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IA Financial Group rebounded from a challenging first quarter to post a year-over-year profit gain in second quarter results released on Thursday.

The Quebec City-based firm reported net income attributable to shareholders of $188.2 million for the second quarter, 1% more than a year ago. In the first quarter of 2020, IA’s net earnings plunged to $39.1 million as markets were hit by the Covid-19 pandemic.

Diluted earnings per share were $1.71, compared to $1.69 a year ago and $0.35 in the first quarter of 2020.

Sales of individual insurance totalled $52.9 million, up 10% year over year for the second quarter and for the year to date, IA reported.

Guaranteed product sales for the individual wealth management business of $174.9 million were up 79% year over year. Net inflows for segregated funds and mutual funds totalled $466.9 million in the second quarter.

The firm reported assets under management and administration of $181.0 billion on June 30, down 2% from a year ago but up from $175.7 billion on March 31. The firm noted that assets increased from the first quarter even with its sale of IA Investment Counsel Inc. to CWB Financial Group, which was completed June 1.