Ia Financial Corporation Inc. · TSX:IAG
Ia Financial — Investor Presentation (September 2026)
55 slides from Ia Financial's investor presentation, September 2026
Slide 1: iA Financial Group Corporate presentation
iA Financial Group Corporate presentation September 2026
Slide 2: Table of Contents
TABLE OF CONTENTS Business overview Profitability and business growth Capital position and deployment 4 iA Financial Group overview 16 Earnings power 28 Financial strength 5 Quarterly Key results 17 EPS Growth momentum 29 Capital priorities 6 Distribution 18 Return on equity 30 Key acquisition crite
Slide 3: Business Overview
BUSINESS OVERVIEW all
Slide 4: The Group Today
iA Financial Group is one of the largest THE GROUP TODAY insurance and wealth management groups in Canada, with operations in the United States. Founded in 1892 as a mutual company, iA became a 11.9 million+ share capital company in 2000 and is listed on the CLIENTS1 Toronto Stock Exchange under the
Slide 5: Q2/2026 Key Results
Q2/2026 KEY RESULTS $3.68 Core EPS†† $4.28 EPS $347M PROFITABILITY share buybacks +5% YoY +25% YoY during Q2 ROE 17.5% Core ROE†† Trailing-12-month 15.1% ROE1 Trailing-12-month EXPANSION 18.5% Core ROE†† Quarterly annualized 21.6% ROE Quarterly annualized $1.1000 dividend payable during Q3/2026 Net
Slide 6: Unparalleled Distribution Reach
UNPARALLELED DISTRIBUTION REACH A full range of distribution • Group benefits and retirement brokers channels, depending on types • Actuarial consulting firms of products and targeted • Aggregators • Independent marketing • Distribution partners Individual markets Group insurance and organizations (
Slide 7: The iA Way
THE iA WAY • Focus on target markets where iA can be a leader ◦ Canada: Outpacing the market, the iA way ◦ US: Accelerating growth in a high-potential market Target markets Distribution • Distinctive strength in building and managing lasting distribution relationships Scalability Products • Ensuring
Slide 8: Creating Value in Our Unique Way
CREATING VALUE IN OUR UNIQUE WAY Synergies Geographical High ROE businesses delivering synergies and Expansion Individual Group High-growth-potential competitive advantages insurance and businesses distribution businesses in which iA (US) seeks to become a leader Dealer Property Services & Casualty
Slide 9: Delivering Sustained Shareholder Growth in Our Unique Way
DELIVERING SUSTAINED SHAREHOLDER GROWTH IN OUR UNIQUE WAY FOCUSED VALUE FOR FINANCIAL ON GROWTH SHAREHOLDERS STRENGTH SUSTAINABLE UPWARD EARNINGS INDUSTRY-LEADING VALUE CREATION ROBUST CAPITAL POSITION TRAJECTORY • 13% share price CAGR since IPO and 16% • Solvency ratio of 137%, well above • Targeti
Slide 10: Shareholder Value Creation
SHAREHOLDER VALUE CREATION Industry-leading share price and book value growth since IPO $213.66 Reflecting sound management approach and long-term vision Sept. 18, 2026 IAG Share Price Historical CAGR: 13% $80.55 June 30, 2026 IFRS 17 & IFRS 9 transition Book value maintained at transition $8.44 $7.
Slide 11: Track Record
TRACK RECORD 11
Slide 12: Leading in Shareholder Returns for 25 Years
LEADING IN SHAREHOLDER RETURNS FOR 25 YEARS Total shareholder returns IAG (Share price growth with dividend reinvested, at year-end, $5,102 illustrating the value of an initial $100 investment) Compound annual growth rate in total shareholder returns Best performance among Ranking iA Peers Canadian
Slide 13: Consistently Superior Book Value Growth
CONSISTENTLY SUPERIOR BOOK VALUE GROWTH Compound annual growth rate in book Book value per common value per share and dividends paid share and dividends paid (at June 30, 2026) IAG 797% Ranking iA Peers Best performance among Canadian lifecos 5 #2 10.4% 9.4% years Peers 453% 10 #1 10.8% 8.6% years A
Slide 14: Price-to-Book Ratio
PRICE-TO-BOOK RATIO Trading at a 2.65x1 → 1% discount vs. peers’ average2 1% discount % Premium Sept 18, (discount) 2026 vs peers2 IAG average since IFRS 9/17 transition Premium (discount) = (19%) Price-to-book = 1.75x 2023 2026 June 13 Sept. 18 14 1 As of September 18, 2026. 2 Three major Canadian
Slide 15: Profitability and Business Growth
PROFITABILITY AND BUSINESS GROWTH 15
Slide 16: Core EPS Growth Outperformance
CORE EPS GROWTH OUTPERFORMANCE EPS ($) CAGR Last 10 years Core EPS1,†† ($) 12.96 Core EPS †† 11% 11.29 EPS 8% Outperforming our 6.92 10%+ core EPS 5.74 annual average 5.19 4.69 growth target2 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q2- 2026 For all footnotes on this slide, refer to slide 5
Slide 17: Organic Growth Initiatives EPS Growth Momentum
ORGANIC GROWTH EPS GROWTH MOMENTUM INITIATIVES A clear path to reach core EPS†† target1 • Organic Distribution: Increase sales by broadening distribution reach 6% Organic growth • Insurance, Canada & Wealth Solid recurring earnings Management: Strong sales from profit on in-force momentum and asset
Slide 18: Continuously Expanding Core ROE
CONTINUOUSLY EXPANDING CORE ROE Consistently increasing core ROE†† target 2026 17%+4 Core ROE1,2,†† 17.5% ROE1,3 2023-2024 15%+ mid-term 15.1% 2022 13% to 15% 2021 12.5% to 14% 11.5% 10.2% 2020 11.5% to 13% 2015-2019 11% to 12.5% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q2/2026 For all
Slide 19: A Track Record of Sustained Growth, Fuelled by Ongoing Sales Momentum
A TRACK RECORD OF SUSTAINED GROWTH, FUELLED BY ONGOING SALES MOMENTUM Net Premiums, Premium Assets Under Management & Equivalents & Deposits Administration ($M) ($B) 22,017 341.1 11% 14,079 11% 10-year 10-year 197.5 CAGR CAGR 7,672 115.8 2015 2020 2025 2015 2020 2025 19
Slide 20: Financial Targets
FINANCIAL TARGETS 1 10%+ 17%+ $700M+ 25% to 35% annual average Core ROE†† Organic capital of core earnings† Core EPS†† growth (in 2026) generation Dividend (in 2026) payout ratio††, 2 (medium-term) (net of dividends) (in 2026) 8% 17.5% $335M 30.2% Core EPS†† Core ROE†† Organic capital Core dividend
Slide 21: Unique, Diversified Business Mix
Synergies Geographical Expansion Individual UNIQUE, Group insurance and businesses distribution (US) Property & Casualty Dealer Services (US) DIVERSIFIED Individual BUSINESS MIX Individual Wealth Dealer Insurance and Management Services distribution and (Canada) (Canada) distribution Foundation 21
Slide 22: Foundation
FOUNDATION STRONG SALES MOMENTUM Individual Insurance 392 415 Sales ($M) Individual Insurance and retail distribution • Canadian leader for number of policies sold1 +6% • Diversified, distinctive and broad distribution network YoY Long-established • • Proximity with advisors providing direct access
Slide 23: Synergies
SYNERGIES STRONG SALES MOMENTUM Group Insurance Group Insurance 2,048 2,134 • Targeting employee plans for mid-size groups and P&D1 ($M) special markets – leveraging our agility and synergies • Superior experience for plan sponsors and clients +4% YoY High ROE through proximity, dedication and enric
Slide 24: Geographical Expansion
GEOGRAPHICAL US Individual Insurance Sales (US$M) EXPANSION MAIN ACQUISITIONS1 304 2010 – American-Amicable 2024 – Vericity • High-growth-potential businesses in which iA seeks to become a 2024 – Prosperity (Insurance Blocks) leader • Leveraging the depth of the Canadian expertise, including operati
Slide 25: US Dealer Services
US DEALER SERVICES RESILIENT AND DIVERSIFIED BUSINESS MODEL TO WEATHER CONSUMER AND ECONOMIC CHANGES A well established and growing position in the U.S. vehicle warranty market Well-balanced mix of new and used cars enhances revenue stability 2026 YTD revenue by vehicle type3: • 57% Used cars • 42%
Slide 26: Canada's Leading Non-Bank Wealth Distribution Platform
CANADA’S LEADING NON-BANK WEALTH DISTRIBUTION PLATFORM Three distinct business models designed to suit all advisor profiles, totalling $217B1,2 of AUA • Long-term success of advisors supported by the scale, expertise and financial strength of iA’s robust infrastructure • Access to technology and AI
Slide 27: Capital Position and Deployment
CAPITAL POSITION AND DEPLOYMENT 27
Slide 28: Robust Capital Position
ROBUST CAPITAL POSITION Strong and ongoing $700M+ Strong foundation for growth organic capital $665M generation High Flexible High solvency balance capital to ratio sheet deploy • 137% • 18.6% financial • $1.1B of capital leverage ratio†† available for • Well above $30M deployment regulatory minimum
Slide 29: Deploying Available Capital Soundly
DEPLOYING AVAILABLE CAPITAL SOUNDLY Investing actively in high-ROE business and digital evolution Capital available for deployment $1.1B As at June 30, 2026 CAPITAL ALLOCATION PRIORITIES Creating Value Returning Value #1 Organic growth #2 Disciplined #3 Dividends #4 NCIB acquisitions • Returning val
Slide 30: Disciplined M&A Strategy
DISCIPLINED M&A STRATEGY Key Acquisition Criteria Pursuing strong growth while ensuring financial flexibility • Fit with iA strategic vision and culture and stability • Path to core EPS†† and ROE accretion • Value creation opportunities using iA strengths and know-how and leveraging synergies • Stre
Slide 31: We Empower Growth Through Technology
WE EMPOWER GROWTH THROUGH TECHNOLOGY Keep the pace Continuing to invest in our and invest up to digital evolution to deliver solid business growth $400M/year Modernizing our Optimizing the Investing in Ax and business use of data and Cx to enhance platforms AI end-to-end digital experience 31
Slide 32: Dividend to Common Shareholders
DIVIDEND TO COMMON SHAREHOLDERS Dividend of $1.10 per common share payable in Q3/2026 $1.10 Steady increases $1.00 27 dividend increases every 3 quarters since IPO in 2000 $0.90 $0.80 $0.70 $0.60 Steady increases every 3 quarters $0.50 $0.40 Largest dividend increase (+29%) among Canadian lifecos $0
Slide 33: Appendices
APPENDICES all
Slide 34: Business Segments
BUSINESS SEGMENTS Wealth Management Insurance, Canada US Operations THREE OPERATING – Individual Wealth – Individual Insurance – Individual Insurance BUSINESS SEGMENTS Management – Group Savings and – – Group Insurance Dealer Services – Dealer Services Retirement – iA Auto and Home – Retail distribu
Slide 35: Drivers of Earnings (DOE) Geography by Segment
DRIVERS OF EARNINGS (DOE) GEOGRAPHY BY SEGMENT DOE Insurance, Canada Wealth Management US Operations Investment Corporate (simplified version) GMM1 GMM1 GMM1 • Individual Insurance, Canada (non-participating • Individual and group annuities • Individual Insurance, US products) and other savings prod
Slide 36: 2025 Sales - Continued Strong Growth Momentum
2025 SALES - CONTINUED STRONG GROWTH MOMENTUM HIGHLIGHTS SALES ($M, unless otherwise indicated) 2025 2024 Variation ▪ Solid 2025 sales for Individual Insurance in Canada reflecting the strength of all INSURANCE, CANADA our distribution networks, the excellent Individual Insurance 415 392 6% performa
Slide 37: Q2/2026 Sales - Strong Growth Momentum
Q2/2026 SALES - STRONG GROWTH MOMENTUM SALES ($M, unless otherwise indicated) Q2/26 Q2/25 Variation INSURANCE, CANADA Individual Insurance 102 103 (1%) Group Insurance 113 107 6% Dealer Services 218 225 (3%) iA Auto & Home 216 206 5% WEALTH MANAGEMENT Individual Wealth Management Segregated funds –
Slide 38: Canadian Operations Position
CANADA Outpacing the market, the iA way Individual Segregated Insurance funds #1 #1 249,153 Gross and net 1 policies issued in 2025 sales2 Wealth Dealer Services #1 Top 2 Non-bank dealer Total sales3 (AUM/AUA)3 For all footnotes on this slide, refer to slide 54 for more details 38
Slide 39: US Operations Position
U.S. Geographical • Significant growth opportunities, given the fragmented expansion in a nature of U.S. target markets high-potential • Leveraging iA’s skills and expertise, including risk market management and operational efficiency Life insurance Dealer Services Top 3 1 Final expense sales Top 8
Slide 40: Investment Portfolio
INVESTMENT PORTFOLIO Resilient portfolio composed of high-quality assets and diversified exposures Fixed income ALM1-oriented portfolio Bonds - Corporates - ▪ See further details on slide 41 BB and lower: 0.4% Investment properties: 3% Mortgages - Insured: 1% Prudent exposure to equity market ▪ Qual
Slide 41: $30.6B Bond Portfolio
$30.6B BOND PORTFOLIO Distribution by industry sector Distribution by category of issuer (Corporate bonds) High-quality and conservative portfolio Financial services 22.8% Governments 25.9% Utilities 22.3% Municipalities 3.0% Consumer cyclical and 16.2% BOND PORTFOLIO IS 65% OF TOTAL PORTFOLIO non-c
Slide 42: Private Fixed Income
PRIVATE FIXED INCOME Disciplined risk management Comprised mainly of high-quality assets PRIVATE DEBT - CORPORATE BONDS - $5.7B • Private fixed income allocation has 12% OF TOTAL $47.3B INVESTMENT PORTFOLIO increased the portfolio efficient surface • (i.e., higher return adjusted for risk • Long‑ter
Slide 43: High-Quality Investment Properties & Mortgages Portfolios
HIGH-QUALITY INVESTMENT PROPERTIES & MORTGAGES PORTFOLIOS $1.6B INVESTMENT PROPERTIES COMBINED $1.1B MORTGAGES PORTFOLIOS ▪ Capital-efficient investment properties1 ▪ Disciplined underwriting process ▪ Average lease terms remaining of ~10 years1,2 ▪ 52% of mortgages are insured ▪ Large portion rente
Slide 44: Our Sustainability Journey
OUR SUSTAINABILITY JOURNEY Identify, measure, improve and better communicate ESG factors that can influence sustainable value creation for all of our stakeholders 44
Slide 45: Sustainability Highlights
SUSTAINABILITY HIGHLIGHTS Data as at December 31, 2025. 1 Target is 60% reduction in GHG emission intensity from our Canadian real estate holdings by 2035 from 2022 baseline. 2 Target is 40% reduction in carbon intensity of our public corporate bond portfolio by 2035 from 2022 baseline. 3 Excluding
Slide 46: Credit Ratings
CREDIT RATINGS The company and its subsidiaries receive credit ratings from three independent rating agencies: Standard & Poor’s, DBRS and A.M. Best. These ratings, presented in the table below, confirm the financial strength of the company and its subsidiaries and their ability to meet their commit
Slide 47: 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 48: Acronyms (cont.)
ACRONYMS (cont.) Acronym Term Additional information IFRS International Financial Reporting Standards Set of international rules, standards and procedures accountants use to prepare financial statements, which are mandatory for Canadian publicly owned companies. MD&A Management’s Discussion and Anal
Slide 49: 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 50: 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 51: Investor Relations
INVESTOR RELATIONS Contact Caroline Drouin Tel.: 418-684-5000, ext. 103281 VP-Investor-Relations@ia.ca Next Reporting Dates Q3/2026 - November 9, 2026 after market close Conference call on November 10, 2026 Q4/2026 - February 16, 2027 after market close Conference call on February 17, 2027 Q1/2027 -
Slide 52: Footnotes
FOOTNOTES Slide 5 1 Consolidated net income attributed to common shareholders divided by the average common shareholders’ equity for the period. Return on common shareholders’ equity is a supplementary financial measure. Refer to the “Non-IFRS and Additional Financial Measures” section in this docum
Slide 53: Footnotes (cont.)
FOOTNOTES (cont.) Slide 18 1 Presented on a trailing-12-month basis; graph data presented as initially disclosed under prevailing accounting standards; ROE prior to 2023 has not been restated for IFRS 17 and IFRS 9. 2 First disclosure of the core earnings† metric in 2015; core ROE†† for 2022 and aft
Slide 54: Footnotes (cont.)
FOOTNOTES (cont.) Slide 28 1 Within the meaning of applicable securities laws, such financial target constitutes a “financial outlook” and “forward-looking information”. Please refer to slide 20 "Financial targets" for additional information. 2 Dividend to common shareholders. 3 Excluding organic CS
Slide 55: iA Financial Group trademark notice
iA Financial Group is a business name and trademark of iA Financial Corporation Inc. 55
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