iA Financial Group Reports Fourth Quarter Results and Announces a 7% Increase in Its Common Dividend

FOURTH QUARTER HIGHLIGHTS – iA Financial Corporation

• Core EPS† of $2.34 and trailing-12-month core ROE^† of 14.4%, aligned with medium-term target of 15%+
• Reported EPS of $2.46 compared to $1.71 in Q4 2022¹ and trailing-12-month ROE^† of 11.6%
• 7% increase in common dividend to $0.8200 per share, payable in Q1 2024
• Strong business growth, leading to solid 11% YoY increase in assets (AUM and AUA)^† and 8% YoY increase in premiums and deposits
• Robust solvency ratio^† of 145%, with organic capital generation of $160M in Q4, and $1.6B of deployable capital^† at December 31, 2023
• Book value per common share reaching $66.90 at December 31, 2023, up 8% over 12 months (excluding share buyback impact)

For the fourth quarter ended December 31, 2023, iA Financial Corporation (TSX: IAG) recorded core diluted earnings per common share (EPS)^† of $2.34, compared to $2.40 in the fourth quarter of 2022.¹ Core return on common shareholders’ equity (ROE)^† for the trailing twelve months was 14.4%, aligned with the Company’s medium-term target of 15%+. On a reported basis, which includes the impact of volatile items (primarily short-term macroeconomic variations and the impact of assumption changes and management actions), the result was higher than core earnings, with quarterly net income attributed to common shareholders of $248 million, EPS of $2.46 and ROE^† for the trailing twelve months of 11.6%. The solvency ratio^† of 145% at December 31, 2023 is well above the Company’s operating target of 120%.

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