iA Financial's Q1 2020 Net Income Declines Partly Due to Adverse Equity Markets
iA Financial Corporation Inc.'s (iA Financial or the Company) Q1 2020 earnings were significantly affected by the Coronavirus Disease (COVID-19) pandemic, with net income attributed to common shareholders of $39.1 million in Q1 2020, a decline of 74% from Q1 2019. The two major drivers of the earnings decline were (1) a loss in the Company’s segregated funds hedging program resulting from declining and volatile equity markets and (2) a goodwill write-down for PPI Management Inc. (an insurance advisory subsidiary) due in part to lower expected earnings from this channel for the duration of the pandemic.
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