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
Quebec,
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%.