iA Financial Group Reports First Quarter Results
Stronger capital position and enhanced earning power lead to a significant 13% dividend increase
Quebec,
News Release
FIRST QUARTER HIGHLIGHTS – iA Financial Corporation
- Core EPS† of $2.08, up 16% compared to Q1 2022 IFRS 4 result
- Record quarterly net income to common shareholders of $270M (reported EPS of $2.58)
- Significant 13% dividend increase to reflect higher earning power under the new accounting standards
- Robust solvency ratio† of 149% at March 31, 2023 and $1.8B of capital available for deployment
- Book value per common share1 of $64.69, a strong increase of 3% quarter over quarter
- Strong sales for individual insurance in Canada and the U.S., and for Dealer Services Canada and Group business units
For the first quarter ended March 31, 2023, iA Financial Corporation (TSX: IAG) reports record quarterly net income attributed to common shareholders of $270 million, diluted earnings per common share (EPS) of $2.58 and return on common shareholders’ equity (ROE) for the trailing twelve months of 9.0%.2 Core EPS† was $2.08, 16% higher than the 2022 first quarter result under IFRS 4, and core ROE† for the trailing twelve months was 14.6%.2 The solvency ratio of 149% at March 31, 2023 is 23 percentage points higher than at the end of the previous quarter as the Company’s financial strength is better reflected under the new accounting standards.