Reported Earnings • May 07
First quarter 2026 earnings released: EPS: CA$1.51 (vs CA$2.00 in 1Q 2025) First quarter 2026 results: EPS: CA$1.51 (down from CA$2.00 in 1Q 2025). Revenue: CA$2.74b (up 13% from 1Q 2025). Net income: CA$137.0m (down 26% from 1Q 2025). Profit margin: 5.0% (down from 7.7% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 24% per year. Live News • May 06
iA Financial Lifts Dividend to $1.10 and Grows Q1 EPS With Leadership Changes Ahead iA Financial increased its quarterly common dividend by 11% to $1.10 per share for Q1 2026 and reported core diluted EPS of $3.25, which is 12% higher than the same quarter in 2025.
The company reported a core return on common shareholders’ equity of 17.5% for Q1 2026 and raised the maximum number of common shares that can be repurchased under its Normal Course Issuer Bid.
iA Financial announced executive committee changes effective June 1, 2026, including new roles focused on corporate strategy, capital deployment and Canadian growth, alongside a planned retirement at year-end 2026.
For investors, the combination of a higher common dividend, an increase in share repurchase capacity under the NCIB and strong Q1 2026 core metrics indicates that management is placing emphasis on shareholder returns and capital management. The higher dividend and the Board’s decision on repurchases reflect confidence in the company’s position while still keeping options open for other uses of capital.
The executive changes add focus to corporate strategy and development and to growth in Canadian operations. A dedicated Executive Vice-President for corporate strategy and development, together with a Chief Growth Officer for Canada, suggests the company is directing more senior-level attention to where and how capital is deployed and how its North American footprint is managed. For existing and prospective shareholders, it may be useful to monitor how these leadership moves relate to future financial results, product mix and capital allocation decisions. Announcement • Apr 08
iA Financial Group Integrates New Term Life And Permanent Life Insurance Sales Into Modernized Digital Experience iA Financial Group was reaching a key milestone in the modernization of individual life insurance with the integration of new term life and permanent life insurance sales into its modernized digital experience. As of date, approximately 50% of new life insurance sales benefit from a fully redesigned journey: from application to contract delivery, the process is simplified, automated and even faster—for both advisors and clients. Already recognized as an industry leader for instant decision-making at the point of sale, iA Financial Group is taking another step forward in modernizing individual life insurance. This modernization is notably based on intuitive self-service transactions, such as beneficiary changes or billing changes, which provide advisors and clients with greater autonomy while significantly reducing the administrative burden associated with policy management. Doing business with us has never been so simple, fast and efficient! This milestone confirms iA Financial Group’s ambition to deeply transform its operating model and the experience offered to its distribution networks by making sales and after-sales services more accessible through digital solutions. Announcement • Apr 01
iA Financial Corporation Inc. to Report Q1, 2026 Results on May 05, 2026 iA Financial Corporation Inc. announced that they will report Q1, 2026 results at 5:00 PM, Eastern Standard Time on May 05, 2026 Recent Insider Transactions • Feb 20
CEO, President & Director recently bought CA$912k worth of stock On the 19th of February, Denis Ricard bought around 6k shares on-market at roughly CA$152 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Denis has been a buyer over the last 12 months, purchasing a net total of CA$1.2m worth in shares. Reported Earnings • Feb 19
Full year 2025 earnings released: EPS: CA$11.32 (vs CA$9.81 in FY 2024) Full year 2025 results: EPS: CA$11.32 (up from CA$9.81 in FY 2024). Revenue: CA$9.11b (up 15% from FY 2024). Net income: CA$1.05b (up 12% from FY 2024). Profit margin: 12% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Feb 17
iA Financial Corporation Inc., Annual General Meeting, May 07, 2026 iA Financial Corporation Inc., Annual General Meeting, May 07, 2026. Location: quebec, quebec city Canada Price Target Changed • Jan 09
Price target increased by 7.7% to CA$176 Up from CA$163, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of CA$180. Stock is up 38% over the past year. The company is forecast to post earnings per share of CA$12.46 for next year compared to CA$9.81 last year. Announcement • Jan 09
iA Financial Corporation Inc. to Report Q4, 2025 Results on Feb 17, 2026 iA Financial Corporation Inc. announced that they will report Q4, 2025 results at 5:00 PM, US Eastern Standard Time on Feb 17, 2026 Declared Dividend • Nov 07
Third quarter dividend of CA$0.99 announced Shareholders will receive a dividend of CA$0.99. Ex-date: 21st November 2025 Payment date: 15th December 2025 Dividend yield will be 2.3%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (31% earnings payout ratio) and cash flows (63% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 18% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 06
Third quarter 2025 earnings released: EPS: CA$3.91 (vs CA$3.01 in 3Q 2024) Third quarter 2025 results: EPS: CA$3.91 (up from CA$3.01 in 3Q 2024). Revenue: CA$2.72b (up 12% from 3Q 2024). Net income: CA$364.0m (up 29% from 3Q 2024). Profit margin: 13% (up from 12% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year whereas the company’s share price has increased by 32% per year. Announcement • Nov 05
iA Financial Corporation Inc. Announces Dividend for the Quarter Ended September 30, 2025, Payable on December 15, 2025 The Board of Directors of iA Financial Corporation Inc. announced the payment of a quarterly dividend of $0.9900 per outstanding common share for the quarter ended September 30, 2025. This dividend will be payable on December 15, 2025, to all common shareholders of record at the close of business on November 21, 2025. Announcement • Oct 31
iA Financial Corporation Inc. (TSX:IAG) completed the acquisition of RF Capital Group Inc. (TSX:RCG) from Richardson Financial Group Limited and others. iA Financial Corporation Inc. (TSX:IAG) entered into a definitive agreement to acquire RF Capital Group Inc. (TSX:RCG) from Richardson Financial Group Limited and others for approximately CAD 450 million on July 27, 2025. Consideration consists of CAD 20 per issued and outstanding common share and CAD 25 per issued and outstanding preferred share of RF Capital, payable entirely in cash. Purchase price will be funded by iA existing cash on hand and is expected to reduce. A termination fee of CAD 14.8 million would be payable by RF Capital to iA in certain circumstances, including in the context of a superior proposal supported by RF Capital. The board of directors of RF Capital, after receiving the unanimous recommendation from its special committee of independent directors unanimously recommends that RF Capital’s common shareholders and Series B preferred shareholders vote in favour of the Transaction. Upon the completion of the Transaction, the Series B Preferred Shares, to be delisted from the Toronto Stock Exchange. The Transaction is not subject to any financing condition.
Closing of the Transaction is subject to the receipt of the required approvals from RF Capital’s common shareholders and certain regulatory approvals and court approval, as well as the satisfaction of other customary closing conditions. Closing of the Transaction is expected to occur during Q4 2025. On September 22, 2025, RF Capital Group Inc. obtains shareholder approval for the sale to iA Financial Corporation Inc. Completion of the Arrangement remains subject to receipt of the final order, obtaining applicable regulatory approvals, and other customary closing conditions. The final order of the Ontario Superior Court of Justice (Commercial List) approving the Arrangement will be sought on September 26, 2025. As of October 27, 2025, the Canadian Investment Regulatory Organization has approved the transaction, as a result, all conditions to closing of the Arrangement have been satisfied, which RF Capital Group expects the transaction to close on or about October 31, 2025.
CIBC Capital Markets is acting as exclusive financial advisor and fairness opinion provider and Goodmans LLP is acting as legal counsel to RF Capital Group Inc. Cormark Securities Inc. is providing a fairness opinion to the Special Committee and the Board of Directors of RF Capital Group Inc. Stikeman Elliott LLP is acting as legal counsel Richardson Financial Group Limited. National Bank Financial Inc. is acting as financial advisor and McCarthy Tétrault LLP is acting as legal counsel to iA Financial Corporation Inc.
iA Financial Corporation Inc. (TSX:IAG) completed the acquisition of RF Capital Group Inc. (TSX:RCG) from Richardson Financial Group Limited and others on October 31, 2025. Announcement • Oct 09
IA Financial Group Propels Advisors' Digital Experience to New Heights with the Launch of the Web Version of Evo Insurance iA Financial Group announced the launch of the web version of its EVO Insurance platform, already used by more than 30,000 financial security advisors across the country. This new version marks an important step in the sector's digital transformation, offering an even more accessible, quicker and intuitive solution--directly from a computer, tablet or phone. Designed to optimize advisors' day-to-day activities and streamline the client experience, EVO Insurance on the web allows personalized applications to be submitted in under 10 minutes. Thanks to cutting-edge technology, most standard applications are accepted almost instantly upon signing, without medical tests or blood tests. The result is a smooth, transparent and highly efficient process that meets the expectations of today's clients. Used by 98% of advisors doing business with iA, the EVO platform has become an essential tool in the Canadian insurance landscape. Its success is built on a winning combination: a user-friendly interface, unmatched speed of execution and the ability to adapt to the unique needs of each client. Announcement • Sep 12
iA Financial Corporation Inc. Announces Board Changes iA Financial Corporation Inc. announced the appointment of Johanne Papillon and Yousry Bissada to its Board of Directors, effective September 23, 2025. Johanne Papillon has over 25 years of experience in the Canadian financial services industry. From January 2020 to December 2022, she was Senior Vice-President, Business & Financial Implications, IFRS 17/9 of Sun Life Financial Inc., where she was responsible for identifying and optimizing the business and financial impacts of the new IFRS 17 and IFRS 9 accounting standards. Prior to this role, she was Senior Vice-President, Global Asset-Liability Management until 2019. Between 2010 and 2016, she held various Vice-President positions within Sun Life Financial Inc. and its subsidiaries. Prior to joining Sun Life, Ms. Papillon worked for William M. Mercer Limited from 1990 to 1994 and subsequently held positions of increasing responsibility at Manulife Financial Corporation until January 2010. Johanne Papillon holds a bachelor’s degree in actuarial science from Concordia University. She is a Fellow of the Canadian Institute of Actuaries (FCIA) and of the Society of Actuaries (FSA). Yousry Bissada was President and CEO of Home Trust and Home Bank, from 2017 to 2025, as well as of Home Capital Group Inc., from 2017 to 2023, where he successfully led the financial institution through a period of crisis, transformation and growth. From 2011 to 2017, Mr. Bissada was President and CEO of Kanetix Ltd., a digital leader providing financial product comparisons and solutions. From 2000 to 2011, he was the President and CEO of Filogix Inc. Yousry Bissada is a Chartered Professional Accountant and a Certified General Accountant (CPA/CGA). He holds the ICD.D designation from the Institute of Corporate Directors and is an Accredited Mortgage Professional of Canada. He completed the Executive Management Program at Queen's University. Chaired by Jacques Martin, the Board of Directors of iA Financial Corporation Inc. now has fifteen directors, fourteen of whom are independent and 47% of whom are women. Announcement • Sep 03
iA Financial Group Announces Appointment of Marie-Annick Bonneau as Executive Vice-President and Chief Risk Officer, Effective October 1, 2025 iA Financial Group announced the appointment of Marie-Annick Bonneau to the position of Executive Vice-President and Chief Risk Officer, effective October 1, 2025. She will succeed Philippe Sarfati, who will be retiring at the end of the year after an outstanding career with the company. Since joining iA, Philippe Sarfati has transformed the risk management function to fully align it with the company’s growing size and complexity. He will serve as Executive Vice-President and Strategic Advisor until December 31, 2025, to ensure a smooth transition. Marie-Annick Bonneau has nearly 30 years of experience with iA Financial Group. She has held senior positions in key areas such as compliance, regulatory and operational risk, investor relations, capital management, sustainability and public affairs and risk management. Her extensive knowledge of the company and recognized leadership are major assets in bolstering the company’s sustainable growth. This change reflects iA’s commitment to remaining the leading financial institution that best combines the human and the digital in support of its strategic priorities: capital deployment, the global client experience, operational efficiency and the learning organization. Declared Dividend • Aug 08
Second quarter dividend of CA$0.99 announced Shareholders will receive a dividend of CA$0.99. Ex-date: 22nd August 2025 Payment date: 15th September 2025 Dividend yield will be 2.6%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (33% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 41% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 06
Second quarter 2025 earnings released: EPS: CA$3.45 (vs CA$2.12 in 2Q 2024) Second quarter 2025 results: EPS: CA$3.45 (up from CA$2.12 in 2Q 2024). Revenue: CA$2.56b (up 15% from 2Q 2024). Net income: CA$321.0m (up 56% from 2Q 2024). Profit margin: 13% (up from 9.3% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Announcement • Aug 06
iA Financial Corporation Inc. Announces 10% Increase in the Dividend on Its Common Shares for the Quarter Ended June 30, 2025, Payable on September 15, 2025 The Board of Directors of iA Financial Corporation Inc. announced an increase of $0.09 in the dividend per outstanding common share for the quarter ended June 30, 2025, raising it to $0.9900. This dividend will be payable on September 15, 2025 to all common shareholders of record at the close of business on August 22, 2025. Announcement • Jul 28
iA Financial Corporation Inc. (TSX:IAG) entered into a definitive agreement to acquire RF Capital Group Inc. (TSX:RCG) from Richardson Financial Group Limited and others for approximately CAD 450 million. iA Financial Corporation Inc. (TSX:IAG) entered into a definitive agreement to acquire RF Capital Group Inc. (TSX:RCG) from Richardson Financial Group Limited and others for approximately CAD 450 million on July 28, 2025. Consideration consists of CAD 20 per issued and outstanding common share and CAD 25 per issued and outstanding preferred share of RF Capital, payable entirely in cash. Purchase price will be funded by iA existing cash on hand and is expected to reduce. A termination fee of CAD 14.8 million would be payable by RF Capital to iA in certain circumstances, including in the context of a superior proposal supported by RF Capital. The board of directors of RF Capital, after receiving the unanimous recommendation from its special committee of independent directors unanimously recommends that RF Capital’s common shareholders and Series B preferred shareholders vote in favour of the Transaction. The Transaction is not subject to any financing condition. Closing of the Transaction is subject to the receipt of the required approvals from RF Capital’s common shareholders and certain regulatory approvals and court approval, as well as the satisfaction of other customary closing conditions. Closing of the Transaction is expected to occur during Q4 2025. CIBC Capital Markets is acting as exclusive financial advisor and fairness opinion provider and Goodmans LLP is acting as legal counsel to RF Capital. Cormark Securities Inc. is providing a fairness opinion to the Special Committee and the Board of Directors of RF Capital. Stikeman Elliott LLP is acting as legal counsel Richardson Financial Group Limited. National Bank Financial Inc. is acting as financial advisor and McCarthy Tétrault LLP is acting as legal counsel to iA. Declared Dividend • May 11
First quarter dividend of CA$0.90 announced Shareholders will receive a dividend of CA$0.90. Ex-date: 23rd May 2025 Payment date: 16th June 2025 Dividend yield will be 2.6%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (37% earnings payout ratio) and cash flows (26% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 16% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: CA$2.00 (vs CA$2.35 in 1Q 2024) First quarter 2025 results: EPS: CA$2.00 (down from CA$2.35 in 1Q 2024). Revenue: CA$2.34b (up 6.6% from 1Q 2024). Net income: CA$186.0m (down 20% from 1Q 2024). Profit margin: 8.0% (down from 11% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 29% per year whereas the company’s share price has increased by 28% per year. Announcement • May 09
iA Financial Corporation Inc. announces Quarterly dividend, payable on June 16, 2025 iA Financial Corporation Inc. announced Quarterly dividend of CAD 0.9000 per share payable on June 16, 2025, ex-date on May 23, 2025 and record date on May 23, 2025. Recent Insider Transactions Derivative • Mar 04
Insider exercised options and sold CA$1.1m worth of stock On the 28th of February, Renee Laflamme exercised options to acquire 8k shares at no cost and sold these for an average price of CA$134 per share. This trade did not impact their existing holding. Since June 2024, Renee's direct individual holding has increased from 11.34k shares to 11.65k. Company insiders have collectively sold CA$13m more than they bought, via options and on-market transactions in the last 12 months. Declared Dividend • Feb 21
Fourth quarter dividend of CA$0.90 announced Shareholders will receive a dividend of CA$0.90. Ex-date: 28th February 2025 Payment date: 17th March 2025 Dividend yield will be 2.7%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (44% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 28% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 21
iA Financial Corporation Inc. Provides Earnings Guidance for the Year 2025 iA Financial Corporation Inc. provided earnings guidance for the year 2025. For the period, the company expects core earnings per common share: target of 10%+ annual average growth. Reported Earnings • Feb 19
Full year 2024 earnings released: EPS: CA$9.81 (vs CA$7.54 in FY 2023) Full year 2024 results: EPS: CA$9.81 (up from CA$7.54 in FY 2023). Revenue: CA$9.37b (up 18% from FY 2023). Net income: CA$942.0m (up 23% from FY 2023). Profit margin: 10% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 20% per year. Announcement • Feb 19
iA Financial Corporation Inc. Announces Quarterly Dividend on Common Shares, Payable on March 17, 2025 The Board of Directors of iA Financial Corporation Inc. announced the payment of a quarterly dividend of $0.9000 per outstanding common share for the quarter ended December 31, 2024. This dividend will be payable on March 17, 2025 to all common shareholders of record at the close of business on February 28, 2025. Announcement • Feb 18
iA Financial Corporation Inc., Annual General Meeting, May 08, 2025 iA Financial Corporation Inc., Annual General Meeting, May 08, 2025. Location: quebec, quebec Canada Announcement • Feb 04
iA Financial Corporation Inc. (TSX:IAG) acquired Global Warranty Corporation. iA Financial Corporation Inc. (TSX:IAG) acquired Global Warranty Corporation on February 4, 2025.
iA Financial Corporation Inc. (TSX:IAG) completed the acquisition of Global Warranty Corporation on February 4, 2025. Announcement • Dec 06
iA Financial Group Appoints Caroline Drouin as Head of Investor Relations, Effective January 1, 2025 iA Financial Group announced that Caroline Drouin has been appointed Head of Investor Relations, effective January 1, 2025. Ms. Drouin already holds the position of Vice-President, Investor Relations, Sustainability and Public Affairs since last July. In this role, Ms. Drouin will be responsible for managing relations with investors, as well as with the various players in the financial markets. She will also be responsible for the company's public affairs, sustainability and philanthropy programs. Caroline Drouin holds a Bachelor in Actuarial Science from Université Laval and is a Fellow of the Canadian Institute of Actuaries and the Society of Actuaries. She joined iA Financial Group in 2018, where she has since held various management positions. Marie-Annick Bonneau, who has been Head of Investor Relations since 2019, will take on a new challenge as Senior Vice President, Integrated Risk Management at iA Financial Group. Declared Dividend • Nov 08
Third quarter dividend of CA$0.90 announced Shareholders will receive a dividend of CA$0.90. Ex-date: 22nd November 2024 Payment date: 16th December 2024 Dividend yield will be 2.6%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (34% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 24% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 06
Third quarter 2024 earnings released: EPS: CA$3.01 (vs CA$0.54 in 3Q 2023) Third quarter 2024 results: EPS: CA$3.01 (up from CA$0.54 in 3Q 2023). Net income: CA$283.0m (up 414% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 06
iA Financial Corporation Inc. Announces Dividend for the Quarter Ended September 30, 2024, Payable on December 16, 2024 The Board of Directors of iA Financial Corporation Inc. announced an increase of $0.08 in the dividend per outstanding common share for the quarter ended September 30, 2024, raising it to $0.9000. This dividend will be payable on December 16, 2024 to all common shareholders of record at the close of business on November 22, 2024. Price Target Changed • Oct 25
Price target increased by 7.3% to CA$117 Up from CA$109, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of CA$113. Stock is up 45% over the past year. The company is forecast to post earnings per share of CA$9.76 for next year compared to CA$7.54 last year. Announcement • Oct 01
iA Financial Corporation Inc. Announces Step Down of Darveau-Garneau as A Member of Board of Directors, Effective October 1, 2024 iA Financial Corporation Inc. announced that Mr. Nicolas Darveau-Garneau will now act as strategic advisor in the field of artificial intelligence applied to improving the client experience. As a result, Mr. Darveau-Garneau will step down as a member of the company's Board of Directors on October 1, 2024, to devote himself to this mandate and to other professional projects. He will also cease to be a director on the boards of Canadian insurers belonging to iA Financial Group. Mr. Darveau-Garneau had been a director with iA Financial Group and a member of the Human Resources and Compensation Committee since May 2018. He has over 30 years of experience in the information technology field, especially in digital innovation in businesses. He holds an MBA with honours from Harvard Business School and a bachelor's degree in mathematics from the University of Waterloo. As of October 1, 2024, the Board of Directors of iA Financial Corporation will comprise 14 directors, including seven women and seven men. Reported Earnings • Aug 07
Second quarter 2024 earnings released: EPS: CA$2.12 (vs CA$1.90 in 2Q 2023) Second quarter 2024 results: EPS: CA$2.12 (up from CA$1.90 in 2Q 2023). Revenue: CA$2.30b (down 5.2% from 2Q 2023). Net income: CA$206.0m (up 5.1% from 2Q 2023). Profit margin: 9.0% (up from 8.1% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 8% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • May 13
First quarter dividend of CA$0.82 announced Shareholders will receive a dividend of CA$0.82. Ex-date: 23rd May 2024 Payment date: 17th June 2024 Dividend yield will be 3.5%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (44% earnings payout ratio) and cash flows (41% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 21% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • May 10
iA Financial Corporation Inc. Provides Earnings Guidance for the Year 2024 iA Financial Corporation Inc. provided earnings guidance for the year 2024. For the period, the company expects core earnings per common share: target of 10%+ annual average growth. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: CA$2.35 (vs CA$2.57 in 1Q 2023) First quarter 2024 results: EPS: CA$2.35 (down from CA$2.57 in 1Q 2023). Revenue: CA$2.13b (down 35% from 1Q 2023). Net income: CA$233.0m (down 14% from 1Q 2023). Profit margin: 11% (up from 8.2% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 9% per year. Recent Insider Transactions • Mar 08
Insider recently bought CA$864k worth of stock On the 5th of March, Martin Gagnon bought around 10k shares on-market at roughly CA$86.44 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$1.1m more in shares than they have sold in the last 12 months. Declared Dividend • Feb 25
Fourth quarter dividend of CA$0.82 announced Shareholders will receive a dividend of CA$0.82. Ex-date: 29th February 2024 Payment date: 15th March 2024 Dividend yield will be 3.6%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (41% earnings payout ratio) and cash flows (31% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 36% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 22
Full year 2023 earnings released: EPS: CA$7.54 (vs CA$7.71 in FY 2022) Full year 2023 results: EPS: CA$7.54 (down from CA$7.71 in FY 2022). Revenue: CA$11.4b (up 33% from FY 2022). Net income: CA$769.0m (down 5.9% from FY 2022). Profit margin: 6.8% (down from 9.5% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Feb 21
iA Financial Corporation Inc. Announces Dividend for the Quarter Ended December 31, 2023, Payable on March 15, 2024 The board of directors of iA Financial Corporation Inc. announced an increase of $0.0550 in the dividend per outstanding common share for the quarter ended December 31, 2023, raising it to $0.8200. This dividend will be payable on March 15, 2024, to all common shareholders of record at the close of business on March 1, 2024. Announcement • Feb 17
iA Financial Corporation Inc., Annual General Meeting, May 09, 2024 iA Financial Corporation Inc., Annual General Meeting, May 09, 2024. Announcement • Jan 09
iA Financial Corporation Inc. Appoints Alka Gautam to Its Board of Directors, Effective January 17, 2024 iA Financial Corporation Inc. announced the appointment of Alka Gautam to its Board of Directors, effective January 17, 2024. Alka Gautam has more than 20 years of experience in the reinsurance and insurance industries. From 2000 to 2023 she held various senior leadership positions including CFO, CRO, COO and, since 2015, President and CEO of RGA Life Reinsurance Company of Canada ("RGA Canada"). From 2019 to 2023, Ms. Gautam was also Executive Vice-President, Global Operations at Reinsurance Group of America, Incorporated ("RGA"). Prior to joining RGA, from 1996 to 2000, Ms. Gautam was Senior Manager, Financial Institutions and Real Estate Group at KPMG LLC ("KPMG") and held positions of increasing responsibility at KPMG between 1990 and 1996. Alka Gautam holds a Bachelor of Science and a Master of Business Administration from Dalhousie University. She holds the Institute of Chartered Accountants of Nova Scotia (CPA) designation and the Institute of Corporate Directors (ICD.D) designation. Chaired by Jacques Martin, the Board of Directors of iA Financial Corporation Inc. now has sixteen directors, fifteen of whom are independent and 50% of whom are women. New Risk • Nov 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.6% per year for the foreseeable future. Minor Risk Profit margins are more than 30% lower than last year (7.0% net profit margin). Announcement • Nov 10
iA Financial Corporation Inc. and Industrial Alliance Insurance and Financial Services Inc. Appoints Martin Gagnon to the Boards of Directors Effective January 17, 2024 iA Financial Group announced the appointment of Martin Gagnon to the Boards of Directors of iA Financial Corporation Inc. and of Industrial Alliance Insurance and Financial Services Inc., effective January 17, 2024. Martin Gagnon has over 25 years of experience in banking, asset management and brokerage firms. From 2016 to 2023, Mr. Gagnon was Executive Vice-President, Wealth Management and Co-President and Co-CEO of National Bank Financial (NBF). Between 2003 and 2016, he held positions of increasing responsibility with National Bank of Canada and its subsidiaries. Prior to joining the Bank, Mr. Gagnon held senior positions in Canada and the United States, notably with Goldman Sachs and Laurentian Bank between 1995 and 2003.Martin Gagnon holds a Bachelor in Commerce, Finance from Université du Québec à Montréal and a Master's in Business Administration from the University of British Columbia. He holds the Chartered Financial Analyst (CFA) designation. Chaired by Jacques Martin, the Board of Directors of iA Financial Corporation Inc. now has fifteen directors, fourteen of whom are independent and 47% of whom are women. The Board of Directors of Industrial Alliance Insurance and Financial Services Inc. now has fourteen directors, of whom thirteen are independent and 50% are women. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: CA$0.54 (vs CA$2.03 in 3Q 2022) Third quarter 2023 results: EPS: CA$0.54 (down from CA$2.03 in 3Q 2022). Revenue: CA$1.84b (down 52% from 3Q 2022). Net income: CA$55.0m (down 74% from 3Q 2022). Profit margin: 3.0% (down from 5.6% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 15% per year. Announcement • Nov 08
iA Financial Corporation Inc. Announces Dividend for the Quarter Ended September 30, 2023, Payable on December 15, 2023 The Board of Directors of iA Financial Corporation Inc. announced the payment of a quarterly dividend of $0.7650 per outstanding common share for the quarter ended September 30, 2023. This dividend will be payable on December 15, 2023, to all common shareholders of record at the close of business on November 17, 2023. New Risk • Oct 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.6% per year for the foreseeable future. Minor Risk Profit margins are more than 30% lower than last year (5.8% net profit margin). Upcoming Dividend • Aug 17
Upcoming dividend of CA$0.77 per share at 3.5% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 15 September 2023. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Canadian dividend payers (6.3%). Lower than average of industry peers (4.1%). New Risk • Aug 08
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.5% per year for the foreseeable future. Minor Risk Profit margins are more than 30% lower than last year (5.8% net profit margin). Reported Earnings • Aug 04
Second quarter 2023 earnings released: EPS: CA$1.90 (vs CA$2.08 in 2Q 2022) Second quarter 2023 results: EPS: CA$1.90 (down from CA$2.08 in 2Q 2022). Revenue: CA$1.94b (up CA$1.69b from 2Q 2022). Net income: CA$196.0m (down 12% from 2Q 2022). Profit margin: 10% (down from 92% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 22% per year. New Risk • Jul 26
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Upcoming Dividend • May 18
Upcoming dividend of CA$0.77 per share at 3.5% yield Eligible shareholders must have bought the stock before 25 May 2023. Payment date: 15 June 2023. Payout ratio is a comfortable 34% and the cash payout ratio is 85%. Trailing yield: 3.5%. Lower than top quartile of Canadian dividend payers (6.2%). Lower than average of industry peers (4.2%). Recent Insider Transactions Derivative • May 15
Executive VP & Chief Growth Officer exercised options and sold CA$166k worth of stock On the 11th of May, Michael Stickney exercised 4k options at a strike price of around CA$43.38 and sold these shares for an average price of CA$84.91 per share. This trade did not impact their existing holding. Since June 2022, Michael has owned 48.20k shares directly. Company insiders have collectively sold CA$4.3m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Apr 02
Executive VP & Chief Investment Officer exercised options and sold CA$267k worth of stock On the 30th of March, Alain Bergeron exercised 10k options at a strike price of around CA$57.87 and sold these shares for an average price of CA$84.57 per share. This trade did not impact their existing holding. As of today, Alain currently holds no shares directly. Company insiders have collectively sold CA$4.2m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Mar 19
Executive VP & Chief Investment Officer exercised options and sold CA$263k worth of stock On the 15th of March, Alain Bergeron exercised 10k options at a strike price of around CA$54.79 and sold these shares for an average price of CA$82.48 per share. This trade did not impact their existing holding. As of today, Alain currently holds no shares directly. Company insiders have collectively sold CA$4.2m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Feb 19
Executive VP & Chief Growth Officer exercised options and sold CA$93k worth of stock On the 16th of February, Michael Stickney exercised 2k options at a strike price of around CA$43.38 and sold these shares for an average price of CA$90.10 per share. This trade did not impact their existing holding. Since March 2022, Michael's direct individual holding has increased from 45.20k shares to 48.20k. Company insiders have collectively sold CA$3.2m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Feb 17
Full year 2022 earnings released: EPS: CA$7.71 (vs CA$7.76 in FY 2021) Full year 2022 results: EPS: CA$7.71 (down from CA$7.76 in FY 2021). Revenue: CA$8.60b (down 45% from FY 2021). Net income: CA$817.0m (down 1.6% from FY 2021). Profit margin: 9.5% (up from 5.4% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 9% per year. Announcement • Feb 15
Ia Financial Corporation Inc. Announces Quarterly Dividend, Payable on March 15, 2023 The Board of Directors of iA Financial Corporation Inc. announced the payment of a quarterly dividend of $0.6750 per outstanding common share for the quarter ended December 31, 2022. This dividend will be payable on March 15, 2023, to all common shareholders of record at the close of business on February 24, 2023. Price Target Changed • Feb 01
Price target increased by 7.7% to CA$89.83 Up from CA$83.44, the current price target is an average from 9 analysts. New target price is 9.4% above last closing price of CA$82.13. Stock is down 1.1% over the past year. The company is forecast to post earnings per share of CA$7.85 for next year compared to CA$7.76 last year. Announcement • Jan 25
iA Financial Group Appoints Stephan Bourbonnais as Executive Vice-President, Wealth Management iA Financial Group announced the appointment of Stephan Bourbonnais as Executive Vice-President, Wealth Management. This appointment takes effect immediately. Mr. Bourbonnais succeeds to Sean O'Brien, who has taken on the role of Executive Vice-President, Group Benefits and Retirement Solutions, as announced in November 2022. Mr. Bourbonnais has over 25 years of experience in wealth management. He holds an MBA from HEC and has advanced in the financial services industry through several senior positions at major financial institutions. He joined iA Financial Group as President of iA Private Wealth in 2021. In his new position, he will play a key leadership role overseeing four dynamic business organizations: iA Clarington Investments, iA Private Wealth, Investia Financial Services and iA Capital Markets. Mr. Bourbonnais will be a member of the Executive Committee of iA Financial Group, chaired by Denis Ricard. Recent Insider Transactions Derivative • Dec 26
CEO, President & Director exercised options and sold CA$219k worth of stock On the 21st of December, Denis Ricard exercised 6k options at a strike price of around CA$43.38 and sold these shares for an average price of CA$79.80 per share. This trade did not impact their existing holding. For the year to December 2015, Denis' total compensation was 16% salary and 84% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2022, Denis has owned 44.00k shares directly. Company insiders have collectively sold CA$3.2m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Dec 15
Executive VP exercised options and sold CA$102k worth of stock On the 12th of December, Jacques Potvin exercised 3k options at a strike price of around CA$43.38 and sold these shares for an average price of CA$77.28 per share. This trade did not impact their existing holding. Since December 2021, Jacques has owned 7.23k shares directly. Company insiders have collectively sold CA$2.7m more than they bought, via options and on-market transactions in the last 12 months.