QUEBEC CITY, Nov. 21, 2016 /CNW Telbec/ - iA Financial Group (Industrial Alliance Insurance and Financial Services Inc.) announced today that it has signed an agreement to acquire Groupe PPP Ltée.
For more than 35 years, Groupe PPP has provided products and services to dealers of new and used automobiles and other motorized vehicles. The products available through these dealers include creditor insurance, replacement insurance, extended warranties and other products.
"This acquisition represents another step in the expansion of our distribution network. Groupe PPP's activities will be integrated with the activities of iA Financial Group's Dealer Services division, which are already well established across Canada," stated Luc Samson, Vice-President, Sales and Administration, Dealer Services.
"We are pleased with this opportunity for partners of Groupe PPP. This will allow them to offer a broader range of products and services to their clients and have a direct relationship with the manufacturer of these products," highlighted Félix Lambert, Chairman of the Groupe PPP Board of Directors.
The transaction was concluded on November 18, 2016. The purchase price was not disclosed, but the impact of this transaction on iA Financial Group's capital and net income is not material.
About Groupe PPP
Founded in 1980, Groupe PPP Ltée offers after-sale marketing products, such as replacement insurance, creditor insurance, technological solutions and other warranty and insurance products. It has strategic partnerships with several of the automobile industry's biggest players, including a unique 10+ year partnership with CAA‑Québec.
About iA Financial Group
Founded in 1892, iA Financial Group offers life and health insurance products, mutual and segregated funds, savings and retirement plans, 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 one of 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.
SOURCE Industrial Alliance Insurance and Financial Services Inc.
For further information: Investor Relations: Grace Pollock, Office: 418-780-5945, Email: [email protected]; Public Relations: Pierre Picard, Office: 418-684-5000, ext. 1-1660, Email: [email protected]