Quebec City, QC (Aug. 12, 2024) – iA Financial Group is pleased to announce that it has completed the acquisition of two existing blocks of business from Prosperity Life Group (“Prosperity”), as initially announced on July 15th.
The insurance blocks purchased by iA Financial Group are composed of Final Expense and Term Life products issued by Prosperity company S.USA Life Insurance Company, Inc. (“S.USA”) in the United States, amounting to more than 115,000 policies and more than US$100 million in annual premiums. S.USA is an Arizona life insurance company authorized to write life, annuity, and health products in 47 states and the District of Columbia.
Furthermore, iA Financial Group’s products will also be made available to Prosperity’s distribution network of about 15,000 sales agents contracted through Independent Marketing Organizations (IMOs). Approximately two‑thirds of these agents and IMOs already have a contractual agreement with American-Amicable Life Insurance Company (“American-Amicable”), a subsidiary of iA Financial Group, to sell iA’s products.
“With the closing of this transaction, iA continues to enhance its footprint in the United States, further solidifying its position in the Final Expense and Term Life markets,” remarked Sean O’Brien, Executive Vice-President and Chief Growth Officer US Operations. “We are pleased to integrate new agents and IMOs and are committed to providing them with the resources and support they need to thrive within our network and continue to offer outstanding service to their clients.”
This acquisition will be accretive from the first year, both on a core and reported basis. The transaction amount is not disclosed. The impact on iA Financial Group’s solvency ratio is a one percentage point decrease.
About iA Financial Group
iA Financial Group is one of the largest insurance and wealth management groups in Canada, with operations in the United States. Founded in 1892, it is one of Canada’s largest public companies and is listed on the Toronto Stock Exchange under the ticker symbols IAG (common shares) and IAF (preferred shares). For more information, visit ia.ca.
iA Financial Group is a business name and trademark of iA Financial Corporation Inc. and Industrial Alliance Insurance and Financial Services Inc.
SOURCE: iA Financial Group
Tags: Acquisition, iA Financial Group, Life Insurance
