IA Financial Group

IA Financial Group is one of Canada’s leading insurance and wealth management companies. It also has operations in the United States. It is one of Canada’s largest publicly traded companies. Its parent company, IA Financial Corporation Inc., is a portfolio management company whose securities are listed on the Toronto Stock Exchange under the ticker symbol IAG (common shares). The preferred shares of its subsidiary Industrial Alliance Insurance and Financial Services Inc. are listed on the Toronto Stock Exchange under the symbol IAF.1

Industrial Alliance Insurance and Financial Services Inc.
TypePublic
TSX: IAG
S&P/TSX Composite Component
IndustryLife and health insurance, financial services
Founded1892
FounderBernard Leonard and Sir Hormidas Laporte
Headquarters1080 Grande Allée Ouest
Quebec City, Quebec
G1K 7M3
Key people
Denis Ricard (President, CEO)
Productsinsurance, savings and retirement, loans, group insurance, group pension plans, real estate, dealer services, brokerage, wealth management
RevenueC$3.681 bil Yd Jun116.5%
$197 mil Yd Jun1112.6%
C$531.4 mil 20174%
AUM$71.516 bil Jun11 16.2%[1]
Total assetsC$ 35.3009 bil (June 2011)
10.6% qoq
Total equity$2.6009 bil June 20117.3%
Number of employees
7 600 (2020)
Websiteia.ca

History

In 1892, members of Montreal’s French Canadian elite founded Alliance Nationale, a mutual aid society.2 And in 1905, The Industrial Life Insurance Company was founded in Quebec City. In 1987, the two companies, Alliance Mutual Life Insurance Company (as Alliance Nationale was called after 19583) and The Industrial merged to

create Industrial Alliance Life Insurance Company.3 It would become better known as Industrial Alliance Insurance and Financial Services, and then in 2015, as IA Financial Group.4

By signing on to the United Nations Principles for Responsible Investment (UN PRI) in early 2019, IA showed its commitment to incorporate environmental, social and governance (ESG) factors into its investment decisions.5

IA Financial Group became carbon-neutral on January 1, 2020.6

The company’s development happened in three main stages:

  • From mutual company to publicly traded company

In 2000, Industrial Alliance demutualized7, changing from a mutual company (owned by its insureds) to a publicly traded company (owned by its shareholders) and was listed on the Toronto Stock Exchange under the symbol IAG.

  • From a company operating exclusively in Quebec to a company with operations across Canada and in the United States

Until the early 1980s, Industrial Alliance’s operations were mainly Quebec-based. The Company went on to expand gradually outside the province’s borders. Its first significant expansion in the U.S. took place in April 2020 with the acquisition of American Amicable Life Insurance of Texas for $145 M.8

  • From insurance company to financial institution

Until the early 2000s, IA Financial Group was mainly known as a life and health insurance company. Through sustained growth and various acquisitions, IA Financial Group now offers a wide array of financial services.9

Main shareholders

As at March 1, 2020:

Caisse de dépôt et placement du Québec 9.19%
CI Investments 3.82%
QV Investors 3.30%
The Vanguard Group 2.76%
Mackenzie Financial 2.33%
RBC Global Asset Management 1.93%
Dimensional Fund Advisors 1.70%
Norges Bank Investment Management 1.40%
Brompton Funds 1.31%
GLC Asset Management Group 1.28%

IA Financial Group Companies

Individual Insurance

  • Industrial Alliance Insurance and Financial Services Inc.
  • PPI Management Inc.
  • Invisor Insurance Services Inc.
  • Michel Rhéaume et Associés ltée
  • Liland Insurance Inc.


Individual Wealth Management

  • Industrial Alliance Insurance and Financial Services Inc.
  • IA Wealth
  • IA Private Wealth
  • IA Capital Markets
  • IA Clarington Investments Inc.
  • FundEX Investissements inc.
  • Investia Financial Services Inc.
  • Industrial Alliance Trust Inc. (as trustee for several registered plans)
  • Industrial Alliance Investment Management Inc.
  • Invisor Investment Management Inc.
  • Forstrong Global Asset Management Inc.
  • PPI Management Inc.
  • Liland Insurance Inc.


Group Insurance

  • Industrial Alliance Insurance and Financial Services Inc. (employee plans and Special Markets Solutions)
  • PPI Management Inc.
  • Liland Insurance Inc.


Group Savings and Retirement

  • Industrial Alliance Insurance and Financial Services Inc.


Dealer Services

  • SAL Marketing Inc.
  • National Warranties MRWV Limited
  • Industrial Alliance Pacific General Insurance Corporation
  • WGI Service Plan Division Inc.
  • Lubrico Warranty Inc.


Auto and Home Insurance

  • Industrial Alliance Auto and Home Insurance Inc.
  • Prysm General Insurance Inc.
  • iA Advantages Insurance Firm Inc.


Automobile Financing

  • iA Auto Finance Inc.
  • Industrial Alliance Trust Inc. (as trustee)


U.S. Companies – Individual Insurance

  • IA American Life Insurance Company
  • American-Amicable Life Insurance Company of Texas
  • Occidental Life Insurance Company of North Carolina
  • Pioneer American Insurance Company
  • Pioneer Security Life Insurance Company


U.S. Companies – Dealer Services

  • Dealers Assurance Company
  • Dealers Alliance Corporation
  • Ecoblock, Inc.
  • First Automotive Service Corporation
  • Innovative Aftermarket Systems, L.P.  
  • Southwest Reinsure, Inc.

References
  1. "Industrial Alliance 2011 first Half financial results" (PDF). July 2011.

1 https://files.ia.ca/-/media/files/ia/investisseurs/rapportsfinanciers/trimestriel/2020/t2/ia-societe-financiere/q2-2020-fact-sheet.pdf

2 Annie Desaulniers, Le secours mutuel en transformation : L'Alliance nationale (1892-1948) [archive], thesis presented at the Université du Québec à Trois-Rivières [PDF], Trois-Rivières, December 2002 (consulted on September 2, 2020)

3 Alliance Mutuelle-Vie (Montréal, Québec) [archive], in Archives Canada (consulted September 2, 2020)

4 https://money.tmx.com/en/quote/IAG/news/73866564

5 https://www.newswire.ca/news-releases/ia-financial-group-becomes-a-signatory-of-the-united-nations-pri-818329152.html

6 https://www.newswire.ca/news-releases/ia-financial-group-becomes-carbon-neutral-817380718.html

7 Bill 222 (Private) – An Act respecting Industrial-Alliance Life Insurance Company [archive], in National Assembly of Quebec, November 26, 1999 (consulted on September 2, 2020)

8 Hopkins, Andrea (2010-04-28). "Insurer IAG buys American-Amicable for C$145 mln". Reuters.

9 Key milestones in our history [archive], on Industrial Alliance, 2016 (consulted September 2, 2020), p. 20

10 Market Screener, INDUSTRIAL ALLIANCE INSUR. & FIN. SER.: Shareholders [archive], at www.marketscreener.com (consulted March 1, 2020)

11 https://ia.ca/about-us/group-of-companies

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