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Fourth-quarter earnings for Quebec City–based iA Financial Corporation were flat from a year ago, the firm announced on Thursday.

IA Financial reported net income attributed to common shareholders of $171.9 million in the quarter, up slightly from $171.2 million a year ago.

Assets under management and administration reached $197.5 billion in Q4, up 4% year over year. Assets increased 6% during the quarter, attributable to net inflows and market growth, the firm said in a release.

Product sales surged in iA’s wealth management business, reaching $247.3 million — a 40% year-over-year increase. Segregated fund and mutual fund sales were both up significantly.

Despite the strong sales, wealth management experienced a loss of $11.2 million. IA paid out more sales commissions and bonuses than it had expected. The firm also introduced new spending on employee wellness during the pandemic, contributing to the loss.

Sales were also strong in iA’s insurance business, with individual insurance sales up 40% year over year thanks in part to a new participating whole life product launched in June 2020.

“In spite of the pandemic and its numerous impacts, iA Financial Group recorded good profitability in 2020,” said Jacques Potvin, executive vice-president and CFO of iA Financial, in a release. “We strengthened our reserves and put specific additional protections in place for the pandemic without impacting profit.”