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Industrial Alliance Insurance and Financial Services

DB:3I7
Snowflake Description

Undervalued established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
3I7
DB
CA$5B
Market Cap
  1. Home
  2. DE
  3. Insurance
Company description

Industrial Alliance Insurance and Financial Services Inc., doing business as, iA Financial Group, primarily provides various life and health insurance products in Canada. The last earnings update was 58 days ago. More info.


Add to Portfolio Compare Print
  • Industrial Alliance Insurance and Financial Services has significant price volatility in the past 3 months.
3I7 Share Price and Events
7 Day Returns
1.4%
DB:3I7
1.6%
DE Insurance
0.7%
DE Market
1 Year Returns
-29.9%
DB:3I7
-7.2%
DE Insurance
-21.6%
DE Market
3I7 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Industrial Alliance Insurance and Financial Services (3I7) 1.4% -9.7% -17.7% -29.9% 1.4% -12.3%
DE Insurance 1.6% -5.7% -8% -7.2% 12.1% 34.8%
DE Market 0.7% -6.7% -12.9% -21.6% -1.4% -0.5%
1 Year Return vs Industry and Market
  • 3I7 underperformed the Insurance industry which returned -7.2% over the past year.
  • 3I7 underperformed the Market in Germany which returned -21.6% over the past year.
Price Volatility
3I7
Industry
5yr Volatility vs Market

Value

 Is Industrial Alliance Insurance and Financial Services undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Industrial Alliance Insurance and Financial Services to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Industrial Alliance Insurance and Financial Services.

DB:3I7 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 9 analysts.
= Stable Book Value * Return on Equity
= CA$53.59 * 11.7%
CA$6.28
Book Value of Equity per Share Weighted future Book Value estimates from 8 analysts. CA$53.59
Discount Rate (Cost of Equity) See below 8.1%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.5%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:3I7
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 9.5%
Insurance Unlevered Beta Simply Wall St/ S&P Global 0.55
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.546 (1 + (1- 26.5%) (47.33%))
0.736
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.54% + (0.8 * 9.46%)
8.11%

Discounted Cash Flow Calculation for DB:3I7 using Excess Returns Model Model

The calculations below outline how an intrinsic value for Industrial Alliance Insurance and Financial Services is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

DB:3I7 Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (11.7% – 8.11%) * CA$53.59)
CA$1.94
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CA$1.94 / (8.11% - 0.54%)
CA$25.61
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CA$53.59 + CA$25.61
CA$79.2
DB:3I7 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:3I7 represents 0.64123x of TSX:IAG
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.64123x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (CAD) x Listing Adjustment Factor
= CA$ 79.20 x 0.64123
€50.79
Value per share (EUR) From above. €50.79
Current discount Discount to share price of €27.90
= -1 x (€27.90 - €50.79) / €50.79
45.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Industrial Alliance Insurance and Financial Services is available for.
Intrinsic value
45%
Share price is €27.9 vs Future cash flow value of €50.79
Current Discount Checks
For Industrial Alliance Insurance and Financial Services to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Industrial Alliance Insurance and Financial Services's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Industrial Alliance Insurance and Financial Services's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Industrial Alliance Insurance and Financial Services's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Industrial Alliance Insurance and Financial Services's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:3I7 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in CAD CA$5.50
TSX:IAG Share Price ** TSX (2019-01-03) in CAD CA$43.51
Germany Insurance Industry PE Ratio Median Figure of 6 Publicly-Listed Insurance Companies 10.38x
Germany Market PE Ratio Median Figure of 416 Publicly-Listed Companies 16.68x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Industrial Alliance Insurance and Financial Services.

DB:3I7 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:IAG Share Price ÷ EPS (both in CAD)

= 43.51 ÷ 5.50

7.92x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Industrial Alliance Insurance and Financial Services is good value based on earnings compared to the DE Insurance industry average.
  • Industrial Alliance Insurance and Financial Services is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Industrial Alliance Insurance and Financial Services's expected growth come at a high price?
Raw Data
DB:3I7 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.92x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
6.2%per year
Germany Insurance Industry PEG Ratio Median Figure of 5 Publicly-Listed Insurance Companies 1.88x
Germany Market PEG Ratio Median Figure of 279 Publicly-Listed Companies 1.25x

*Line of best fit is calculated by linear regression .

DB:3I7 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 7.92x ÷ 6.2%

1.27x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Industrial Alliance Insurance and Financial Services is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Industrial Alliance Insurance and Financial Services's assets?
Raw Data
DB:3I7 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in CAD CA$47.59
TSX:IAG Share Price * TSX (2019-01-03) in CAD CA$43.51
Germany Insurance Industry PB Ratio Median Figure of 6 Publicly-Listed Insurance Companies 1x
Germany Market PB Ratio Median Figure of 563 Publicly-Listed Companies 1.7x
DB:3I7 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:IAG Share Price ÷ Book Value per Share (both in CAD)

= 43.51 ÷ 47.59

0.91x

* Primary Listing of Industrial Alliance Insurance and Financial Services.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Industrial Alliance Insurance and Financial Services is good value based on assets compared to the DE Insurance industry average.
X
Value checks
We assess Industrial Alliance Insurance and Financial Services's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Insurance industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Insurance industry average (and greater than 0)? (1 check)
  5. Industrial Alliance Insurance and Financial Services has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Industrial Alliance Insurance and Financial Services expected to perform in the next 1 to 3 years based on estimates from 9 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
6.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Industrial Alliance Insurance and Financial Services expected to grow at an attractive rate?
  • Industrial Alliance Insurance and Financial Services's earnings growth is expected to exceed the low risk savings rate of 0.5%.
Growth vs Market Checks
  • Industrial Alliance Insurance and Financial Services's earnings growth is positive but not above the Germany market average.
  • Unable to compare Industrial Alliance Insurance and Financial Services's revenue growth to the Germany market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
DB:3I7 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:3I7 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts 6.2%
Germany Insurance Industry Earnings Growth Rate Market Cap Weighted Average 5.4%
Germany Insurance Industry Revenue Growth Rate Market Cap Weighted Average 4.1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 10.3%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:3I7 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:3I7 Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 697
2019-12-31 652
2018-12-31 617
DB:3I7 Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2018-09-30 11,005 184 595
2018-06-30 10,648 257 575
2018-03-31 10,991 427 544
2017-12-31 11,276 645 515
2017-09-30 8,280 657 538
2017-06-30 9,403 -14 537
2017-03-31 9,418 -88 549
2016-12-31 9,347 -96 537
2016-09-30 11,023 475 386
2016-06-30 10,028 690 355
2016-03-31 7,958 615 357
2015-12-31 8,222 537 364

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Industrial Alliance Insurance and Financial Services's earnings are expected to grow by 6.2% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if Industrial Alliance Insurance and Financial Services is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:3I7 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below

All data from Industrial Alliance Insurance and Financial Services Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:3I7 Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 6.35 6.52 6.21 4.00
2019-12-31 5.95 6.10 5.80 8.00
2018-12-31 5.62 5.65 5.60 8.00
DB:3I7 Past Financials Data
Date (Data in CAD Millions) EPS *
2018-09-30 5.50
2018-06-30 5.35
2018-03-31 5.12
2017-12-31 4.86
2017-09-30 5.11
2017-06-30 5.14
2017-03-31 5.29
2016-12-31 5.21
2016-09-30 3.76
2016-06-30 3.47
2016-03-31 3.51
2015-12-31 3.59

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Industrial Alliance Insurance and Financial Services is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Industrial Alliance Insurance and Financial Services's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Industrial Alliance Insurance and Financial Services has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Industrial Alliance Insurance and Financial Services performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Industrial Alliance Insurance and Financial Services's growth in the last year to its industry (Insurance).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Industrial Alliance Insurance and Financial Services's year on year earnings growth rate has been positive over the past 5 years.
  • Industrial Alliance Insurance and Financial Services's 1-year earnings growth is less than its 5-year average (10.6% vs 10.7%)
  • Industrial Alliance Insurance and Financial Services's earnings growth has exceeded the DE Insurance industry average in the past year (10.6% vs 5.1%).
Earnings and Revenue History
Industrial Alliance Insurance and Financial Services's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Industrial Alliance Insurance and Financial Services Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:3I7 Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-09-30 11,005.00 595.00 1,265.00
2018-06-30 10,648.00 575.00 1,217.00
2018-03-31 10,991.00 544.00 1,159.00
2017-12-31 11,276.00 515.00 1,110.00
2017-09-30 8,280.00 538.00 1,099.00
2017-06-30 9,403.00 537.00 1,068.00
2017-03-31 9,418.00 549.00 1,046.00
2016-12-31 9,347.00 537.00 1,024.00
2016-09-30 11,022.60 386.00 1,012.00
2016-06-30 10,027.60 355.00 996.00
2016-03-31 7,957.60 357.00 981.00
2015-12-31 8,221.60 364.00 973.00
2015-09-30 8,418.80 472.50 940.00
2015-06-30 8,776.80 450.50 936.00
2015-03-31 10,056.80 422.50 923.00
2014-12-31 9,680.80 400.50 898.00
2014-09-30 8,930.40 379.40 890.00
2014-06-30 8,289.40 394.40 855.00
2014-03-31 6,917.40 353.40 830.00
2013-12-31 5,979.40 350.40 808.00
2013-09-30 5,845.10 332.00 760.00
2013-06-30 6,383.30 329.00 775.00
2013-03-31 7,361.50 322.00 752.00
2012-12-31 7,241.50 304.00 740.00
2012-09-30 7,875.40 152.10 731.00
2012-06-30 8,113.90 93.10 691.00
2012-03-31 7,903.00 99.10 683.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Industrial Alliance Insurance and Financial Services has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Industrial Alliance Insurance and Financial Services used its assets more efficiently than the DE Insurance industry average last year based on Return on Assets.
  • Industrial Alliance Insurance and Financial Services has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Industrial Alliance Insurance and Financial Services's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Insurance industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Industrial Alliance Insurance and Financial Services has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Industrial Alliance Insurance and Financial Services's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Industrial Alliance Insurance and Financial Services's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Industrial Alliance Insurance and Financial Services's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Industrial Alliance Insurance and Financial Services's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Industrial Alliance Insurance and Financial Services's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 1.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Industrial Alliance Insurance and Financial Services Company Filings, last reported 3 months ago.

DB:3I7 Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 5,743.00 2,252.00 1,362.00
2018-06-30 5,670.00 2,243.00 1,103.00
2018-03-31 5,504.00 2,279.00 1,137.00
2017-12-31 5,136.00 2,676.00 1,400.00
2017-09-30 5,027.00 2,331.00 1,382.00
2017-06-30 4,915.00 2,181.00 1,163.00
2017-03-31 4,868.00 2,192.00 1,013.00
2016-12-31 4,765.00 2,559.00 1,493.00
2016-09-30 4,396.00 2,406.00 1,835.00
2016-06-30 4,279.00 2,027.00 1,628.00
2016-03-31 4,160.00 1,993.00 1,368.00
2015-12-31 4,184.00 2,393.00 1,694.00
2015-09-30 4,136.00 2,363.00 1,427.00
2015-06-30 4,090.00 2,435.00 1,281.00
2015-03-31 3,961.00 2,473.00 1,559.00
2014-12-31 3,935.00 2,030.00 1,462.00
2014-09-30 3,936.00 1,632.00 1,255.00
2014-06-30 3,870.00 1,627.00 623.00
2014-03-31 3,759.00 582.00 792.00
2013-12-31 3,668.00 1,386.00 1,127.00
2013-09-30 3,613.00 597.00 543.00
2013-06-30 3,522.00 573.00 728.00
2013-03-31 3,524.00 789.00 809.00
2012-12-31 3,214.00 1,275.00 1,423.00
2012-09-30 3,183.00 908.00 1,166.00
2012-06-30 3,100.00 748.00 864.00
2012-03-31 2,809.00 748.00 400.00
  • Industrial Alliance Insurance and Financial Services's level of debt (39.2%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (16.8% vs 39.2% today).
  • Debt is not well covered by operating cash flow (8.2%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 15.9x coverage).
X
Financial health checks
We assess Industrial Alliance Insurance and Financial Services's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Industrial Alliance Insurance and Financial Services has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Industrial Alliance Insurance and Financial Services's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.82%
Current annual income from Industrial Alliance Insurance and Financial Services dividends. Estimated to be 4.22% next year.
If you bought €2,000 of Industrial Alliance Insurance and Financial Services shares you are expected to receive €76 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Industrial Alliance Insurance and Financial Services's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.73%).
  • Industrial Alliance Insurance and Financial Services's dividend is below the markets top 25% of dividend payers in Germany (4.15%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:3I7 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
Germany Insurance Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 4.6%
Germany Market Average Dividend Yield Market Cap Weighted Average of 329 Stocks 3.3%
Germany Minimum Threshold Dividend Yield 10th Percentile 1%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 4.1%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:3I7 Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 2.00 2.00
2019-12-31 1.77 5.00
2018-12-31 1.60 5.00
DB:3I7 Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2018-11-07 1.660 3.615
2018-08-02 1.660 3.260
2018-05-10 1.520 2.910
2018-02-15 1.520 2.841
2017-11-08 1.520 2.542
2017-08-03 1.400 2.527
2017-05-11 1.400 2.606
2017-02-16 1.400 2.451
2016-11-02 1.280 2.320
2016-08-04 1.280 2.695
2016-05-05 1.280 3.069
2016-02-12 1.200 3.102
2015-11-04 1.200 2.841
2015-07-30 1.200 2.897
2015-05-07 1.120 2.655
2015-02-12 1.120 2.608
2014-11-05 1.120 2.594
2014-07-31 1.040 2.259
2014-05-08 1.040 2.286
2014-02-14 1.040 2.308
2013-11-06 0.980 2.097
2013-08-01 0.980 2.249
2013-05-09 0.980 2.443
2013-02-15 0.980 2.675
2012-11-07 0.980 3.136
2012-08-02 0.980 3.705
2012-05-10 0.980 4.208
2012-02-17 0.980 3.308
2011-11-02 0.980 3.695
2011-07-29 0.980 2.973
2011-05-04 0.980 2.433
2011-02-18 0.980 2.402
2010-11-03 0.980 2.756
2010-07-27 0.980 3.109
2010-05-05 0.980 2.820
2010-02-12 0.980 2.845
2009-11-04 0.980 3.155
2009-07-28 0.980 3.332
2009-05-06 0.980 3.822
2009-03-27 0.980 4.236
2009-02-13 0.980 5.758
2009-01-26 0.980 4.982
2009-01-05 0.980 4.355

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Industrial Alliance Insurance and Financial Services's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.2x coverage).
X
Income/ dividend checks
We assess Industrial Alliance Insurance and Financial Services's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Industrial Alliance Insurance and Financial Services afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Industrial Alliance Insurance and Financial Services has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Industrial Alliance Insurance and Financial Services's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Denis Ricard
COMPENSATION CA$2,335,133
AGE 56
TENURE AS CEO 0.3 years
CEO Bio

Mr. Denis Yves Ricard, F.S.A., F.C.I.A. has been President and Chief executive Officer of Industrial Alliance Insurance and Financial Services Inc since September 1, 2018. Mr. Ricard served as Chief Operating Officer of Industrial Alliance Insurance and Financial Services Inc from 2017 to September 1, 2018. He served as Executive Vice-President of Individual Insurance and Annuities at Industrial Alliance Insurance and Financial Services, Inc. since 2015 to 2017. Mr. Ricard serves as President of Industrial Alliance Trust Inc. Mr. Ricard served as Head of Group Insurance Dealer Services & IA Trust at Industrial Alliance Insurance and Financial Services, Inc. since July 30, 2015 and served as its Executive Vice-President of Business Development since 2014 until 2015. He served as Senior Vice-President of Business Development at Industrial Alliance Insurance and Financial Services, Inc. since April 2010 until 2014. He served as Senior Vice-President and Chief Actuary of Industrial Alliance Insurance and Financial Services, Inc. from March 29, 2004 to 2010. He served as Vice-President, Marketing Individual Insurance and Annuities of Industrial Alliance Insurance and Financial Services, Inc. from 2003 to 2004. He joined Industrial Alliance in 1985. He served as Director of Actuarial Services and Assistant Vice-President of Marketing for Individual Insurance. Mr. Ricard has a degree in actuarial sciences from Laval University and is a Fellow of the Canadian Institute of Actuaries and the Society of Actuaries.

CEO Compensation
  • Denis's compensation has been consistent with company performance over the past year.
  • Denis's remuneration is about average for companies of similar size in Germany.
Management Team Tenure

Average tenure of the Industrial Alliance Insurance and Financial Services management team in years:

9
Average Tenure
  • The average tenure for the Industrial Alliance Insurance and Financial Services management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Denis Ricard

TITLE
CEO & President
COMPENSATION
CA$2M
AGE
56
TENURE
0.3 yrs

Michel Tremblay

TITLE
Executive VP & Chief Investment Officer
COMPENSATION
CA$2M
AGE
63
TENURE
7 yrs

Normand Pépin

TITLE
Executive VP & Assistant to the President
COMPENSATION
CA$2M
TENURE
23 yrs

Jacques Potvin

TITLE
Executive VP
TENURE
0.9 yrs

Lyne Pelchat

TITLE
Vice-President of Accounting & Taxation

Bruno Michaud

TITLE
Senior Vice President of Administration & Sales
TENURE
12 yrs

Grace Pollock

TITLE
Director
TENURE
9 yrs

Gary Coles

TITLE
Senior Vice President of Administration & Group Insurance

Paul Grimes

TITLE
Senior Vice President of Sales - Ontario & Western Canada
TENURE
14 yrs

Alnoor Jiwani

TITLE
Senior Vice President of Business Development & Finance Dealer Services
Board of Directors Tenure

Average tenure and age of the Industrial Alliance Insurance and Financial Services board of directors in years:

4.2
Average Tenure
60
Average Age
  • The tenure for the Industrial Alliance Insurance and Financial Services board of directors is about average.
Board of Directors

Jacques Martin

TITLE
Chairman
COMPENSATION
CA$127K
AGE
62
TENURE
0.3 yrs

Robert Coallier

TITLE
Director
COMPENSATION
CA$127K
AGE
57
TENURE
10.9 yrs

Michael Hanley

TITLE
Director
COMPENSATION
CA$129K
AGE
52
TENURE
3.7 yrs

Emma Griffin

TITLE
Director
COMPENSATION
CA$96K
AGE
45
TENURE
2.2 yrs

Yvon Charest

TITLE
Director
COMPENSATION
CA$2M
AGE
61
TENURE
19.7 yrs

Mary Ritchie

TITLE
Independent Director
COMPENSATION
CA$112K
AGE
61
TENURE
15.7 yrs

Claude Lamoureux

TITLE
Director
COMPENSATION
CA$114K
AGE
75
TENURE
8.7 yrs

Danielle Morin

TITLE
Director
COMPENSATION
CA$111K
AGE
62
TENURE
4.7 yrs

Agathe Côté

TITLE
Director
COMPENSATION
CA$100K
AGE
59
TENURE
2.7 yrs

Louis Têtu

TITLE
Director
COMPENSATION
CA$97K
AGE
53
TENURE
2.7 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Industrial Alliance Insurance and Financial Services insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
01. Jan 19 Buy Michael Stickney Individual 27. Dec 18 27. Dec 18 3,300 €27.50 €90,736
01. Jan 19 Buy Michel Tremblay Individual 28. Dec 18 28. Dec 18 1,000 €27.72 €27,723
26. Dec 18 Buy Michael Stickney Individual 24. Dec 18 24. Dec 18 2,700 €27.35 €73,847
21. Dec 18 Buy Jacques Potvin Individual 21. Dec 18 21. Dec 18 1,700 €27.63 €46,976
21. Dec 18 Buy Pierre Miron Individual 21. Dec 18 21. Dec 18 2,000 €27.59 €55,176
21. Dec 18 Buy Danielle Morin Individual 21. Dec 18 21. Dec 18 200 €27.47 €5,494
21. Dec 18 Buy Denis Ricard Individual 21. Dec 18 21. Dec 18 2,000 €27.41 €54,814
21. Dec 18 Buy Claude Lamoureux Individual 20. Dec 18 20. Dec 18 3,000 €27.86 €83,582
20. Dec 18 Buy Martin Bélanger Individual 19. Dec 18 19. Dec 18 1,140 €28.55 €32,550
18. Dec 18 Buy Danielle Morin Individual 17. Dec 18 17. Dec 18 200 €28.65 €5,730
14. Dec 18 Buy Denis Ricard Individual 14. Dec 18 14. Dec 18 2,000 €28.78 €57,554
13. Dec 18 Buy Danielle Morin Individual 10. Dec 18 10. Dec 18 200 €29.23 €5,846
13. Dec 18 Buy Denis Ricard Individual 10. Dec 18 10. Dec 18 2,000 €29.36 €58,723
13. Dec 18 Buy Denis Ricard Individual 06. Dec 18 06. Dec 18 2,000 €30.43 €60,866
10. Dec 18 Buy Jacques Potvin Individual 07. Dec 18 07. Dec 18 1,000 €29.85 €29,847
07. Dec 18 Buy Renée Laflamme Individual 07. Dec 18 07. Dec 18 1,305 €30.35 €39,604
07. Dec 18 Buy Danielle Morin Individual 06. Dec 18 06. Dec 18 400 €30.11 €11,911
05. Dec 18 Buy Michael Stickney Individual 04. Dec 18 04. Dec 18 1,200 €31.78 €38,131
05. Dec 18 Buy Denis Ricard Individual 04. Dec 18 04. Dec 18 2,000 €31.50 €63,004
28. Nov 18 Buy Michael Stickney Individual 27. Nov 18 27. Nov 18 700 €31.90 €22,327
22. Nov 18 Buy Michael Stickney Individual 21. Nov 18 21. Nov 18 300 €32.39 €9,718
20. Nov 18 Buy Michael Stickney Individual 16. Nov 18 16. Nov 18 400 €32.16 €12,862
18. Nov 18 Buy Jacques Potvin Individual 15. Nov 18 15. Nov 18 1,300 €32.48 €42,230
15. Nov 18 Buy Jacques Potvin Individual 12. Nov 18 12. Nov 18 1,000 €32.78 €32,776
15. Nov 18 Buy Denis Ricard Individual 15. Nov 18 15. Nov 18 4,000 €32.38 €129,510
12. Nov 18 Buy Michael Stickney Individual 12. Nov 18 12. Nov 18 2,000 €32.63 €65,173
20. Sep 18 Buy Yvon Charest Individual 19. Sep 18 19. Sep 18 1,200 €34.86 €41,829
14. Sep 18 Buy Denis Ricard Individual 13. Sep 18 13. Sep 18 4,000 €34.10 €135,924
27. Aug 18 Buy Renée Laflamme Individual 23. Aug 18 23. Aug 18 922 €35.97 €33,169
26. Jun 18 Buy Denis Ricard Individual 22. Jun 18 22. Jun 18 2,000 €33.27 €66,534
12. Jun 18 Sell Michel Tremblay Individual 11. Jun 18 11. Jun 18 -2,000 €35.14 €-70,279
22. May 18 Buy Renée Laflamme Individual 22. May 18 22. May 18 2,490 €35.33 €87,961
18. May 18 Buy Denis Ricard Individual 17. May 18 17. May 18 4,000 €35.19 €140,775
27. Mar 18 Buy Denis Ricard Individual 26. Mar 18 26. Mar 18 2,000 €32.74 €65,474
21. Mar 18 Buy Yvon Charest Individual 21. Mar 18 21. Mar 18 1,600 €34.22 €54,757
14. Mar 18 Buy Yvon Charest Individual 13. Mar 18 13. Mar 18 750 €33.67 €25,250
03. Mar 18 Buy Denis Ricard Individual 01. Mar 18 01. Mar 18 2,000 €34.48 €68,960
X
Management checks
We assess Industrial Alliance Insurance and Financial Services's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Industrial Alliance Insurance and Financial Services has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

External News
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Simply Wall St News

Company Info

Map
Description

Industrial Alliance Insurance and Financial Services Inc., doing business as, iA Financial Group, primarily provides various life and health insurance products in Canada. The company operates through four segments: Individual Insurance, Individual Wealth Management, Group Insurance, and Group Savings and Retirement. It offers various individual insurance products and services, including life, car, leisure vehicle, home, mortgage, critical illness, disability, personal accident, travel, and other group insurance products; and residential mortgage loans, registered retirement savings plan (RRSP) loans, registered education savings plan (RESP) loans, auto loans, and investment loans, as well as provides savings and retirement products, such as RRSP products, tax-free savings accounts, locked-in retirement accounts, voluntary retirement savings plans, and non-registered savings plans; registered retirement income funds, life income funds, and annuities; RESP products for children’s education; segregated funds; and various financial products. The company provides group insurance products and services, including medical and paramedical care, homecare, vision and dental care, life insurance and accidental death and dismemberment, short and long-term disability, and travel insurance products; administrators services; special market solutions; group retirement plans; investment solutions; fund governance; and dealer services for various insurance products, as well as leases office space. Further, it provides advisory and brokerage services for individual and group insurance, individual savings, lawyer or notary, and automobile and recreational vehicles; and advisory services for group retirement plans and securities, as well as acts as a broker for special risk insurance products, mortgage, and real estate. The company was founded in 1892 and is headquartered in Quebec City, Canada.

Details
Name: Industrial Alliance Insurance and Financial Services Inc.
3I7
Exchange: DB
Founded: 1892
CA$3,110,852,654
109,354,938
Website: http://www.ia.ca
Address: Industrial Alliance Insurance and Financial Services Inc.
1080 Grande Allée West,
Station Terminus,
Quebec City,
Quebec, G1K 7M3,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX IAG Common Shares The Toronto Stock Exchange CA CAD 04. Feb 2000
OTCPK IDLL.F Common Shares Pink Sheets LLC US USD 04. Feb 2000
DB 3I7 Common Shares Deutsche Boerse AG DE EUR 04. Feb 2000
TSX IAG.PRA PFD SER B The Toronto Stock Exchange CA CAD 24. Feb 2006
TSX IAG.PRI NON CUM PDF A I The Toronto Stock Exchange CA CAD 07. Mar 2018
TSX IAG.PRG NON CUM 5Y PFD G The Toronto Stock Exchange CA CAD 04. Jun 2012
Number of employees
Current staff
Staff numbers
6,115
Industrial Alliance Insurance and Financial Services employees.
Industry
Life and Health Insurance
Insurance
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/01/04 21:39
End of day share price update: 2019/01/03 00:00
Last estimates confirmation: 2018/12/14
Last earnings filing: 2018/11/07
Last earnings reported: 2018/09/30
Last annual earnings reported: 2017/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.