Canada’s fourth-largest life insurer, Quebec City–based iA Financial, beats the Big Three handily on many scorecards
The life insurance and wealth management businesses aren’t rocket science, but iA Financial, Canada’s fourth-largest life insurer, also has a unique—and profitable—auto dealer segment, which provides creditor insurance, warranties and other products for vehicle dealers.
It’s just one trait that sets iA apart from the Big Three life insurers in Canada . Another is more focus. Created by the merger of Quebec City-based Industrial Life and Montreal-based Alliance Mutual Life in 1987, iA sticks to North America, while Manulife, Great-West and Sun all have substantial interests overseas.
Life insurance has been a tough business since the 2008-09 financial crisis. Central banks pushed interest rates to historic lows, which hit life insurers with a double whammy—they had to set aside more reserves to cover claims that may not come for decades, and lower rates hurt their returns on bonds and other fixed-income investments.
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