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iA Financial Group Reports First Quarter Results And Amends its Normal Course Issuer Bid

17% YoY increase in core EPS, strong business growth and robust capital position


News Release

FIRST QUARTER HIGHLIGHTS – iA Financial Corporation

  • Core EPS of $2.44, up 17% YoY, and trailing-12-month core ROE of 14.6%, close to medium-term target of 15%+
  • Book value per common share reaching $68.93 at March 31, 2024, up 8% over 12 months (excluding share buyback impact)
  • Strong sales momentum, leading to solid 11% YoY increase in assets (AUM and AUA) and 8% YoY increase in premiums and deposits
  • Robust solvency ratio of 142%, with organic capital generation of $130M in Q1 and $1.5B of deployable capital at March 31, 2024
  • 40%+ reduction in core earnings sensitivity to interest rate variations as at March 31, 2024
  • NCIB program amended in May to increase the maximum number of common shares that may be purchased and cancelled to 8%1

For the first quarter ended March 31, 2024, iA Financial Corporation (TSX: IAG) recorded core diluted earnings per common share (EPS) of $2.44, which is 17% higher than the same period in 2023. Core return on common shareholders’ equity (ROE) for the trailing twelve months was 14.6%, close to the Company’s medium-term target of 15%+. On a reported basis, which includes the impact of volatile items (primarily short-term macroeconomic variations), first quarter net income attributed to common shareholders was $233 million, EPS was $2.34 and ROE for the trailing twelve months was 10.9%. The solvency ratio of 142% at March 31, 2024 is well above the Company’s operating target of 120%.

Read the press release