Slide 1: First Quarter 2026 Conference Call
First Quarter 2026 Conference Call Presenters: Denis Ricard, President and CEO Éric Jobin, EVP, CFO and Chief Actuary May 6, 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 Core earnings sensitivities 8 Evolution of senior leadership 26 Dividend 38 Insurance, Canada 9 Q1/2026 key results 27 Capital deployment priorities 39 Insurance, Canada (cont.) 10 Sales - Insuran
Slide 6: Agenda
AGENDA ▪ Key results Denis Ricard ▪ Business growth President and CEO ▪ Financial targets Éric Jobin ▪ Profitability EVP, CFO and Chief Actuary ▪ Financial strength ▪ Questions & Answers 6
Slide 7: Denis Ricard
Denis Ricard President and CEO 7
Slide 8: Continued Evolution of Senior Leadership
CONTINUED EVOLUTION OF SENIOR LEADERSHIP Creation of a dedicated executive role to lead acquisition-driven business development ATTRACT Benoit Hudon TALENT OF INTERNATIONAL EVP, Corporate Strategy and Development CALIBRE PROMOTE Denis Berthiaume INTERNAL EVP, Chief Growth Officer, Canadian Operation
Slide 9: Q1/2026 Key Results
Q1/2026 KEY RESULTS $3.25 Core EPS†† $1.49 EPS $261M PROFITABILITY share buybacks +12% YoY (25%) YoY during Q1 ROE 17.5% Core ROE†† Trailing-12-month 14.3% ROE1 Trailing-12-month EXPANSION $1.1000 16.6% Core ROE†† Quarterly annualized 7.6% ROE Quarterly annualized dividend payable during Q2/2026 (11
Slide 10: Insurance, Canada - Business Growth
INSURANCE, CANADA - BUSINESS GROWTH Q1/2026 HIGHLIGHTS Individual Insurance • Result comparable to last year’s strong performance, INDIVIDUAL INSURANCE GROUP INSURANCE reflecting the strength of our distribution networks, (sales1 in $M) Employee Plans and Special Markets the strong performance of ou
Slide 11: Wealth Management - Business Growth
WEALTH MANAGEMENT - BUSINESS GROWTH Q1/2026 HIGHLIGHTS INDIVIDUAL INDIVIDUAL SEGREGATED FUNDS MUTUAL FUNDS (gross sales in $M) (gross sales in $M) Record individual total gross sales of $3.7 billion 2,383 838 Strong individual net fund inflows of $1.4 billion 1,939 647 +23% +30% Individual Wealth Yo
Slide 12: US Operations - Business Growth
US OPERATIONS - BUSINESS GROWTH Q1/2026 HIGHLIGHTS Individual Insurance • Growth in the final expense and middle market INDIVIDUAL INSURANCE DEALER SERVICES segments, supported by solid distribution (sales in US$M) (sales in US$M) relationships • A customized product portfolio distributed through in
Slide 13: 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) 12% 17.5% $155M 30.5% Core EPS†† Core ROE†† Organic capital Core dividend
Slide 14: Éric Jobin
Éric Jobin EVP, Chief Financial Officer and Chief Actuary 14
Slide 15: Q1/2026 Earnings Insurance, Canada
Q1/2026 EARNINGS INSURANCE, CANADA PER SEGMENT Core earnings† Q1/26 $96M Q1/25 $100M YoY (4%) Core earnings † • Higher core insurance service result ($M) ◦ Higher combined RA release1 and CSM recognized for services provided1 from Individual Insurance 298 ◦ Higher expected insurance earnings1 on PAA
Slide 16: Q1/2026 Earnings Wealth Management
Q1/2026 EARNINGS WEALTH MANAGEMENT PER SEGMENT Q1/26 Q1/25 YoY Core earnings† Core earnings† $131M $106M 24% ($M) • Higher combined RA release and CSM recognized for services provided due to strong net segregated fund 298 sales and the impact of favourable financial markets over the last 12 months I
Slide 17: Q1/2026 Earnings US Operations
Q1/2026 EARNINGS US OPERATIONS PER SEGMENT Q1/26 Q1/25 YoY Core earnings† $26M $30M (13)% Core earnings † ($M) • Higher combined RA release and CSM recognized for services provided driven by good business growth in 298 individual insurance • Higher expected earnings on PAA insurance business from De
Slide 18: Q1/2026 Earnings Investment
Q1/2026 EARNINGS INVESTMENT PER SEGMENT Q1/26 Q4/25 Q1/25 YoY Core earnings† $93M $91M $85M 9% Core earnings † ($M) Core net investment result1,2 $126M $127M $124M Expected investment earnings1,2 $119M $124M $123M 298 • QoQ: Impact of a reduction in assets following RF Capital Group acquisition and
Slide 19: Q1/2026 Earnings Corporate
Q1/2026 EARNINGS CORPORATE PER SEGMENT Disciplined expense management, amid inflationary pressures. Core earnings† Strong, ongoing focus on operational efficiency and enhancing ($M) IT infrastructure performance. 298 Q1/26 Q1/25 YoY Core earnings (losses)† ($48M) ($48M) —% Insurance, • Core other ex
Slide 20: Robust Capital Position
ROBUST CAPITAL POSITION 134% Supported by ongoing organic capital generation solvency ratio Well above the regulatory minimum ratio of 90% Capital available (as at March 31, 2026) Q1/2026 MOVEMENTS Solvency ratio1 for deployment2 Beginning of quarter 133% $1.1B $155M Core earnings† 2.5% $298M organi
Slide 21: Denis Ricard
Denis Ricard President and CEO 21
Slide 22: Q1/2026 Key Takeaways
Q1/2026 KEY TAKEAWAYS Driving Profitable Growth • Elevated activity in our Insurance and Wealth distribution platforms • Net premiums and deposits up 10% YoY; AUM/AUA up 31% over LTM Target Distribution • Record quarterly Individual Wealth Management gross sales of $3.7B markets • Creating Value • D
Slide 23: Question & Answer Session
Question & Answer Session Vall
Slide 24: Appendices
Appendices Vall
Slide 25: Book Value per Share
BOOK VALUE PER SHARE1 $78.90 at March 31, 2026 P/BV ratio of 1.96 at March 31, 2026 CAGR 1-year +6% 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 2.17 2
Slide 26: Dividend to Common Shareholders
DIVIDEND TO COMMON SHAREHOLDERS Dividend of $1.10 per common share payable in Q2/2026 $1.10 Steady increases $1.00 every 3 quarters $0.90 $0.80 $0.70 $0.60 Steady increases every 3 quarters $0.50 $0.40 Largest dividend increase (+29%) among Canadian $0.30 lifecos following the lifting of regulatory
Slide 27: Deploying Available Capital Soundly
DEPLOYING AVAILABLE CAPITAL SOUNDLY Investing actively in high-ROE business and digital evolution Capital available for deployment $1.2B As at March 31, 2026 CAPITAL ALLOCATION PRIORITIES Creating Value Returning Value #1 Organic growth #2 Disciplined #3 Dividends #4 NCIB acquisitions • Returning va
Slide 28: Operational Efficiency Initiatives
OPERATIONAL Corporate expenses1 EFFICIENCY INITIATIVES Disciplined expense management, amid inflationary pressures. Strong, ongoing focus on operational efficiency and enhancing 2022+ IT infrastructure performance. In-depth top-down review of projects Corporate segment - Core other expenses target:2
Slide 29: Core Reconciliation
Q1/2026 RECONCILIATION OF EARNINGS ACCORDING TO THE DOE1 Insurance, Wealth US ($M, unless otherwise indicated) Investment Corporate TOTAL Canada Management Operations YoY Expected insurance earnings 155 117 61 — — 333 14% DRIVERS OF EARNINGS Impact of new insurance business (13) — (1) — — (14) + Cor
Slide 30: Q1/2026 Drivers of Earnings
Q1/2026 DRIVERS OF EARNINGS First quarter ($M, unless otherwise indicated) 2026 2025 YoY CORE EARNINGS† ACCORDING TO THE DRIVERS OF EARNINGS1 - CONSOLIDATED Core insurance service result Risk adjustment release 79 73 8% CSM recognized for services provided 219 195 12% + Expected earnings on PAA insu
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 Fixed income ALM1-oriented portfolio Bonds - Corporates - ▪ See further details on slide 33 BB and lower: 0.4% Investment properties: 3% Prudent exposure to equity market Mortgages - Insured: 1% ▪ Qual
Slide 33: $30.3B Bond Portfolio
$30.3B BOND PORTFOLIO Distribution by industry sector High-quality and conservative Distribution by category of issuer (Corporate bonds) portfolio Governments 25.5% Financial services Utilities 22.3% 24.9% Municipalities 3.2% Consumer cyclical and 15.5% BOND PORTFOLIO IS 66% OF TOTAL PORTFOLIO non-c
Slide 34: Private Fixed Income
PRIVATE FIXED INCOME Disciplined Risk Comprised mainly of high-quality assets Management PRIVATE DEBT - CORPORATE BONDS - $5.3B • Private fixed income allocation 12% OF TOTAL $46.0B INVESTMENT PORTFOLIO has increased the portfolio efficient surface • (i.e, higher return adjusted for risk • Long-term
Slide 35: High-Quality Investment Properties & Mortgages Portfolios
HIGH-QUALITY INVESTMENT PROPERTIES & MORTGAGES PORTFOLIOS $1.6B INVESTMENT PROPERTIES $1.1B MORTGAGES COMBINED PORTFOLIOS ▪ Capital-efficient investment properties1 ▪ Disciplined underwriting process ▪ Average lease terms remaining of ~10 years1,2 ▪ 55% of mortgages are insured ▪ Large portion rente
Slide 36: Immediate Sensitivities
IMMEDIATE SENSITIVITIES For more information on sensitivities, please refer to the IMMEDIATE IMPACT annual Management’s Discussion and Analysis (MD&A) as Equity Equity well as the “Forward-looking statements” section in this Net income 1 OCI3 and Solvency ratio CSM OCI only3 document net income4 Per
Slide 37: 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 March 31, 2026 Segment Variation CORE EARNINGS1,† Description of shock ▪ Expected return on non-fixed $M post-tax income (NFI) asset +5% 0.2 Immediate +
Slide 38: Insurance, Canada
INSURANCE, CANADA First quarter ($M, unless otherwise indicated) 2026 2025 Variation Individual Insurance Sales1 Minimum premiums2 84 86 (2%) Excess premiums3 13 13 —% Total 97 99 (2%) Gross premiums 757 703 8% Net premiums 628 581 8% Number of policies issued Life insurance only 38,989 38,301 2% Li
Slide 39: Insurance, Canada (cont.)
INSURANCE, CANADA (cont.) First quarter ($M, unless otherwise indicated) 2026 2025 Variation Group Insurance Employee Plans Implemented sales 8 70 (89%) Net premiums 375 360 4% Premium equivalents and deposits 70 71 (1%) Special Markets Sales - Gross premiums 104 108 (4%) Net premiums 95 100 (5%) To
Slide 40: Wealth Management
WEALTH MANAGEMENT First quarter ($M, unless otherwise indicated) 2026 2025 Variation Individual Wealth Management Sales - Gross sales Segregated funds 2,383 1,939 23% Mutual funds 838 647 30% Other savings products 494 467 6% Total1 3,715 3,053 22% Sales - Net sales Segregated funds2 1,477 1,173 304
Slide 41: Wealth Management (cont.)
WEALTH MANAGEMENT (cont.) First quarter ($M, unless otherwise indicated) 2026 2025 Variation Group Savings and Retirement Sales - Gross sales Accumulation contracts Other accumulation contracts 38 63 (40%) Segregated funds 612 739 (17%) Total 650 802 (19%) Insured annuities (general fund)1 54 39 38%
Slide 42: US Operations
US OPERATIONS First quarter ($M, unless otherwise indicated) 2026 2025 Variation Individual Insurance Sales ($US) 79 68 16% Sales ($CAN) 108 97 11% Net premiums ($CAN) 268 255 5% Dealer Services Sales ($US) 273 306 (11%) Sales ($CAN) 375 438 (14%) Net premiums ($CAN) 103 152 (32%) Premium equivalent
Slide 43: Net Premiums, Premium Equivalents and Deposits
NET PREMIUMS, PREMIUM EQUIVALENTS AND DEPOSITS Net premiums, premium equivalents ($M, unless otherwise indicated) Q1/2026 YoY and deposits ($B) Insurance, Canada 22.0 20.4 Individual Insurance 628 8% 5.9 Group Insurance 540 2% 16.6 16.8 5.7 Dealer Services 150 8% 15.4 14.0 4.2 4.1 iA Auto and Home 1
Slide 44: Asset Growth
ASSET GROWTH Total AUM and AUA (assets under management and assets under administration, end of period, $B) Assets under management and assets under administration March 31 ($B, unless otherwise indicated) QoQ YoY 341.1 346.1 2026 Assets under management 261.3 General fund 61.7 3% 6% 221.2 197.9 200
Slide 45: CSM Movement Analysis
CSM MOVEMENT ANALYSIS 1 ($M, unless otherwise indicated) Q1/2026 Q1/2025 YoY CSM – Beginning of period 7,650 6,899 Q1/2026 highlights Organic CSM movement Impact of new insurance business 202 191 6% Organic CSM increase of $136M Organic financial growth 114 92 24% • 6% increase of impact of new insu
Slide 46: Investor Relations
INVESTOR RELATIONS Contact Caroline Drouin Tel.: 418-684-5000, ext. 103281 VP-Investor-Relations@ia.ca Next Reporting Dates Q2/2026 - August 4, 2026 after market close Conference call on August 5, 2026 Q3/2026 - November 9, 2026 after market close Conference call on November 10, 2026 Q4/2026 - Febru
Slide 47: Footnotes for slides 9 and 13
Footnotes for slide 9 on Q1/2026 Key Results 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 Meas
Slide 48: Footnotes for slides 20 and 28
Footnotes for slide 20 on Robust Capital Position 1 iA Financial Corporation Inc. and rounded to the nearest 0.5 percentage points. 2 The calculation considers the amount of capital over and above the Company’s operating capital target ratios, calculated under the Capital Adequacy Requirements Guide
Slide 49: 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 50: 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 51: 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. 51