Industrial Alliance Reports Fourth Quarter and Year-end Results - Business growth driven by organic initiatives, acquisitions and strategic partnerships

Q4 Highlights

• EPS of $0.04 reflects net reserve strengthening of $107.9 million
• Retail insurance sales up 19%
• Premiums and deposits up 11% to $2.0B
• AUA/AUM up 6% YoY to $115.8B
• BVPS up 9% YoY to $36.76
• Solvency ratio of 213%

A full discussion of our results is available at www.ia.ca under About iA, in the Investor Relations section.

QUEBEC CITY, Feb. 11, 2016 /CNW Telbec/ - For the fourth quarter ended December 31, 2015, Industrial Alliance Insurance and Financial Services Inc. (TSX: IAG) reports net income attributed to common shareholders of $4.2 million and diluted earnings per common share (EPS) of $0.04. These results include a net reserve strengthening of $107.9 million or $1.05 EPS that is in line with the preview provided to the financial markets in November. Excluding the reserve strengthening, EPS amounted to $1.09 and the annualized return on shareholders' equity (ROE) was 11.8%, both of which are well within the guidance ($1.00-$1.10 EPS and 11.0%-12.5% ROE) provided for the fourth quarter. The solvency ratio at quarter-end was 213%.

"During 2015 we continued to strengthen our position as a diversified financial services group through internal growth, acquisitions and strategic partnerships," commented Yvon Charest, President and Chief Executive Officer. "One of the highlights in this regard was our retail insurance and segregated fund businesses, which both delivered outstanding growth. Equally important, we continued to invest in our distribution network with the acquisition of four insurance and wealth management brokerages to serve our retail clientele. In our mutual fund business, we remain focused on our plan to significantly improve gross and net sales."

"On the group side, our dealer services enlarged their car loan offer through the EPS-accretive acquisition of CTL late in the year. Our special risks group maintained their steady growth trend, our wealth operations benefited from the addition of new client groups and our employee benefits division delivered an encouraging year-over-year improvement. At iA Auto and Home, agreements were signed with industry partners that will accelerate future growth. All of these achievements build on our foundation to sustain future earnings growth."

"Despite the drop in equity markets and lack of progress in the long-term interest rate environment, iA Financial Group delivered another solid year of growth ," added René Chabot, Executive Vice-President, CFO and Chief Actuary. "Our fourth quarter earnings, before taking into account our annual assumption review, were at the top of our guidance reflecting a good contribution from our retail insurance business. Our net reserve strengthening relates principally to our lapse assumption to align it with recent industry studies, and was carried out with no impact on our capital position."

"As in previous years, we are introducing our earnings guidance for the next year. We are projecting that 2016 earnings per share will be in the range of $4.20 to $4.60,  with key contributions coming from our individual and group insurance sectors. In addition to normal growth of expected profit in our insurance operations and the EPS accretion from CTL, the excellent progress made in managing the cost of writing new business has allowed us to lower our strain guidance from 30% to 15%, which will be an important driver of 2016 earnings and help to offset the weaker contribution expected from our mutual fund business. With respect to our balance sheet, we are in a strong position with capital available to realize our future ambitions and we have the necessary protection in place to withstand significant market and interest rate events."

Highlights
	Fourth quarter						Year-to-date at December 31
(In millions of dollars, unless otherwise indicated)	2015		2014		Variation		2015		2014		Variation
Net income attributed to shareholders	8.3		123.7		(93%)		386.4		432.9		(11%)
Less: preferred share dividends	4.1		7.3		(44%)		18.0		28.5		(37%)
Less: premium on preferred share redemption	—		4.0		—		4.0		4.0		—
Net income attributed to common shareholders	4.2		112.4		(96%)		364.4		400.4		(9%)
Earnings per common share (diluted)	$0.04		$1.11		($1.07)		$3.57		$3.97		($0.40)
Return on common shareholders' equity^1	0.4%		13.4%		—		10.2%		12.4%		(220 bps)
Results excluding changes in assumptions
Net income attributed to common shareholders	112.1		115.6		(3%)		472.3		403.6		17%
Earnings per common share (diluted)	$1.09		$1.14		($0.05)		$4.63		$4.00		$0.63
Return on common shareholders equity^1	11.8%		13.8%		(200 bps)		13.0%		12.5%		50 bps
^1 Annualized for the quarter. Trailing twelve months for the year to date.
			December 31, 2015				September 30, 2015				December 31, 2014
Solvency ratio			213%				225%				209%
Book value per share			$36.76				$36.45				$33.83
Assets under management and administration			$115.8B				$111.2B				$109.5B
Net impaired investments as a % of total investments			0.05%				0.10%				0.07%

FOURTH QUARTER HIGHLIGHTS

Profitability - For the fourth quarter ended December 31, 2015, Industrial Alliance Insurance and Financial Services Inc. reports net income attributed to common shareholders of $4.2 million and diluted earnings per common share (EPS) of $0.04. These results include a net reserve strengthening of $107.9 million or $1.05 EPS. Excluding the reserve strengthening, EPS amounted to $1.09 and the annualized return on shareholders' equity (ROE) was 11.8%, both of which are well within the guidance ($1.00‑$1.10 EPS and 11.0%-12.5% ROE) provided for the fourth quarter.

The key elements that explain profitability follow. All figures are after taxes unless otherwise indicated.

Expected profit on in-force increased by 11% to $129.4 million pre-tax over the same quarter last year, and is attributed mainly to the retail insurance sector. In addition, Industrial Alliance realized a net experience gain of $14.6 million pre-tax ($0.10 EPS) related to favourable policyholder and market-related experience. A detailed analysis of gains and losses follows.

Year-end assumption review - The Company's actuarial reserves were strengthened by a net amount of $107.9 million or $1.05 EPS. This strengthening relates principally to the lapse assumption in order to align it with recent industry studies.

Individual Insurance reported a net experience gain of $0.15 per share ($14.9 million). Of this amount, $0.06 EPS is explained by market gains on Universal Life policies and the remainder is mostly related to better than expected mortality.

Individual Wealth Management had a net experience loss of $0.02 per share (-$1.8 million).  While the dynamic hedging program for the segregated fund guarantee contributed a gain of $0.04 EPS and higher fees on assets under management added $0.01 EPS, these were more than offset by lower profitability in iA affiliates and typically higher year-end expenses.

Group Insurance reported an experience loss of $0.02 per share ($1.5 million) related to higher death claims for Employee Plans. Long-term disability experience was in line with expectations.

Group Savings and Retirement reported an investment loss of $0.01 per share ($0.9 million) in the fourth quarter.

Strain - In the Individual Insurance sector, strain on new business amounted to $14.4 million pre-tax, or 20% of sales,  lower than the  fourth quarter guidance of 25% . Management estimates that the lower strain ratio, which is attributed to sales growth, improvements in US underwriting and changes to some reinsurance agreements, represented a gain of $0.01 per share.

Income on capital - Total income on capital of $20.2 million pre-tax compares with $23.5 million in the previous quarter. The decrease in the fourth quarter is attributed equally to higher property claims as well as investments in a new subsidiary at IA Auto and Home.

Income taxes - The effective tax rate excluding the impact of the year-end assumption review was 21%.

Business Growth - Premiums and deposits of $2.0 billion were up 11% over the previous year principally because of higher inflows in the group wealth management sector. Assets under management and administration of $115.8 billion grew by 4% in the fourth quarter and 6% over the last twelve months, with good inflows from our segregated funds and iA distribution affiliates.

In retail insurance, business growth continued to maintain good momentum for the fifth quarter in a row. Total sales of $73.7 million (+19%) reflect growth in Canada (+8%) and the US (+55%). Sales in our adjustable disability business, which is continuing its cross-Canada rollout, were up by 21%.

In retail wealth management, gross sales of segregated funds increased to $366.8 million (+8%) reflecting the ongoing success of our cross-Canada distribution strategy; net inflows amounted  to $82.3 million (-7%) in the quarter. Gross sales of mutual funds amounted to $296.1 million (-30%) while net outflows were $247.5 million for the quarter.

The group insurance sector reported total sales of $212.0 million (+12%). Special Markets Solutions had sales of $59.1 million (+10%). In Dealer Services, sales amounted to $49.1 million (+31%) in P&C products and $89.3 million (-1%) in creditor insurance for an overall increase of 8%. In the Employee Plans segment, sales amounted to $14.5 million (+93%).

In Group Savings and Retirement, sales were $477.0 million, 108% higher than the previous year, reflecting inflows from the addition of new client groups.

Capital - At December 31, 2015, the solvency ratio was 213% compared with 225% at the end of the previous quarter. The decrease is principally related to the update of macroeconomic assumptions for segregated funds (-5%) and recent acquisitions (-7%).

Dividend - The Board of Directors approved a dividend of 30 cents per share on the Company's outstanding common shares. This dividend is payable on March 15, 2016 to shareholders of record at February 26, 2016.

Dividend Reinvestment and Share Purchase - Registered shareholders wishing to enroll in the Company's Dividend Reinvestment and Share Purchase Plan (DRIP) so as to be eligible to reinvest the next dividend payable on March 15, 2016 must ensure that the duly completed form is delivered to Computershare no later than 4:00 p.m. on February 19, 2016. Enrollment information is provided on the Company's website at www.ia.ca under About iA, in the Investor Relations/Dividends section. It should be noted that common shares issued under the Company's DRIP shall be purchased on the secondary market and no discount will be applicable.

Macroeconomic Sensitivity at December 31, 2015 The Company can absorb a sudden decrease of about 27% in the S&P/TSX index before having to strengthen reserves for future policyholder benefits (24% at September 30, 2015).

• The Company can absorb a sudden decrease of 39% in the S&P/TSX index before the solvency ratio drops below 175% (48% at September 30, 2015) and a decrease of 53% before the solvency ratio drops below 150% (59% at September 30, 2015).
• The full-year impact on net income attributed to common shareholders of a sudden 10% decrease in the stock markets is $28 million ($28 million also at September 30, 2015). This does not take into consideration any potential reserve strengthening.
• The impact on net income attributed to common shareholders of a 10 basis point decrease in the initial and ultimate reinvestment rates totals $91 million ($89 million at September 30, 2015).

Market Guidance for 2016

• Earnings per common share: new target range of $4.20 to $4.60
• Return on common shareholders' equity (ROE): target range remains at 11.0% to 12.5%
• Solvency ratio: target range remains at 175% to 200%
• Dividend payout ratio: payout range remains at 25% to 35% with the target being the mid-point
• Effective tax rate: target range remains at 18% to 20%
• Strain on new business: new target of 15% (±5%) of sales in Individual Insurance

GENERAL INFORMATION

Non-IFRS Financial Information
The Company reports its financial results in accordance with International Financial Reporting Standards (IFRS). It also publishes certain non-IFRS financial measures that do not have an IFRS equivalent, including sales, value of new business and solvency ratio, or which have an IFRS equivalent such as data on operating profit and income taxes on earnings presented in the sources of earnings table. The Company also uses non-IFRS adjusted data in relation to net income, earnings per share and return on equity. These non-IFRS financial measures are often accompanied by and reconciled with IFRS financial measures. The Company believes that these non-IFRS financial measures provide investors and analysts with additional information to better understand the Company's financial results as well as assess its growth and earnings potential. Since non-IFRS financial measures do not have a standardized definition, they may differ from the non-IFRS financial measures used by other institutions. The Company strongly encourages investors to review its financial statements and other publicly-filed reports in their entirety and not to rely on any single financial measure.

Forward-looking Statements
This press release may contain statements relating to strategies used by Industrial Alliance or statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "may", "will", "could", "should", "would", "suspect", "expect", "anticipate", "intend", "plan", "believe", "estimate", and "continue" (or the negative thereof), as well as words such as "objective" or "goal" or other similar words or expressions. Such statements constitute forward‑looking statements within the meaning of securities laws. Forward‑looking statements include, but are not limited to, information concerning the Company's possible or assumed future operating results. These statements are not historical facts; they represent only the Company's expectations, estimates and projections regarding future events.

Although Industrial Alliance believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Factors that could cause actual results to differ materially from expectations include, but are not limited to: general business and economic conditions; level of competition and consolidation; changes in laws and regulations including tax laws; liquidity of Industrial Alliance including the availability of financing to meet existing financial commitments on their expected maturity dates when required; accuracy of information received from counterparties and the ability of counterparties to meet their obligations; accuracy of accounting policies and actuarial methods used by Industrial Alliance; insurance risks including mortality, morbidity, longevity and policyholder behaviour including the occurrence of natural or man-made disasters, pandemic diseases and acts of terrorism.

Additional information about the material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the "Risk Management" section of the 2015 Management's Discussion and Analysis and in the "Management of Risks Associated with Financial Instruments" note to Industrial Alliance's consolidated financial statements, and elsewhere in Industrial Alliance's filings with Canadian securities regulators, which are available for review at www.sedar.com.

The forward-looking statements in this news release reflect the Company's expectations as of the date of this press release. Industrial Alliance does not undertake to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, except as required by law.

Documents Related to the Financial Results
For a detailed discussion of the Company's fourth quarter and year-end results, investors are invited to consult the MD&A for the year ended December 31, 2015, related consolidated financial statements and accompanying notes as well as our supplemental information package, all of which are available on the iA Financial Group website at www.ia.ca under About iA, in the Investor Relations/Financial Reports section and on SEDAR at www.sedar.com.

Conference Call
Management will hold a conference call to present the Company's results on Thursday, February 11, 2016, at 12:00 p.m. (ET). The toll-free dial-in number is 1-800-695-1004. A replay of the conference call will be available for a one‑week period, starting at 2:30 p.m. on February 11, 2016. To access the the conference call replay, dial 1‑800‑558‑5253 (toll-free) and enter access code 21794620. A webcast of the conference call ( listen-only mode) will also be available on the iA Financial Group website at www.ia.ca.

About iA Financial Group
Founded in 1892, iA Financial Group offers life and health insurance products, mutual and segregated funds, savings and retirement plans, RRSPs, securities, auto and home insurance, mortgages and car loans and other financial products and services for both individuals and groups. It is one of the four largest life and health insurance companies in Canada and among the largest publicly-traded companies in the country. iA Financial Group stock is listed on the Toronto Stock Exchange under the ticker symbol IAG.

iA Financial Group is a business name and trademark of Industrial Alliance Insurance and Financial Services Inc.

CONSOLIDATED INCOME STATEMENTS
		Quarters ended December 31		Twelve months ended December 31
(in millions of dollars, unless otherwise indicated)		2015	2014	2015	2014
		$	$	$	$
Revenues
Premiums
Gross premiums		1,812	1,461	6,564	5,872
Premiums ceded		(142)	(115)	(523)	(446)
Net premiums		1,670	1,346	6,041	5,426
Investment Income
Interest and other investment income		297	282	1,097	1,007
Change in fair value of investments		116	658	(61)	2,163
		413	940	1,036	3,170
Other revenues		290	270	1,158	1,084
		2,373	2,556	8,235	9,680
Policy benefits and expenses
Gross benefits and claims on contracts		1,036	1,151	4,270	4,156
Ceded benefits and claims on contracts		(88)	(171)	(336)	(415)
Net transfer to segregated funds		274	69	741	425
Increase (decrease) in insurance contract liabilities		273	660	514	2,572
Increase (decrease) in investment contract liabilities		7	7	21	38
Decrease (increase) in reinsurance assets		253	184	266	317
		1,755	1,900	5,476	7,093
Commissions		315	284	1,197	1,119
General expenses		266	233	973	898
Premium and other taxes		28	18	106	85
Financing charges		17	14	62	50
		2,381	2,449	7,814	9,245
Income before income taxes		(8)	107	421	435
Income taxes		(11)	(18)	39	---
Net income		3	125	382	435
Net income attributed to participating policyholders		(5)	1	(4)	2
Net income attributed to shareholders		8	124	386	433
Dividends attributed to preferred shares		4	8	18	29
Redemption premium on preferred shares		---	4	4	4
Net income attributed to common shareholders		4	112	364	400
Earnings per common share (in dollars)
	Basic	0.04	1.12	3.59	4.01
	Diluted	0.04	1.11	3.57	3.97
Weighted average number of shares outstanding (in millions of units)
	Basic	102.0	100.4	101.4	99.9
	Diluted	102.6	101.2	102.0	100.8
Dividends per common share (in dollars)		0.30	0.28	1.16	1.06

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in millions of dollars)	As at December 31
	2015	2014
	$	$
Assets
Cash and short-term investments	969	498
Bonds	19,278	18,575
Stocks	2,924	3,242
Mortgages and other loans	3,169	2,886
Derivative financial instruments	332	225
Policy loans	841	713
Other invested assets	337	80
Investment properties	1,216	1,190
Total investments	29,066	27,409
Other assets	1,649	1,772
Reinsurance assets	1,280	1,368
Fixed assets	178	153
Deferred income tax assets	31	59
Intangible assets	623	560
Goodwill	334	270
General fund assets	33,161	31,591
Segregated funds net assets	19,777	18,748
Total assets	52,938	50,339
Liabilities
Insurance contract liabilities	22,848	22,021
Investment contract liabilities	655	693
Derivative financial instruments	398	217
Other liabilities	4,080	3,893
Deferred income tax liabilities	150	235
Debentures	846	597
General fund liabilities	28,977	27,656
Segregated funds liabilities	19,777	18,748
Total liabilities	48,754	46,404
Equity
Share capital and contributed surplus	1,707	1,740
Retained earnings and accumulated other comprehensive income	2,432	2,146
Participating policyholders' account	45	49
	4,184	3,935
Total liabilities and equity	52,938	50,339

SEGMENTED INCOME STATEMENTS
The following tables present a summary of income by sector of activities:
(in millions of dollars)	Quarter ended December 31, 2015
	Individual		Group
	Insurance	Wealth Management	Insurance	Savings and Retirement	Other	Total
	$	$	$	$	$	$
Revenues
Net premiums	411	396	351	460	52	1,670
Investment income	321	(11)	23	46	34	413
Other revenues	39	246	22	18	(35)	290
	771	631	396	524	51	2,373
Operating expenses
Gross benefits and claims on contracts	179	335	249	248	25	1,036
Ceded benefits and claims on contracts	(54)	(13)	(21)	(6)	6	(88)
Net transfer to segregated funds	---	90	---	184	---	274
Increase (decrease) in insurance contract liabilities	240	(48)	5	61	15	273
Increase (decrease) in investment contract liabilities	1	---	6	---	---	7
Decrease (increase) in reinsurance assets	250	12	3	5	(17)	253
Commissions, general and other expenses	248	207	144	21	(11)	609
Financing charges	3	---	2	---	12	17
	867	583	388	513	30	2,381
Income before income taxes and allocation of other activities	(96)	48	8	11	21	(8)
Allocation of other activities	22	(3)	1	1	(21)	---
Income before income taxes	(74)	45	9	12	---	(8)
Income taxes	(31)	12	4	4	---	(11)
Net income	(43)	33	5	8	---	3
Net income attributed to participating policyholders	(5)	---	---	---	---	(5)
Net income attributed to shareholders	(38)	33	5	8	---	8
(in millions of dollars)	Quarter ended December 31, 2014^1
	Individual		Group
	Insurance	Wealth Management	Insurance	Savings and Retirement	Other	Total
	$	$	$	$	$	$
Revenues
Net premiums	382	363	330	216	55	1,346
Investment income	697	82	34	89	38	940
Other revenues	28	244	8	16	(26)	270
	1,107	689	372	321	67	2,556
Operating expenses
Gross benefits and claims on contracts	263	319	236	317	16	1,151
Ceded benefits and claims on contracts	(142)	(13)	(25)	(6)	15	(171)
Net transfer to segregated funds	---	95	---	(26)	---	69
Increase (decrease) in insurance contract liabilities	568	19	34	46	(7)	660
Increase (decrease) in investment contract liabilities	---	---	7	---	---	7
Decrease (increase) in reinsurance assets	165	50	(8)	(30)	7	184
Commissions, general and other expenses	197	202	119	17	---	535
Financing charges	4	---	---	---	10	14
	1,055	672	363	318	41	2,449
Income before income taxes and allocation of other activities	52	17	9	3	26	107
Allocation of other activities	24	(2)	3	1	(26)	---
Income before income taxes	76	15	12	4	---	107
Income taxes	(15)	(3)	1	(1)	---	(18)
Net income	91	18	11	5	---	125
Net income attributed to participating policyholders	2	---	---	(1)	---	1
Net income attributed to shareholders	89	18	11	6	---	124
(in millions of dollars)	Twelve months ended December 31, 2015
	Individual		Group
	Insurance	Wealth Management	Insurance	Savings and Retirement	Other	Total
	$	$	$	$	$	$
Revenues
Net premiums	1,579	1,712	1,328	1,204	218	6,041
Investment income	526	141	81	161	127	1,036
Other revenues	148	998	54	69	(111)	1,158
	2,253	2,851	1,463	1,434	234	8,235
Operating expenses
Gross benefits and claims on contracts	726	1,407	961	1,060	116	4,270
Ceded benefits and claims on contracts	(218)	(43)	(72)	(22)	19	(336)
Net transfer to segregated funds	---	451	---	290	---	741
Increase (decrease) in insurance contract liabilities	518	(5)	3	(11)	9	514
Increase (decrease) in investment contract liabilities	1	---	20	---	---	21
Decrease (increase) in reinsurance assets	235	43	(8)	9	(13)	266
Commissions, general and other expenses	883	823	511	79	(20)	2,276
Financing charges	15	---	2	---	45	62
	2,160	2,676	1,417	1,405	156	7,814
Income before income taxes and allocation of other activities	93	175	46	29	78	421
Allocation of other activities	77	(9)	7	3	(78)	---
Income before income taxes	170	166	53	32	---	421
Income taxes	(8)	30	12	5	---	39
Net income	178	136	41	27	---	382
Net income attributed to participating policyholders	(4)	---	---	---	---	(4)
Net income attributed to shareholders	182	136	41	27	---	386
(in millions of dollars)	Twelve months ended December 31, 2014^1
	Individual		Group
	Insurance	Wealth Management	Insurance	Savings and Retirement	Other	Total
	$	$	$	$	$	$
Revenues
Net premiums	1,495	1,464	1,343	920	204	5,426
Investment income	2,368	226	123	321	132	3,170
Other revenues	112	963	40	62	(93)	1,084
	3,975	2,653	1,506	1,303	243	9,680
Operating expenses
Gross benefits and claims on contracts	841	1,314	922	963	116	4,156
Ceded benefits and claims on contracts	(302)	(40)	(63)	(25)	15	(415)
Net transfer to segregated funds	---	315	---	110	---	425
Increase (decrease) in insurance contract liabilities	2,245	36	91	200	---	2,572
Increase (decrease) in investment contract liabilities	1	---	37	---	---	38
Decrease (increase) in reinsurance assets	271	93	(13)	(31)	(3)	317
Commissions, general and other expenses	755	789	505	68	(15)	2,102
Financing charges	10	---	---	---	40	50
	3,821	2,507	1,479	1,285	153	9,245
Income before income taxes and allocation of other activities	154	146	27	18	90	435
Allocation of other activities	81	(3)	9	3	(90)	---
Income before income taxes	235	143	36	21	---	435
Income taxes	(40)	31	6	3	---	---
Net income	275	112	30	18	---	435
Net income attributed to participating policyholders	3	---	---	(1)	---	2
Net income attributed to shareholders	272	112	30	19	---	433

^1	In 2015, the Company modified the presentation of segmented information and adjusted the date of December 31, 2014 to be on a comparative basis.

SEGMENTED STATEMENTS OF FINANCIAL POSITION
The following tables present a summary of the financial position by sector of activities:
(in millions of dollars)	As at December 31, 2015
	Individual		Group
	Insurance	Wealth Management	Insurance	Savings and Retirement	Other	Total
	$	$	$	$	$	$
Assets
Invested assets	16,189	2,012	1,700	3,273	5,892	29,066
Segregated fund assets	---	12,292	---	7,485	---	19,777
Reinsurance assets	422	301	352	153	52	1,280
Other	72	---	---	---	2,743	2,815
Total assets	16,683	14,605	2,052	10,911	8,687	52,938
Liabilities
Insurance contract liabilities and investment contract liabilities	16,269	1,647	2,174	3,407	6	23,503
Segregated fund liabilities	---	12,292	---	7,485	---	19,777
Other	298	90	5	1	5,080	5,474
Total liabilities	16,567	14,029	2,179	10,893	5,086	48,754
(in millions of dollars)	As at December 31, 2014^1
	Individual		Group
	Insurance	Wealth Management	Insurance	Savings and Retirement	Other	Total
	$	$	$	$	$	$
Assets
Invested assets	15,711	1,896	1,798	3,302	4,702	27,409
Segregated fund assets	---	11,826	---	6,922	---	18,748
Reinsurance assets	551	291	354	162	10	1,368
Other	---	---	---	---	2,814	2,814
Total assets	16,262	14,013	2,152	10,386	7,526	50,339
Liabilities
Insurance contract liabilities and investment contract liabilities	15,532	1,596	2,175	3,419	(8)	22,714
Segregated fund liabilities	---	11,826	---	6,922	---	18,748
Other	96	67	2	---	4,777	4,942
Total liabilities	15,628	13,489	2,177	10,341	4,769	46,404

^1	In 2015, the Company modified the presentation of segmented information and adjusted the date of December 31, 2014 to be on a comparative basis.

SOURCE Industrial Alliance Insurance and Financial Services Inc.

Investor Relations: Grace Pollock, Office: 418 780-5945, Email: [email protected]; Media Relations: Pierre Picard, Office: 418 684-5000, ext. 1660, Email: [email protected]