Ia Financial Corporation Inc. · TSX:IAG
Ia Financial — Q3 2025 Earnings Presentation
54 slides from Ia Financial's earnings presentation, Nov 5, 2025
Slide 1: Third Quarter 2025 Conference Call
Third Quarter 2025 Conference Call Presenters: Denis Ricard, President and CEO Éric Jobin, EVP, CFO and Chief Actuary Stephan Bourbonnais, EVP, Wealth Management November 5, 2025
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 29 Book value 41 Insurance, Canada 8 Q3/2025 key results 30 Dividend 42 Insurance, Canada (cont.) 9 Sales - Insurance, Canada 31 Capital deployment priorities 43 Wealth Management 10 Sales - Wealth Management 32 O
Slide 6: Agenda
AGENDA ▪ Key results ▪ Business growth Denis Ricard President and CEO ▪ Financial targets ▪ Profitability Éric Jobin ▪ Financial strength EVP, CFO and Chief Actuary ▪ RF Capital acquisition Stephan Bourbonnais EVP, Wealth Management ▪ Questions & Answers 6
Slide 7: Denis Ricard
Denis Ricard President and CEO 7
Slide 8: Q3/2025 Key Results
Q3/2025 KEY RESULTS ROE expansion 18% YoY growth, meeting $3.47 Core EPS†† medium-term target1 Q3 trailing-12-month core ROE†† of 17.2% 17%+ Q3 trailing-12-month ROE of 15.6% Core ROE†† Q3 quarterly annualized core ROE†† of 18.0% target for 20271 $3.91 EPS Q3 quarterly annualized ROE of 20.3% Curren
Slide 9: Insurance, Canada - Business Growth
INSURANCE, CANADA - BUSINESS GROWTH Q3/2025 HIGHLIGHTS Individual Insurance • Good performance reflecting the strength of all our INDIVIDUAL INSURANCE GROUP INSURANCE distribution networks, the excellent performance of (sales1 in $M) Employee Plans and Special Markets our digital tools and our compr
Slide 10: Wealth Management - Business Growth
WEALTH MANAGEMENT - BUSINESS GROWTH Q3/2025 HIGHLIGHTS INDIVIDUAL INDIVIDUAL Wealth Management activities generating SEGREGATED FUNDS MUTUAL FUNDS more than $1.1 billion in net fund sales (gross sales in $M) (gross sales in $M) 1,639 Individual Wealth 608 1,333 • Good growth for both gross and net s
Slide 11: US Operations - Business Growth
US OPERATIONS - BUSINESS GROWTH Q3/2025 HIGHLIGHTS Individual Insurance • Solid result driven by good growth in the final INDIVIDUAL INSURANCE DEALER SERVICES expense and middle market segments (sales in US$M) (sales in US$M) • Customized portfolio of products sold through independent marketing orga
Slide 12: Financial Targets
FINANCIAL TARGETS 1 10%+ 17%+ $650M+ 25% to 35% annual average Core ROE†† Organic capital of core earnings Core EPS†† growth (2027) generation Dividend (2025) payout ratio††, 2 (medium-term) 22% 17.2% $495M 28.3% Core EPS†† Core ROE†† Organic capital Core dividend YoY growth Trailing 12-month genera
Slide 13: Éric Jobin
Éric Jobin EVP, Chief Financial Officer and Chief Actuary 13
Slide 14: Q3/2025 Profitability and Highlights
Q3/2025 PROFITABILITY AND HIGHLIGHTS FINANCIAL STRENGTH ROE expansion • Q3 trailing-12-month core ROE†† of 17.2% • Q3 trailing-12-month ROE of 15.6% Q3/2025 Q3/2024 YoY • Q3 quarterly annualized core ROE†† of 18.0% • Q3 quarterly annualized ROE of 20.3% Profitability Core EPS†† (diluted) $3.47 $2.93
Slide 15: Q3/2025 Earnings Performance
Q3/2025 EARNINGS PERFORMANCE Net income1 Core earnings† ($M) +29% +17% Strong growth for both net income and core 364 earnings † with strong 323 performance from all 283 103 277 three operating Insurance, 113 segments 95 Canada 106 116 Net income higher than Wealth Management 125 core earnings† main
Slide 16: Q3/2025 Earnings per Segment: Insurance, Canada
Q3/2025 EARNINGS INSURANCE, CANADA PER SEGMENT Q3 /25 Q3/24 YoY Core earnings† $113M $106M 7% Core earnings † ($M) • Higher core insurance service result 323 ◦ Higher combined RA release1 and CSM recognized for services provided1 ◦ Lower core insurance experience losses1 Insurance, ▪ Unfavourable mo
Slide 17: Q3/2025 Earnings per Segment: Wealth Management
Q3/2025 EARNINGS WEALTH MANAGEMENT PER SEGMENT Q3/25 Q3/24 YoY Core earnings† $125M $106M 18% Core earnings † ($M) • Increase in the combined RA release and CSM 323 recognized for services provided from ◦ Favourable impact of strong net segregated fund sales ◦ Favourable impact of financial market p
Slide 18: Q3/2025 Earnings per Segment: US Operations
Q3/2025 EARNINGS US OPERATIONS PER SEGMENT Q3/25 Q3/24 YoY Core earnings† $32M $31M 3% Core earnings † ($M) 323 • Higher combined RA release and CSM recognized for services provided, mainly driven by good business growth in the last 12 months • Lower impact of new insurance business Insurance, 113 •
Slide 19: Q3/2025 Earnings per Segment: Investment
Q3/2025 EARNINGS INVESTMENT PER SEGMENT Q3/25 Q3/24 YoY Core earnings† $105M $80M 31% Core earnings † ($M) Core net investment result1 of $132M compares favourably with 323 $111M a year ago • $129M2 expected investment earnings1 mainly driven by favourable impacts of: Insurance, 113 ◦ Interest rate
Slide 20: Q3/2025 Earnings per Segment: Corporate
Q3/2025 EARNINGS CORPORATE PER SEGMENT Q3/25 Q3/24 YoY Core earnings† ($52M) ($46M) (13%) Core earnings† ($M) 323 • Core other expenses of $70M (before taxes) in line with Insurance, target of $68M ± $5M (before taxes)1 113 Canada • Reflecting the disciplined approach to expenses, with a strong, ong
Slide 21: Robust Capital Position
ROBUST CAPITAL POSITION Supported by ongoing organic capital generation Capital available for Q3/2025 MOVEMENTS Solvency ratio1 Solvency ratio1,2 deployment3 (end of period) Beginning of quarter 138% $1.5B Core earnings† net of dividends 2.5% $231M 145% Organic CSM growth4,5 0.5% $39M 139% 138% Orga
Slide 22: Stephan Bourbonnais
Stephan Bourbonnais EVP, Wealth Management 22
Slide 23: iA Completes Acquisition of RF Capital Group
iA COMPLETES ACQUISITION OF RF CAPITAL GROUP One of the largest independent wealth management firms in Canada TRANSACTION STRATEGIC VALUE • Total price of $693 million • Unlocking compelling includes advisor retention synergies (TSX: RCG) strategy deployed to support • Three complementary national d
Slide 24: RF Capital Group Acquisition Timeline
RF CAPITAL GROUP ACQUISITION TIMELINE SUCCESSFUL EXECUTION DEPLOYMENT OF INTEGRATION OF RETENTION STRATEGY AND SYNERGY PLAN + Jun. 30 Jul. 28 Sept. 22 Sept. 30 Oct. 27 Oct. 31 Acquisition RF Capital Regulatory Closing announcement shareholder approval approval $40.4B $43.6B AUA AUA 143 142 ADVISOR A
Slide 25: Denis Ricard
Denis Ricard President and CEO 25
Slide 26: Q3/2025 Key Takeaways
Q3/2025 KEY TAKEAWAYS Consistent profitability and quality of earnings Disciplined execution of our strategy Target Distribution markets Strong sales in Canada and the U.S. $1.1B+ net fund sales in Wealth Management Scalability Products Technology Ongoing organic capital generation $1.3B capital ava
Slide 27: Question & Answer Session
Question & Answer Session Vall
Slide 28: Appendices
Appendices Vall
Slide 29: Book Value per Share
BOOK VALUE PER SHARE1 $79.22 at September 30, 2025 P/BV ratio of 2.00 at September 30, 2025 CAGR 1-year +11% 5-year +8% 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 2.
Slide 30: Dividend to Common Shareholders
DIVIDEND TO COMMON SHAREHOLDERS Dividend of 99¢ per common share payable in Q4/2025 $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 31: Deploying Available Capital Soundly
DEPLOYING AVAILABLE CAPITAL SOUNDLY Investing actively in high-ROE business and digital evolution Capital available for deployment1 $1.7B As at September 30, 2025 CAPITAL ALLOCATION PRIORITIES Creating Value Returning Value #1 Organic growth #2 Disciplined #3 Dividends #4 NCIB acquisitions • ROE exp
Slide 32: Operational Efficiency Initiatives
OPERATIONAL EFFICIENCY Q3/2025 corporate expenses1 INITIATIVES Corporate segment - Core other expenses target:2 2025 quarterly run rate of $68M ± $5M pre-tax 2022+ In-depth top-down review of projects Corporate segment Q1/25 Q2/25 Q3/25 Q4/25 ($ million, pre-tax) 2023-2024 Other expenses $67 $100 $7
Slide 33: Core Reconciliation
Q3/2025 RECONCILIATION OF EARNINGS ACCORDING TO THE DOE1 Insurance, Wealth US ($M, unless otherwise indicated) Investment Corporate TOTAL Canada Management Operations YoY Expected insurance earnings 161 111 54 — — 326 9% DRIVERS OF EARNINGS Impact of new insurance business (10) — — — — (10) + Core i
Slide 34: Q3/2025 Drivers of Earnings
Q3/2025 DRIVERS OF EARNINGS Third quarter Year-to-date at September 30 ($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 76 73 4% 223 206 8% CSM recognized for service
Slide 35: 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 36: Investment Portfolio
INVESTMENT PORTFOLIO Resilient portfolio composed of high-quality assets and diversified exposures Bonds - Corporates - BB and lower: 0.7% Investment properties: 3% Mortgages - Insured: 2% Fixed income ALM1-oriented portfolio ▪ see further details on slide 37 Mortgages - Uninsured: 1% Bonds - Corpor
Slide 37: $32.1B Bond Portfolio
$32.1B BOND PORTFOLIO Distribution by industry sector High-quality and conservative Distribution by category of issuer (Corporate bonds) portfolio Governments 25.9% Financial services Utilities 21.2% 25.3% Municipalities 3.2% Consumer cyclical and 16.4% BOND PORTFOLIO IS 68% OF TOTAL PORTFOLIO non-c
Slide 38: 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 39: Immediate Sensitivities
IMMEDIATE SENSITIVITIES For more information on sensitivities, please refer to the quarterly and annual Management’s Discussion and Analysis IMMEDIATE IMPACT (MD&A) as well as the “Forward-looking statements” section in this document Equity Equity Net income 1 OCI3 and Solvency ratio CSM OCI only3 a
Slide 40: Core Earnings Sensitivities
REVENUES & EXPENSES CORE EARNINGS SENSITIVITIES DIRECTLY IMPACTED BY THE IMPACT ON LEVEL OF EQUITY MARKETS FUTURE QUARTER AND INTEREST RATES as at Sept. 30, 2025 Segment Variation CORE EARNINGS1,† Description of shock ▪ Expected return on non-fixed $M post-tax income (NFI) asset +5% 0.3 Immediate +5
Slide 41: Insurance, Canada
INSURANCE, CANADA Third quarter Year-to-date at September 30 ($M, unless otherwise indicated) 2025 2024 Variation 2025 2024 Variation Individual Insurance Sales1 Minimum premiums2 89 89 —% 266 256 4% Excess premiums3 13 14 (7%) 38 34 12% Total 102 103 (1%) 304 290 5% Gross premiums 738 675 9% 2,182
Slide 42: Insurance, Canada (cont.)
INSURANCE, CANADA (cont.) Third quarter Year-to-date at September 30 ($M, unless otherwise indicated) 2025 2024 Variation 2025 2024 Variation Group Insurance Employee Plans Implemented sales 30 18 67% 108 73 48% Net premiums 372 358 4% 1,113 1,048 6% Premium equivalents and deposits 65 62 5% 209 198
Slide 43: Wealth Management
WEALTH MANAGEMENT Third quarter Year-to-date at September 30 ($M, unless otherwise indicated) 2025 2024 Variation 2025 2024 Variation Individual Wealth Management Sales - Gross sales Segregated funds 1,639 1,333 23% 4,946 3,881 27% Mutual funds 608 385 58% 1,697 1,339 27% Other savings products 400
Slide 44: Wealth Management (cont.)
WEALTH MANAGEMENT (cont.) Third quarter Year-to-date at September 30 ($M, unless otherwise indicated) 2025 2024 Variation 2025 2024 Variation Group Savings and Retirement Sales - Gross sales Accumulation contracts Other accumulation contracts 30 30 —% 164 113 45% Segregated funds 496 559 (11%) 1,776
Slide 45: US Operations
US OPERATIONS Third quarter Year-to-date at September 30 ($M, unless otherwise indicated) 2025 2024 Variation 2025 2024 Variation Individual Insurance Sales ($US) 78 68 15% 224 159 41% Sales ($CAN) 107 92 16% 312 216 44% Net premiums ($CAN) 259 266 (3%) 767 618 24% Dealer Services Sales ($US) 286 28
Slide 46: Net Premiums, Premium Equivalents and Deposits
NET PREMIUMS, PREMIUM EQUIVALENTS AND DEPOSITS Net premiums, premium equivalents ($M, unless otherwise indicated) Q3/2025 YoY and deposits ($B) 20.4 Insurance, Canada Individual Insurance 603 11% 16.6 16.8 5.7 Group Insurance 526 4% 16.1 15.4 Dealer Services 191 12% 14.0 4.2 4.1 4.0 5.2 iA Auto and
Slide 47: Asset Growth
Assets under management ASSET GROWTH and assets under administration Total AUM and AUA September 30 (assets under management and assets under administration, end of period, $B) ($B, unless otherwise indicated) QoQ YoY 2025 Assets under management 288.8 General fund 58.8 2% 5% 261.3 Segregated funds
Slide 48: CSM Movement Analysis
CSM MOVEMENT ANALYSIS 1 ($M, unless otherwise indicated) Q3/2025 Q3/2024 YoY CSM - Beginning of period 7,140 6,471 Q3/2025 highlights Organic CSM movement Impact of new insurance business 205 187 10% Organic CSM increase of $135M Organic financial growth 97 83 17% • 10% increase of impact of new ins
Slide 49: Investor Relations
INVESTOR RELATIONS Contact Caroline Drouin Tel.: 418-684-5000, ext. 103281 VP-Investor-Relations@ia.ca Next Reporting Dates Q4/2025 - February 17, 2026 after market close Conference call on February 18, 2026 Q1/2026 - May 5, 2026 after market close Conference call on May 6, 2026 Q2/2026 - August 4,
Slide 50: Footnotes for slides 8 and 12
Footnotes for slide 8 on Q3/2025 Key Results 1 Within the meaning of applicable securities laws, such financial target constitutes a “financial outlook” and “forward-looking information”. Please refer to slide 12 "Financial Targets" for additional information. 2 At September 30, 2025. 3 ROE, net pre
Slide 51: Footnotes for slides 21 and 23
Footnotes for slide 21 on Robust Capital Position 1 iA Financial Corporation Inc. and rounded to the nearest 0.5 percentage points. 2 2022 figures calculated according to the IFRS 4 accounting standard and with the capital standard applicable in 2022. 3 Reflects an optimized capital structure that c
Slide 52: 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 53: 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 54: iA Financial Group trademark notice
iA Financial Group is a business name and trademark of iA Financial Corporation Inc. 54