About iA Financial

iA Financial Corporation Inc., together with its subsidiaries, provides life and health insurance products, savings and retirement plans, mutual funds, securities, mortgages, auto and home insurance, creditor insurance, replacement insurance, replacement warranties, extended warranties and other ancillary products for dealer services and other financial products and services. The company’s products and services are offered on both an individual and group basis and extend throughout Canada and the United States. The company’s products and services are offered to retail customers, businesses and groups. The main products and services offered by each segment are the following: Segments The company operates through five segments, Individual Insurance, Individual Wealth Management, Group Insurance, Group Savings and Retirement, US Operations, and Auto and Home Insurance segments. Individual Insurance This segment includes life, health, disability and mortgage insurance products. This segment offers a range of insurance products through a distribution network. The company launched the following two new insurance products: An improved version of yearly renewable term universal life insurance offering flexibility and accumulation potential for clients. A permanent participating life insurance product for clients seeking insurance protection combined with growth, stability and diversification for their investment portfolio. This segment’s products and services include life insurance (universal, permanent and term), critical illness insurance, short and long-term disability insurance, mortgage insurance, accidental death and dismemberment (AD&D) insurance, creditor insurance (life and disability), and travel insurance. Individual Wealth Management This segment includes individual products and services for savings plans, retirement funds and segregated funds, in addition to securities brokerage, trust operations and mutual funds. In the Individual Wealth Management sector, the company offers a range of savings and retirement products. The company engages in the development and distribution of segregated funds. IA Clarington Investments, the company’s subsidiary, offers a line of mutual funds and is a major investment management firm. Clients could invest in the sector’s products through registered retirement savings plans (RRSPs), registered education savings plans (RESPs), tax-free savings accounts (TFSAs), registered retirement income funds (RRIFs) and non-registered plans. The sector also has three distribution affiliates working in mutual fund and securities brokerage, such as FundEX Investments, iA Private Wealth and Investia Financial Services. This segment’s products and services include segregated funds, mutual funds, securities, life and fixed-term annuities, registered savings and disbursement plans (RRSPs, RESPs, TFSAs and RRIFs), investment advice, and private wealth management. Group Insurance This segment includes life, health, accidental death and dismemberment, dental care and short and long-term disability insurance products for employee plans; creditor insurance, replacement insurance, replacement warranties, extended warranties and other ancillary products for dealer services; and specialized products for special markets. Employee Plans: The Employee Plans division offers a range of group benefits products for companies and organizations. The division has signed agreements with approximately 1,000 groups and serves 525,000 plan members. To help manage plans and promote the health and wellness of plan members, this segment offers various services and technology tools for plan administrators, members and benefits advisors. These include a disability management program, a drug management program and a health and wellness program offering telemedicine. Offered through My Client Space and the iA Mobile app, these services and tools provide clients with an omnichannel experience. This segment’s products and services include life and health, AD&D, dental care, short and long-term disability, critical illness and home care insurance; voluntary benefits (life, AD&D and critical illness); and out-of-Canada medical insurance. Dealer Services: Dealer Services distributes creditor insurance products (life, disability, loss of employment and critical illness), car loan financing, and property and casualty (P&C) products. P&C products include extended warranties, replacement insurance, guaranteed asset protection and a range of ancillary products. The division insures approximately 725,000 individuals and one million vehicles, and has 40,000 car loans outstanding. Its products are offered through a Canada-wide direct distribution network of approximately 6,700 automobile and other motor vehicle dealers. This division’s products and services include creditor insurance, P&C products, and car loans. Special Markets: Special Markets engages in niche insurance markets that are underserved by traditional group insurance carriers. The division primarily offers accidental death & dismemberment (AD&D) insurance, critical illness insurance and other specialized insurance products to employers and associations, as well as travel medical and health insurance through distribution partners and term life insurance to alumni associations and other affinity groups. Special Markets has contracts with approximately 4,000 groups and associations. This division’s products and services include AD&D insurance, critical illness insurance, disability insurance and other specialized products; travel medical and health insurance; and term life insurance. Group Savings and Retirement This segment provides group products and services for savings plans, retirement funds and segregated funds. This segment offers a range of products and services adapted to the needs of companies and their employees. The products offered could be broken down into two categories, such as accumulation products (savings products, such as defined contribution or defined benefit plans, and institutional money management services) and disbursement products (essentially insured annuities). Products are marketed Canada-wide through brokers and actuarial consulting firms. This segment has approximately 12,000 groups and serves 430,000 plan members and 60,000 annuitants. This segment’s products and services include capital accumulation products and disbursement products (insured annuities). US Operations This segment offers miscellaneous insurance products sold in the United States, such as life insurance products and extended warranties relating to dealer services. Individual Insurance: iA American Life Insurance Company and four other downline subsidiaries are located in Waco, Texas, and represent the base for the company’s U.S. life insurance operations. This segment markets their life insurance products through independent marketing organizations and collectively these organizations have approximately 18,000 independent agents under contract with the group. These companies operate primarily in the issue marketplace with final expense life insurance and mortgage protection/family protection term life representing approximately 80% of new business sales. They also offer universal life and other specialty life products in the government and worksite markets. This division’s products and services include life (universal, permanent and term), critical illness, short-term disability, accidental death, annuities, and group life. Dealer Services: In May 2020, the company concluded the acquisition of Innovative Aftermarket Systems, which expanded its presence in the United States within the Dealer Services business and complements the company’s existing Dealer Services operations in the U.S with respect to product suite, distribution networks, and geographic scope. In 2021, the companies would re-brand to iA American Warranty Group. iA American Warranty Group and its affiliates distribute casualty products that include extended warranties, a range of ancillary products covering additional vehicle components, and additional products, such as training, income development, and marketing services to help dealerships improve their bottom line. The company benefits from vertical integration of insurance, administration and reinsurance services and is a full-service provider in the United States. Products are sold through a network of general agents, automobile dealers, finance companies and third party administrators. Aftermarket contracts are a combination of various products, providing coverage for a range of risks associated with vehicle ownership. The division administers products for approximately 7,000 dealerships throughout the U.S. Products are often customized for major producers. This division’s products and services include extended warranties, guaranteed asset protection, ancillary vehicle protection, training services, and marketing services. Auto and Home Insurance Products This segment offers services supporting the activities that have no link with key segments, such as asset management and financing, company capital and various adjustments related to consolidation. iA Auto and Home Insurance (iAAH) is a company subsidiary that markets auto and home insurance products in the province of Quebec. iAAH also operates through a subsidiary, Prysm General Insurance, which creates strategic partnerships allowing preferred distributors to offer the subsidiary’s products. This segment’s products and services include auto and home insurance. Acquisitions In January 2020, the company acquired three Canadian companies specializing in vehicle warranties, including WGI Service Plan Division Inc.; WGI Manufacturing Inc.; and Lubrico Warranty Inc. In May 2020, the company also concluded the acquisition of the U.S. company IAS Parent Holdings, Inc. and its subsidiaries (collectively ‘IAS’). Disposition In June 2020, the company completed the sale of its iA Investment Counsel Inc. subsidiary to CWB Financial Group. History iA Financial Corporation Inc. was founded in 1892.