Now that financial institutions and insurers have once again permission to do so, the Quebec company iA Financial Group (Industrial Alliance) announced at the end of the day on Monday an increase in its dividend of around 29%.
“We are happy to share with our shareholders the value created during the last quarters”, comments the CEO Denis Ricard, in a press release.
Sun Life Financial announced Monday a 20% increase in its dividend while Manulife Financial announced Friday an increase of around 18%.
The dividend hikes come after the Superintendent of Financial Institutions said last Thursday that Canadian financial institutions can once again increase regular dividends and increase executive compensation.
The big Canadian banks are in turn expected to announce significant increases in dividend payments to shareholders at the end of November and beginning of December when they release their year-end results.
Due to the challenges posed by the pandemic and the economic climate, the Office of the Superintendent of Financial Institutions called on financial institutions in March last year to halt the increase in dividends, share buybacks and the increase in employee compensation. leaders.
The management of iA Financial Group indicates that Monday’s announcement follows the notice sent by the Autorité des marchés financiers last week of the withdrawal of its request that the financial institutions concerned temporarily suspend the increase in dividends. The AMF adopted the measure in March 2020 at the start of the pandemic.