

---

184

---

274

Increase (decrease) in insurance contract liabilities

240

(48)

5

61

15

273

Increase (decrease) in investment contract liabilities

1

---

6

---

---

7

Decrease (increase) in reinsurance assets

250

12

3

5

(17)

253

Commissions, general and other expenses

248

207

144

21

(11)

609

Financing charges

3

---

2

---

12

17


867

583

388

513

30

2,381

Income before income taxes and

allocation of other activities

(96)

48

8

11

21

(8)

Allocation of other activities

22

(3)

1

1

(21)

---

Income before income taxes

(74)

45

9

12

---

(8)

Income taxes

(31)

12

4

4

---

(11)

Net income

(43)

33

5

8

---

3

Net income attributed to participating policyholders

(5)

---

---

---

---

(5)

Net income attributed to shareholders

(38)

33

5

8

---

8





(in millions of dollars)

Quarter ended December 31, 20141


Individual

Group




 

Insurance

Wealth

Management

 

Insurance

Savings and

Retirement

 

Other

 

Total


$

$

$

$

$

$

Revenues







Net premiums

382

363

330

216

55

1,346

Investment income

697

82

34

89

38

940

Other revenues

28

244

8

16

(26)

270


1,107

689

372

321

67

2,556

Operating expenses







Gross benefits and claims on contracts

263

319

236

317

16

1,151

Ceded benefits and claims on contracts

(142)

(13)

(25)

(6)

15

(171)

Net transfer to segregated funds

---

95

---

(26)

---

69

Increase (decrease) in insurance contract liabilities

568

19

34

46

(7)

660

Increase (decrease) in investment contract liabilities

---

---

7

---

---

7

Decrease (increase) in reinsurance assets

165

50

(8)

(30)

7

184

Commissions, general and other expenses

197

202

119

17

---

535

Financing charges

4

---

---

---

10

14


1,055

672

363

318

41

2,449

Income before income taxes and

allocation of other activities

52

17

9

3

26

107

Allocation of other activities

24

(2)

3

1

(26)

---

Income before income taxes

76

15

12

4

---

107

Income taxes

(15)

(3)

1

(1)

---

(18)

Net income

91

18

11

5

---

125

Net income attributed to participating policyholders

2

---

---

(1)

---

1

Net income attributed to shareholders

89

18

11

6

---

124





(in millions of dollars)

Twelve months ended December 31, 2015


Individual

Group




Insurance

Wealth

Management

Insurance

Savings and
Retirement

Other

Total


$

$

$

$

$

$

Revenues







Net premiums

1,579

1,712

1,328

1,204

218

6,041

Investment income

526

141

81

161

127

1,036

Other revenues

148

998

54

69

(111)

1,158


2,253

2,851

1,463

1,434

234

8,235

Operating expenses







Gross benefits and claims on contracts

726

1,407

961

1,060

116

4,270

Ceded benefits and claims on contracts

(218)

(43)

(72)

(22)

19

(336)

Net transfer to segregated funds

---

451

---

290

---

741

Increase (decrease) in insurance contract liabilities

518

(5)

3

(11)

9

514

Increase (decrease) in investment contract liabilities

1

---

20

---

---

21

Decrease (increase) in reinsurance assets

235

43

(8)

9

(13)

266

Commissions, general and other expenses

883

823

511

79

(20)

2,276

Financing charges

15

---

2

---

45

62


2,160

2,676

1,417

1,405

156

7,814

Income before income taxes and

allocation of other activities

93

175

46

29

78

421

Allocation of other activities

77

(9)

7

3

(78)

---

Income before income taxes

170

166

53

32

---

421

Income taxes

(8)

30

12

5

---

39

Net income

178

136

41

27

---

382

Net income attributed to participating policyholders

(4)

---

---

---

---

(4)

Net income attributed to shareholders

182

136

41

27

---

386





(in millions of dollars)

Twelve months ended December 31, 20141


Individual

Group




 

Insurance

Wealth
Management

 

Insurance

Savings and
Retirement

 

Other

 

Total


$

$

$

$

$

$

Revenues







Net premiums

1,495

1,464

1,343

920

204

5,426

Investment income

2,368

226

123

321

132

3,170

Other revenues

112

963

40

62

(93)

1,084


3,975

2,653

1,506

1,303

243

9,680

Operating expenses







Gross benefits and claims on contracts

841

1,314

922

963

116

4,156

Ceded benefits and claims on contracts

(302)

(40)

(63)

(25)

15

(415)

Net transfer to segregated funds

---

315

---

110

---

425

Increase (decrease) in insurance contract liabilities

2,245

36

91

200

---

2,572

Increase (decrease) in investment contract liabilities

1

---

37

---

---

38

Decrease (increase) in reinsurance assets

271

93

(13)

(31)

(3)

317

Commissions, general and other expenses

755

789

505

68

(15)

2,102

Financing charges

10

---

---

---

40

50


3,821

2,507

1,479

1,285

153

9,245

Income before income taxes and

allocation of other activities

154

146

27

18

90

435

Allocation of other activities

81

(3)

9

3

(90)

---

Income before income taxes

235

143

36

21

---

435

Income taxes

(40)

31

6

3

---

---

Net income

275

112

30

18

---

435

Net income attributed to participating policyholders

3

---

---

(1)

---

2

Net income attributed to shareholders

272

112

30

19

---

433

1

In 2015, the Company modified the presentation of segmented information and adjusted the date of December 31, 2014 to be on a comparative basis.

 

SEGMENTED STATEMENTS OF FINANCIAL POSITION


The following tables present a summary of the financial position by sector of activities:


(in millions of dollars)

As at December 31, 2015


Individual

Group



Insurance

Wealth
Management

Insurance

Savings and
Retirement

Other

Total


$

$

$

$

$

$

Assets







Invested assets

16,189

2,012

1,700

3,273

5,892

29,066

Segregated fund assets

---

12,292

---

7,485

---

19,777

Reinsurance assets

422

301

352

153

52

1,280

Other

72

---

---

---

2,743

2,815

Total assets

16,683

14,605

2,052

10,911

8,687

52,938

Liabilities







Insurance contract liabilities and

investment contract liabilities

16,269

1,647

2,174

3,407

6

23,503

Segregated fund liabilities

---

12,292

---

7,485

---

19,777

Other

298

90

5

1

5,080

5,474

Total liabilities

16,567

14,029

2,179

10,893

5,086

48,754















(in millions of dollars)

As at December 31, 20141


Individual

Group



 

Insurance

Wealth
Management

 

Insurance

Savings and
Retirement

 

Other

 

Total


$

$

$

$

$

$

Assets







Invested assets

15,711

1,896

1,798

3,302

4,702

27,409

Segregated fund assets

---

11,826

---

6,922

---

18,748

Reinsurance assets

551

291

354

162

10

1,368

Other

---

---

---

---

2,814

2,814

Total assets

16,262

14,013

2,152

10,386

7,526

50,339

Liabilities







Insurance contract liabilities and

investment contract liabilities

15,532

1,596

2,175

3,419

(8)

22,714

Segregated fund liabilities

---

11,826

---

6,922

---

18,748

Other

96

67

2

---

4,777

4,942

Total liabilities

15,628

13,489

2,177

10,341

4,769

46,404

1

In 2015, the Company modified the presentation of segmented information and adjusted the date of December 31, 2014 to be on a comparative basis.

SOURCE Industrial Alliance Insurance and Financial Services Inc.

For further information: Investor Relations: Grace Pollock, Office: 418 780-5945, Email: grace.pollock@ia.ca; Media Relations: Pierre Picard, Office: 418 684-5000, ext. 1660, Email: pierre.picard@ia.ca

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