iA Financial Corporation Inc

IAG

Equity

ISIN CA45075E1043 / Valor 45683256

Toronto Stock Exchange (2024-12-23)

CAD 133.39+0.80%

iA Financial Corporation Inc
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About company

iA Financial Corporation Inc is a prominent Canadian public company that operates as one of the largest insurance and wealth management groups in Canada, with additional operations in the United States. Founded in 1892, the company is listed on the Toronto Stock Exchange under the ticker symbols IAG (common shares) and IAF (preferred shares). iA Financial Corporation Inc is a member of Puissance Onze, a group of eleven personal and general insurance companies based in the Quebec Chaudière-Appalaches region. Since its listing on the Toronto Stock Exchange in 2000, the company's stock has shown significant growth compared to the S&P/TSX benchmark index.

Summarized from source with an LLMView SourceSector: Finance

Income and Earnings

For the third quarter of 2024, iA Financial Corporation Inc. reported a net income attributed to common shareholders of $283 million. The diluted earnings per common share (EPS) stood at $2.99, reflecting a significant year-over-year increase. The core diluted EPS was $2.93, marking a 17% rise compared to the same period in 2023. This growth in earnings is attributed to higher expected insurance earnings and robust sales momentum.

Revenue and Sales

iA Financial Corporation Inc. experienced strong sales momentum in the third quarter of 2024, with premiums and deposits exceeding $4.9 billion. This represents a 25% increase compared to the previous year, driven by robust sales in segregated funds and individual insurance in both Canada and the U.S. The company's total assets under management and administration reached nearly $250 billion.

Profitability and Return on Equity

The company achieved a trailing 12-month return on equity (ROE) of 14.5% and an annualized ROE of 16.9% for the third quarter of 2024. The core ROE for the trailing twelve months was 15.3%, meeting iA Financial Corporation Inc.'s medium-term target of 15%+. This strong profitability is supported by disciplined execution of the company's growth-driven strategy.

Dividends and Share Buyback

iA Financial Corporation Inc. announced a 10% increase in its common dividend for the third quarter of 2024. Additionally, the company renewed its normal course issuer bid (NCIB) program, allowing for the repurchase of up to 5% of its outstanding shares. These actions reflect the company's commitment to returning value to its shareholders.

Outlook and Capital Position

With a robust solvency ratio of 140% as of September 30, 2024, iA Financial Corporation Inc. is well-positioned for future growth. The company has $1 billion in capital available for deployment, expected to increase by $700 million on January 1, 2025. This strong capital position supports the company's strategy of investing in growth, both organically and through acquisitions.

Summarized from source with an LLMView Source

Key figures

47.5%1Y

85.3%3Y

86.7%5Y

Performance

24.3%1Y

24.5%3Y

32.0%5Y

Volatility