iA Financial Group Reports Second Quarter Results
Core ROE target met through capital deployment and strong profitability supported by solid business growth
Quebec,
News Release
SECOND QUARTER HIGHLIGHTS – iA Financial Corporation
- Core EPS† of $2.75, up 15% YoY, and trailing-12-month core ROE† of 15.0%, meeting the medium-term target of 15%+
- Strong sales momentum, reflected by solid 15% YoY increase in premiums and deposits and 12% YoY increase in assets (AUM and AUA)†
- Robust solvency ratio† of 141%, supported by strong organic capital generation of $175M in Q2
- High level of capital deployment, including through acquisitions and $287M in share buybacks, leading to ROE expansion
- Book value per common share reaching $69.92 at June 30, 2024, up 9% over 12 months (excluding share buyback impact)
For the second quarter ended June 30, 2024, iA Financial Corporation (TSX: IAG) recorded core diluted earnings per common share (EPS)† of $2.75, which is 15% higher than the same period in 2023. Core return on common shareholders’ equity (ROE)† for the trailing twelve months was 15.0%, meeting the Company’s medium-term target of 15%+. On a reported basis, which includes the impact of volatile items (primarily short-term macroeconomic variations), second quarter net income attributed to common shareholders was $206 million, diluted EPS was $2.12 and ROE† for the trailing twelve months was 11.1%. The solvency ratio† of 141% at June 30, 2024 is well above the Company’s operating target of 120%.