Ia Financial Corporation Inc. · TSX:IAG
Ia Financial — Q4 2025 Earnings Presentation
52 slides from Ia Financial's earnings presentation, Feb 18, 2026
Slide 1: Fourth Quarter 2025 Conference Call
Fourth Quarter 2025 Conference Call Presenters: Denis Ricard, President and CEO Éric Jobin, EVP, CFO and Chief Actuary February 18, 2026
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This document may contain statements that are predictive or otherwise forward-looking in nature, that depend upon or refer to future events or conditions, or that include words such as “may”, “will”, “could”, “should”, “would”, “suspect”, “expect”, “anticipate”, “intend”,
Slide 3: Non-IFRS and Additional Financial Measures
NON-IFRS AND ADDITIONAL FINANCIAL MEASURES iA Financial Corporation reports its financial results and statements in accordance with IFRS® Accounting Standards. The Company also publishes certain financial measures or ratios that are not presented in accordance with IFRS. The Company uses non-IFRS an
Slide 4: Present on the Call
PRESENT ON THE CALL Denis Ricard Éric Jobin President and CEO EVP, Chief Financial Officer and Chief Actuary Alain Bergeron Stephan Bourbonnais EVP, Chief Investment Officer EVP, Wealth Management Renée Laflamme Pierre Miron EVP, Individual Insurance, EVP, Chief Growth Officer Savings and Retirement
Slide 5: Table of Contents
TABLE OF CONTENTS 2 Forward-looking statements APPENDICES 3 Non-IFRS and add. measures 25 Book value 37 Insurance, Canada 8 2025 in a nutshell 26 Dividend 38 Insurance, Canada (cont.) 9 Q4/2025 key results 27 Capital deployment priorities 39 Wealth Management 10 Sales - Insurance, Canada 28 Operatio
Slide 6: Agenda
AGENDA ▪ 2025 in a nutshell Denis Ricard ▪ Key results President and CEO ▪ Business growth ▪ Profitability Éric Jobin EVP, CFO and Chief Actuary ▪ Financial strength Denis Ricard ▪ Outlook and financial targets President and CEO ▪ Questions & Answers 6
Slide 7: Denis Ricard
Denis Ricard President and CEO 7
Slide 8: Remarkable Results Driven by Strong Business Fundamentals and Growth Momentum
2025 Remarkable Results Driven by Strong Business FINANCIAL TARGETS1 Fundamentals and Growth Momentum RESULTS (effective in 2025) • Met or exceeded all key financial targets Core EPS†† annual average growth (medium-term) 10%+ +16% • Solid business growth momentum in Canada and the U.S. across all se
Slide 9: Q4/2025 Key Results
Q4/2025 KEY RESULTS $3.10 Core EPS†† $1.97 EPS RF Capital PROFITABILITY acquisition +2% YoY (15%) YoY Already accretive ROE 17.1% Core ROE†† Trailing-12-month 14.9% ROE1 Trailing-12-month EXPANSION Core ROE†† ROE $79.24 15.8% 10.0% Quarterly annualized Quarterly annualized +8% YoY book value per Net
Slide 10: Insurance, Canada - Business Growth
INSURANCE, CANADA - BUSINESS GROWTH Q4/2025 HIGHLIGHTS Individual Insurance • Record quarterly sales, reflecting the strength of our INDIVIDUAL INSURANCE GROUP INSURANCE distribution networks, the strong performance of our (sales1 in $M) Employee Plans and Special Markets digital tools, and our comp
Slide 11: Wealth Management - Business Growth
WEALTH MANAGEMENT - BUSINESS GROWTH Q4/2025 HIGHLIGHTS INDIVIDUAL INDIVIDUAL Record individual gross sales of $3.1 billion SEGREGATED FUNDS MUTUAL FUNDS (gross sales in $M) (gross sales in $M) Strong individual net fund inflows of $1.2 billion 694 597 Individual Wealth 1,988 • Solid growth for both
Slide 12: US Operations - Business Growth
US OPERATIONS - BUSINESS GROWTH Q4/2025 HIGHLIGHTS Individual Insurance • Solid result driven by strong growth in the final INDIVIDUAL INSURANCE DEALER SERVICES expense and middle market segments as well as (sales in US$M) (sales in US$M) the sales contribution of Fidelity Life (insurance entity of
Slide 13: Éric Jobin
Éric Jobin EVP, Chief Financial Officer and Chief Actuary 13
Slide 14: Q4/2025 Earnings per Segment: Insurance, Canada
Q4/2025 EARNINGS INSURANCE, CANADA PER SEGMENT Q4 /25 Q4 /24 YoY Core earnings† $105M $116M (9%) Core earnings † ($M) • Higher expected insurance earnings1 mainly from 287 Individual Insurance, Employee Plans and iA Auto and Home Insurance, • Core insurance experience losses1 of $4M compared Canada
Slide 15: Q4/2025 Earnings per Segment: Wealth Management
Q4/2025 EARNINGS WEALTH MANAGEMENT PER SEGMENT Q4/25 Q4/24 YoY Core earnings† Core earnings† $127M $112M 13% ($M) • Higher combined RA release and CSM recognized for 287 services provided due to strong net segregated fund sales and the impact of favourable financial markets over the last 12 months.
Slide 16: Q4/2025 Earnings per Segment: US Operations
Q4/2025 EARNINGS US OPERATIONS PER SEGMENT Q4/25 Q4/24 YoY Core earnings† $30M $26M 15% Core earnings † ($M) • Higher combined RA release and CSM recognized for 287 services provided • Lower core other expenses from both Dealer Services Insurance, and Individual Insurance Canada 105 • Core insurance
Slide 17: Q4/2025 Earnings per Segment: Investment
Q4/2025 EARNINGS INVESTMENT PER SEGMENT Q4/25 Q3/25 Q4/24 YoY Core earnings† $91M $105M $102M (11%) Core earnings † ($M) Core net investment result1,2 $127M $132M $120M 287 Expected investment earnings1,2 $124M $129M $127M • QoQ: Impact of a reduction in assets following RF Insurance, Capital Group
Slide 18: Q4/2025 Earnings per Segment: Corporate
Q4/2025 EARNINGS CORPORATE PER SEGMENT Core earnings† Q4/25 Q4/24 YoY ($M) Core earnings† ($66M) ($69M) 4% 287 • Core other expenses of $87M (before taxes) Insurance, ◦ $74M in core other expenses near the higher end Canada of the quarterly target range of $68M ± $5M 105 (before taxes)1 ◦ $13M of hi
Slide 19: Robust Capital Position
ROBUST CAPITAL POSITION 137% Supported by ongoing organic capital generation solvency ratio Well above the regulatory minimum ratio of 90% (pro forma*, as at December 31, 2025) Capital available Q4/2025 MOVEMENTS Solvency ratio 1 for deployment2 Beginning of quarter 138% $1.7B $170M Core earnings† 2
Slide 20: Year-End Assumption Review and Management Actions
YEAR-END ASSUMPTION REVIEW AND MANAGEMENT ACTIONS Positive global impact of $10M in 2025 Total Impact Impact Impact ($M pre-tax) Main items impact on P&L on CSM on RA ▪ Mortality assumption review: Favourable Mortality & morbidity 41 (3) 45 (1) ▪ Morbidity assumption review: Favourable ▪ Lapse assum
Slide 21: Denis Ricard
Denis Ricard President and CEO 21
Slide 22: Well positioned to sustain a profitable growth trajectory
2026+ Well positioned to sustain a profitable growth trajectory FINANCIAL TARGETS1 (effective in 2026) • Proven earnings trajectory, with core ROE target tracking ahead of plan Core EPS†† annual average growth (medium-term) 10%+ • Strong sales momentum across all business segments, fueled by our dis
Slide 23: Question & Answer Session
Question & Answer Session 23
Slide 24: Appendices
Appendices 24
Slide 25: Book Value per Share
BOOK VALUE PER SHARE1 $79.24 at December 31, 2025 P/BV ratio of 2.24 at December 31, 2025 CAGR 1-year +8% 5-year +7% 10-year +8% Since IPO2 +9% March 31, 20002 $8.44 IPO 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Slide 26: Dividend to Common Shareholders
DIVIDEND TO COMMON SHAREHOLDERS Dividend of 99¢ per common share payable in Q1/2026 $1.00 $0.90 $0.80 $0.70 $0.60 Steady increases every 3 quarters $0.50 $0.40 Largest dividend increase $0.30 (+29%) among Canadian lifecos following the lifting of $0.20 regulatory restrictions in November 2021 First
Slide 27: Deploying Available Capital Soundly
DEPLOYING AVAILABLE CAPITAL SOUNDLY Investing actively in high-ROE business and digital evolution Capital available for deployment $1.4B pro forma1 As at December 31, 2025 CAPITAL ALLOCATION PRIORITIES Creating Value Returning Value #1 Organic growth #2 Disciplined #3 Dividends #4 NCIB acquisitions
Slide 28: Operational Efficiency Initiatives
OPERATIONAL Corporate expenses1 EFFICIENCY INITIATIVES Corporate segment - Core other expenses target:2 2025 quarterly run rate of $68M ± $5M pre-tax 2022+ In-depth top-down review of projects Corporate segment Q1/25 Q2/25 Q3/25 Q4/25 2025 2024 ($ million, pre-tax) 2023-2024 Other expenses $67 $100
Slide 29: Core Reconciliation
Q4/2025 RECONCILIATION OF EARNINGS ACCORDING TO THE DOE1 Insurance, Wealth US ($M, unless otherwise indicated) Investment Corporate TOTAL Canada Management Operations YoY Expected insurance earnings 162 116 57 — — 335 9% DRIVERS OF EARNINGS Impact of new insurance business (12) (4) — — — (16) + Core
Slide 30: Q4/2025 Drivers of Earnings
Q4/2025 DRIVERS OF EARNINGS Fourth quarter Year-to-date at December 31 ($M, unless otherwise indicated) 2025 2024 YoY 2025 2024 YoY CORE EARNINGS† ACCORDING TO THE DRIVERS OF EARNINGS1 - CONSOLIDATED Core insurance service result Risk adjustment release 78 74 5% 301 280 8% CSM recognized for service
Slide 31: Market-Related Impacts
MARKET-RELATED IMPACTS METHODOLOGY1 Quarterly non-core market-related impacts are the difference between: Reported net investment result, which is the actual IFRS result, and Core net investment result, which is based on management expectations MANAGEMENT EXPECTATIONS FOR CORE NET INVESTMENT RESULT
Slide 32: Investment Portfolio
INVESTMENT PORTFOLIO Resilient portfolio composed of high-quality assets and diversified exposures Bonds - Corporates - BB and lower: 0.4% Investment properties: 3% Fixed income ALM1-oriented portfolio Mortgages - Insured: 2% ▪ see further details on slide 33 Mortgages - Uninsured: 1% Bonds - Corpor
Slide 33: $31.1B Bond Portfolio
$31.1B BOND PORTFOLIO Distribution by industry sector High-quality and conservative Distribution by category of issuer (Corporate bonds) portfolio Governments 25.2% Financial services Utilities 21.9% 25.2% Municipalities 3.3% Consumer cyclical and 15.7% BOND PORTFOLIO IS 68% OF TOTAL PORTFOLIO non-c
Slide 34: High-Quality Investment Properties & Mortgages Portfolios
HIGH-QUALITY INVESTMENT PROPERTIES & MORTGAGES PORTFOLIOS $1.6B INVESTMENT PROPERTIES $1.2B MORTGAGES COMBINED ▪ Capital-efficient investment properties1 PORTFOLIOS ▪ Disciplined underwriting process ▪ Average lease terms remaining of ~9 years1,2 ▪ Large portion rented to governments1 ▪ 60% of mortg
Slide 35: Immediate Sensitivities
IMMEDIATE SENSITIVITIES For more information on sensitivities, please refer to the annual Management’s Discussion and Analysis (MD&A) as IMMEDIATE IMPACT well as the “Forward-looking statements” section in this document Equity 1 Equity Net income OCI3 and Solvency ratio CSM OCI only3 as at December
Slide 36: Core Earnings Sensitivities
REVENUES & EXPENSES DIRECTLY IMPACTED BY THE CORE EARNINGS SENSITIVITIES LEVEL OF EQUITY MARKETS IMPACT ON AND INTEREST RATES FUTURE QUARTER as at Dec. 31, 2025 Segment Variation CORE EARNINGS1,† Description of shock ▪ Expected return on non-fixed $M post-tax income (NFI) asset +5% 0.2 Immediate +5%
Slide 37: Insurance, Canada
INSURANCE, CANADA Fourth quarter Year-to-date at December 31 ($M, unless otherwise indicated) 2025 2024 Variation 2025 2024 Variation Individual Insurance Sales1 Minimum premiums2 96 91 5% 362 347 4% Excess premiums3 15 11 36% 53 45 18% Total 111 102 9% 415 392 6% Gross premiums 764 712 7% 2,946 2,6
Slide 38: Insurance, Canada (cont.)
INSURANCE, CANADA (cont.) Fourth quarter Year-to-date at December 31 ($M, unless otherwise indicated) 2025 2024 Variation 2025 2024 Variation Group Insurance Employee Plans Implemented sales 48 11 336% 159 84 89% Net premiums 385 355 8% 1,498 1,403 7% Premium equivalents and deposits 67 68 (1%) 276
Slide 39: Wealth Management
WEALTH MANAGEMENT Fourth quarter Year-to-date at December 31 ($M, unless otherwise indicated) 2025 2024 Variation 2025 2024 Variation Individual Wealth Management Sales - Gross sales Segregated funds 1,988 1,562 27% 6,934 5,443 27% Mutual funds 694 597 16% 2,391 1,936 24% Other savings products 429
Slide 40: Wealth Management (cont.)
WEALTH MANAGEMENT (cont.) Fourth quarter Year-to-date at December 31 ($M, unless otherwise indicated) 2025 2024 Variation 2025 2024 Variation Group Savings and Retirement Sales - Gross sales Accumulation contracts Other accumulation contracts 60 40 50% 224 153 46% Segregated funds 535 661 (19%) 2,31
Slide 41: US Operations
US OPERATIONS Fourth quarter Year-to-date at December 31 ($M, unless otherwise indicated) 2025 2024 Variation 2025 2024 Variation Individual Insurance Sales ($US) 80 68 18% 304 227 34% Sales ($CAN) 113 95 19% 425 311 37% Net premiums ($CAN) 276 248 11% 1,043 866 20% Dealer Services Sales ($US) 295 2
Slide 42: Net Premiums, Premium Equivalents and Deposits
NET PREMIUMS, PREMIUM EQUIVALENTS AND DEPOSITS Net premiums, premium equivalents ($M, unless otherwise indicated) Q4/2025 YoY and deposits ($B) Insurance, Canada 22.0 20.4 Individual Insurance 620 9% 5.9 Group Insurance 533 2% 16.6 16.8 5.7 Dealer Services 162 5% 15.4 14.0 4.2 4.1 iA Auto and Home 1
Slide 43: Asset Growth
ASSET GROWTH Total AUM and AUA (assets under management and assets under administration, end of period, $B) Assets under management and assets under administration December 31 ($B, unless otherwise indicated) QoQ YoY 341.1 2025 Assets under management 261.3 General fund 59.8 2% 4% 221.2 197.9 Segreg
Slide 44: CSM Movement Analysis
1 CSM MOVEMENT ANALYSIS ($M, unless otherwise indicated) Q4/2025 Q4/2024 YoY Q4/2025 highlights CSM – Beginning of period 7,450 6,675 Organic CSM increase of $152M Organic CSM movement • 6% increase of impact of new insurance business Impact of new insurance business 205 194 6% mainly driven by good
Slide 45: 2025 CSM and Risk Adjustment Movement Analysis
2025 CSM AND RISK ADJUSTMENT MOVEMENT ANALYSIS Insurance, Wealth US Insurance, Wealth US Total ($M, unless otherwise indicated) Total Total Canada Management Operations Canada Management Operations CSM+RA CSM RISK ADJUSTMENT CSM and Risk Adjustment - Beginning of period 3,190 3,004 705 6,899 1,921 5
Slide 46: Investor Relations
INVESTOR RELATIONS Contact Caroline Drouin Tel.: 418-684-5000, ext. 103281 VP-Investor-Relations@ia.ca Next Reporting Dates Q1/2026 - May 5, 2026 after market close Conference call on May 6, 2026 Q2/2026 - August 4, 2026 after market close Conference call on August 5, 2026 Q3/2026 - November 9, 2026
Slide 47: Footnotes for slides 8 and 9
Footnotes for slide 8 on 2025 Highlights 1 Within the meaning of applicable securities laws, such financial targets constitute “financial outlooks” and “forward-looking information”. The purpose of these financial targets is to provide a description of management’s expectations regarding iA Financia
Slide 48: Footnotes for slides 19 and 22
Footnotes for slide 19 on Robust Capital Position 1 iA Financial Corporation Inc. and rounded to the nearest 0.5 percentage points. 2 Reflects an optimized capital structure that considers excess capital above the internal capital targets, capital issuance at target levels and regulatory constraints
Slide 49: Footnotes for slide 28 on Corporate Expenses
Footnotes for slide 28 on Corporate Expenses 1 Corporate expenses are non-attributable expenses that are not allocated to other segments, such as expenses for certain corporate functions, and therefore represent only part of the Company’s total general operating and administrative expenses. Refer to
Slide 50: Acronyms
ACRONYMS Acronym Term Additional information ACL Allowance for credit losses Amount defined by IFRS 9 that adjusts the carrying amount of an asset for estimated future credit losses. AMF Autorité des marchés financiers Body mandated by the Government of Quebec to regulate Quebec insurers, including
Slide 51: Acronyms (cont.)
ACRONYMS (cont.) Acronym Term Additional information IFRS International Financial Reporting Standards Set of accounting standards mandatory for Canadian publicly-owned companies. MD&A Management’s Discussion and Analysis - NCIB Normal course issuer bid - NFI Non-fixed income Asset class notably incl
Slide 52: iA Financial Group is a business name and trademark of iA Financial Corporation Inc.
iA Financial Group is a business name and trademark of iA Financial Corporation Inc. 52