Ia Financial Corporation Inc. · TSX:IAG
Ia Financial — Q1 2025 Earnings Presentation
48 slides from Ia Financial's earnings presentation, May 8, 2025
Slide 1: Supplemental Information Package (unaudited) – First quarter 2025
iA Financial Corporation Inc. Supplemental Information Package (unaudited) For the first quarter of 2025 As at March 31, 2025
Slide 2: General Information
GENERAL INFORMATION iA Financial Group is one of the largest insurance and wealth management groups in Canada, with operations in the United States. Founded in 1892, it is an important Canadian public company and is listed on the Toronto Stock Exchange under the ticker symbols IAG (common shares). i
Slide 3: Notice and General Information
NOTICE AND GENERAL INFORMATION NON-IFRS AND ADDITIONAL FINANCIAL MEASURES iA Financial Corporation (hereinafter referred to as the “Company”) reports its financial results and statements in accordance with IFRS® Accounting Standards (referred to as “IFRS” in this document”). The Company also publish
Slide 4: Table of Contents
TABLE OF CONTENTS HIGHLIGHTS ...............................................................................................................................................................................................................................................................................
Slide 5: Highlights
HIGHLIGHTS Twelve months Three months ended March 31 ended December 31 (In millions of dollars, unless otherwise indicated) 2025 2024 Variation 2024 PROFITABILITY Net income 195 234 (17%) 962 Dividends on preferred shares issued by a subsidiary and distributions on other equity instruments (9) (1) 8
Slide 6: Profitability
PROFITABILITY 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Net income Net income 195 226 288 214 234 256 56 204 273 962 789 Dividends on preferred shares issued by a subsidiary and distributions on other equity instruments (9)
Slide 7: Consolidated Income Statements
CONSOLIDATED INCOME STATEMENTS 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Insurance service result Insurance revenue 1,826 1,822 1,741 1,644 1,595 1,547 1,458 1,376 1,359 6,802 5,740 Insurance service expenses (1,465) (1,509
Slide 8: Consolidated Comprehensive Income
CONSOLIDATED COMPREHENSIVE INCOME 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Comprehensive income statements Net income 195 226 288 214 234 256 56 204 273 962 789 Other comprehensive income (loss), net of Items that may be r
Slide 9: Drivers of Earnings – Core
DRIVERS OF EARNINGS1 – CORE 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Core insurance service result Risk adjustment release 73 74 73 67 66 61 61 59 59 280 240 CSM recognized for services provided 195 191 184 170 164 157 152
Slide 10: Drivers of Earnings – Core, Insurance, Canada
DRIVERS OF EARNINGS – CORE, BY BUSINESS SEGMENTS / INSURANCE, CANADA 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Core insurance service result Risk adjustment release 46 47 47 47 46 45 44 43 43 187 175 CSM recognized for serv
Slide 11: Drivers of Earnings – Core, Wealth Management
DRIVERS OF EARNINGS – CORE, BY BUSINESS SEGMENTS / WEALTH MANAGEMENT 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Core insurance service result Risk adjustment release 10 11 10 10 9 7 8 7 7 40 29 CSM recognized for services pr
Slide 12: Drivers of Earnings – Core, US Operations
DRIVERS OF EARNINGS – CORE, BY BUSINESS SEGMENTS / US OPERATIONS 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Core insurance service result Risk adjustment release 17 16 16 10 11 9 9 9 9 53 36 CSM recognized for services provi
Slide 13: Drivers of Earnings – Core, Investment
DRIVERS OF EARNINGS – CORE, BY BUSINESS SEGMENTS / INVESTMENT 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Core insurance service result Risk adjustment release — — — — — — — — — — — CSM recognized for services provided — — —
Slide 14: Drivers of Earnings – Core, Corporate
DRIVERS OF EARNINGS – CORE, BY BUSINESS SEGMENTS / CORPORATE 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Core insurance service result Risk adjustment release — — — — — — — — — — — CSM recognized for services provided — — — —
Slide 15: Drivers of Earnings – Core, by Business Segments
DRIVERS OF EARNINGS – CORE, BY BUSINESS SEGMENTS Three months ended March 31 (In millions of dollars, unless otherwise indicated) Insurance, Canada Wealth Management US Operations Investment Corporate Total Core insurance service result Risk adjustment release 46 10 17 — — 73 CSM recognized for serv
Slide 16: Drivers of Earnings
DRIVERS OF EARNINGS 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Insurance service result Risk adjustment release 73 74 73 67 66 61 61 59 59 280 240 CSM recognized for services provided 195 191 184 170 164 157 152 153 147 709
Slide 17: Drivers of Earnings, Insurance, Canada
DRIVERS OF EARNINGS, BY BUSINESS SEGMENTS / INSURANCE, CANADA 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Insurance service result Risk adjustment release 46 47 47 47 46 45 44 43 43 187 175 CSM recognized for services provide
Slide 18: Drivers of Earnings, Wealth Management
DRIVERS OF EARNINGS, BY BUSINESS SEGMENTS / WEALTH MANAGEMENT 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Insurance service result Risk adjustment release 10 11 10 10 9 7 8 7 7 40 29 CSM recognized for services provided 88 90
Slide 19: Drivers of Earnings, US Operations
DRIVERS OF EARNINGS, BY BUSINESS SEGMENTS / US OPERATIONS 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Insurance service result Risk adjustment release 17 16 16 10 11 9 9 9 9 53 36 CSM recognized for services provided 25 24 25
Slide 20: Drivers of Earnings, Investment
DRIVERS OF EARNINGS, BY BUSINESS SEGMENTS / INVESTMENT 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Insurance service result Risk adjustment release — — — — — — — — — — — CSM recognized for services provided — — — — — — — — —
Slide 21: Drivers of Earnings, Corporate
DRIVERS OF EARNINGS, BY BUSINESS SEGMENTS / CORPORATE 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Insurance service result Risk adjustment release — — — — — — — — — — — CSM recognized for services provided — — — — — — — — — —
Slide 22: Drivers of Earnings, by Business Segments
DRIVERS OF EARNINGS, BY BUSINESS SEGMENTS Three months ended March 31 (In millions of dollars, unless otherwise indicated) Insurance, Canada Wealth Management US Operations Investment Corporate Total Insurance service result Risk adjustment release 46 10 17 — — 73 CSM recognized for services provide
Slide 23: Reconciliation of Earnings According to the Drivers of Earnings Analysis
RECONCILIATION OF EARNINGS ACCORDING TO THE DRIVERS OF EARNINGS ANALYSIS Three months ended March 31 Reclassification Core Net earnings investment Income Core earnings1, † adjustments1 result2 Others2 per financial statements (In millions of dollars, unless otherwise indicated) 2025 2024 Variation 2
Slide 24: Core Earnings Adjustments
CORE EARNINGS ADJUSTMENTS 2025 2024 2023 2024 2023 (Post-tax, in millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Core earnings† remove from net income the impacts of the following items: Market-related impacts 63 (16) (34) 27 (9) (89) 169 72 (70) (32) 82 Ass
Slide 25: CSM Movement Analysis – Consolidated
CSM MOVEMENT ANALYSIS1 – CONSOLIDATED 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual CSM – Beginning of period 6,899 6,675 6,471 6,159 5,925 5,781 5,740 5,756 5,574 5,925 5,574 Organic CSM movement Impact of new insurance busine
Slide 26: Business Growth
BUSINESS GROWTH1 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Insurance, Canada Individual Insurance Sales Minimum premiums 86 91 89 87 80 83 84 79 82 347 328 Excess premiums 13 11 14 11 9 12 12 10 7 45 41 Total 99 102 103 98
Slide 27: Business Growth (continued)
BUSINESS GROWTH (continued) 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Wealth management Individual Wealth Management Sales – Gross sales Segregated funds 1,939 1,562 1,333 1,270 1,278 837 882 829 1,033 5,443 3,581 Mutual fu
Slide 28: Business Growth (continued)
BUSINESS GROWTH (continued) 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Group Savings and Retirement Sales – Gross sales Accumulation contracts Segregated funds 739 661 559 524 774 482 430 407 528 2,518 1,847 Other accumulati
Slide 29: Business Growth (continued)
BUSINESS GROWTH (continued) 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Net premiums, premium equivalents and deposits by business segments Insurance, Canada Individual Insurance 581 569 543 532 516 511 497 494 483 2,160 1,98
Slide 30: Consolidated Statements of Financial Position
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION 2025 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Assets Investments Cash and short-term investments 1,794 1,566 2,097 1,990 1,462 1,379 1,190 1,513 1,589 Bonds 32,177 32,690 31,289 29,716 29,496 29,940 26,476
Slide 31: Invested Assets
INVESTED ASSETS 2025 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Value and distribution of investments Book value of investment portfolio 45,676 45,580 44,601 42,644 41,586 42,618 38,856 40,961 39,945 Distribution of investments by financial instrument c
Slide 32: Invested Assets (continued) – Bonds
INVESTED ASSETS (continued) 2025 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Bonds Book value of the bond portfolio 32,177 32,690 31,289 29,716 29,496 29,940 26,476 28,288 27,429 Distribution of bonds by financial instrument category Fair value through p
Slide 33: Invested Assets (continued) – Loans
INVESTED ASSETS (continued) 2025 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Loans Book value of loans portfolio 3,425 3,444 3,548 3,589 3,569 3,660 3,717 3,717 3,747 Book value of mortgages 1,168 1,193 1,275 1,342 1,339 1,426 1,470 1,502 1,574 Book valu
Slide 34: Invested Assets (continued) – Stocks
INVESTED ASSETS (continued) 2025 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Stocks Book value of the stock portfolio 5,601 5,130 4,810 4,569 4,320 4,069 3,912 3,884 3,868 Distribution by financial instrument category Fair value through profit or loss (F
Slide 35: Invested Assets (continued) – Percentages
INVESTED ASSETS (continued) 2025 2024 2023 (in percentage) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Value and distribution of investments Book value of investment portfolio 45,676 45,580 44,601 42,644 41,586 42,618 38,856 40,961 39,945 Distribution of investments by financial instrument category Fair value throug
Slide 36: Invested Assets (continued) – Bonds percentages
INVESTED ASSETS (continued) 2025 2024 2023 (in percentage) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Bonds Book value of the bond portfolio 32,177 32,690 31,289 29,716 29,496 29,940 26,476 28,288 27,429 Distribution of bonds by financial instrument category Fair value through profit or loss (FVTPL) 100.0% 100.0% 1
Slide 37: Invested Assets (continued) – Loans percentages
INVESTED ASSETS (continued) 2025 2024 2023 (in percentage) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Loans Book value of loans portfolio 3,425 3,444 3,548 3,589 3,569 3,660 3,717 3,717 3,747 Book value of mortgages 1,168 1,193 1,275 1,342 1,339 1,426 1,470 1,502 1,574 Book value of car loans and other loans 2,257
Slide 38: Invested Assets (continued) – Stocks percentages
INVESTED ASSETS (continued) 2025 2024 2023 (in percentage) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Stocks Book value of the stock portfolio 5,601 5,130 4,810 4,569 4,320 4,069 3,912 3,884 3,868 Distribution by financial instrument category Fair value through profit or loss (FVTPL) 100.0% 100.0% 100.0% 100.0% 100
Slide 39: Solvency and Capitalization
SOLVENCY AND CAPITALIZATION 2025 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 iA Financial Corporation Inc. Solvency ratio CARLI Available capital Tier 1 capital Share capital and contributed surplus 1,542 1,540 1,541 1,555 1,601 1,620 1,649 1,665 1,678 P
Slide 40: Solvency, Capitalization and Credit Ratings
SOLVENCY, CAPITALIZATION AND CREDIT RATINGS 2025 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Capital structure1 Debentures 1,495 1,894 1,496 1,496 1,500 1,499 1,499 1,898 1,500 Equity Share capital and contributed surplus 1,542 1,540 1,541 1,555 1,601 1,
Slide 41: Macroeconomic Sensitivity – Immediate Sensitivities
MACROECONOMIC SENSITIVITY – IMMEDIATE SENSITIVITIES1 2025 2024 2023 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Public equity Immediate impact on net income (non-core) of an immediate change in market values (in $M)2 Post-tax 25% increase 175 150 150 150 150 200 175 200 200 10% increase 100 100 100 100 100 100 75 75
Slide 42: Macroeconomic Sensitivity – Immediate Sensitivities (continued)
MACROECONOMIC SENSITIVITY – IMMEDIATE SENSITIVITIES1 (continued) 2025 2024 2023 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Interest rates Immediate impact on net income (non-core) of an immediate parallel shift of all rates (in $M)2 Post-tax 50 bps increase (25) (25) (25) (50) (50) (25) (75) (75) (75) 50 bps decrea
Slide 43: Macroeconomic Sensitivity – Immediate Sensitivities (continued)
MACROECONOMIC SENSITIVITY – IMMEDIATE SENSITIVITIES1 (continued) 2025 2024 2023 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Provincial government bond spreads Immediate impact on net income (non-core) of an immediate parallel shift of provincial government bond spreads (in $M)2 Post-tax 50 bps increase 25 25 25 — —
Slide 44: Macroeconomic Sensitivities – Core Earnings
MACROECONOMIC SENSITIVITY – CORE EARNINGS† SENSITIVITIES1, 2 2025 2024 2023 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Impact3 on future quarters core earnings† Impact on Investment segment future quarters core earnings† of an immediate change in public equity market values (in $M)4 Post-tax 5% increase 0.3 0.4 0.5
Slide 45: Share Information
SHARE INFORMATION 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Common shares Share price1 High $141.88 $138.01 $112.72 $94.25 $93.84 $93.47 $93.90 $93.86 $93.15 $138.01 $93.90 Low $121.12 $111.18 $84.44 $80.95 $83.40 $77.61 $8
Slide 46: Share Information (continued)
SHARE INFORMATION (continued) 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Valuation Price-to-earnings multiple (trailing 12 months)1,2 (in number of times) 14.5 13.7 11.3 11.5 11.6 12.0 13.8 14.6 15.0 13.7 12.0 Market capital
Slide 47: Supplementary Financial Measures
SUPPLEMENTARY FINANCIAL MEASURES Assets under administration (AUA) – Assets under administration (AUA) is a supplementary financial measure defined as all assets with respect to which the Company acts only as an intermediary between a client and an external fund manager. This measure is used to asse
Slide 48: Supplementary Financial Measures (continued)
SUPPLEMENTARY FINANCIAL MEASURES (continued) Dividend payout ratio – Dividend payout ratio is a supplementary financial measure defined as the percentage of net income attributed to common shareholders that is distributed to common shareholders in the form of dividends during the period. It indicate