iA Financial Group Reports Second Quarter Results
Very robust capital position and increasing business growth momentum
SECOND QUARTER HIGHLIGHTS – iA Financial Corporation
- Core EPS† of $2.39, up 3% compared to Q2 20221 result and trailing twelve months core ROE†,2 of 14.5%
- Reported EPS of $1.89, up 34% compared to Q2 20221 result
- Business growth momentum with strong sales in almost all business units, including Individual Insurance in Canada and the U.S.
- Solid 12% YoY increase in premiums and deposits and 10% YoY increase in AUM/AUA
- Very robust solvency ratio† of 154%, with organic capital generation of $150M and $1.8B of deployable capital at June 30, 2023
- Book value per common share3 reaching $65.39 at June 30, 2023, up 4% in the first six months of 2023
For the second quarter ended June 30, 2023, iA Financial Corporation (TSX: IAG) reports quarterly net income attributed to common shareholders of $196 million, diluted earnings per common share (EPS) of $1.89 and return on common shareholders’ equity (ROE) for the trailing twelve months of 9.7%.2 Core EPS† was $2.39, 3% higher than the 20221 second quarter result, and core ROE† for the trailing twelve months was 14.5%.2 On a year-to-date basis, core EPS of $4.47 is 7% higher than the 2022 IFRS 4 result, and following recent changes in the environment, the Company is now of the view that 2023 core EPS growth is less likely to exceed 2022 IFRS 4 core EPS by more than 13%.4 The solvency ratio of 154% at June 30, 2023 is 5 percentage points higher than at the end of the previous quarter.