DBRS upgrades iA

DBRS said it upgraded iA Financial Corp. to A from A(low) and its subordinated debentures to A(low) from BBB(high).

For Industrial Alliance Insurance and Financial Services Inc., iA’s major operating subsidiary, DBRS raised the issuer rating to AA (low) from A (high) and the subordinated debentures rating to A(high) from A.

The agency also removed the ratings from under review with positive implications, where they were placed on Dec. 10.

“The rating upgrades reflect the significant efforts made by iA in the past few years in improving its risk profile, in particular its sensitivities to market-related risks. Indeed, the company has materially reduced its sensitivities to interest rate movements, an important consideration given the relatively large proportion of individual insurance products in the company’s product portfolio and the sustained low-interest rate environment that continues to put pressure on life insurers,” DBRS said in a press release.

All trends are stable.

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