iA Financial Group does she remain satisfied with her acquisition of the general agent PPI?
Yes, senior management said in response to a question from financial analysts following the release of its first quarter 2021 financial results.
The insurer had to recognize an impairment of PPI goodwill after having acquired it. iA had thus reduced the value of the assets acquired in relation to the value established during the transaction while reducing the amount of the conditional compensation payable according to the financial projections that PPI had to achieve.
“PPI is working very well, as expected. As an independent general agent, he also contributes to the growth of iA ”, affirmed Renée Laflamme, Executive Vice President, Insurance, Savings and Individual Retirement. We are therefore very satisfied. Things are going very well. We recovered everything during the pandemic. All general agents have had some difficulty at some point. We are now back with the business in both the wide market and the high end market. “
Denis ricard, CEO of the insurer, also gave his point of view on the matter. “One of the strategic reasons for acquiring PPI was to create synergies between our companies. We therefore also use PPI as an agent for some of our affiliates on the wealth management side, ”he said.