iA Financial posts “solid” results

“Second quarter results were solid across the board.”

These words were spoken by Denis Ricard, chairman and CEO of iA Financial Group, when the owner of iA Insurance released its second-quarter 2024 earnings report.

Here’s how the company fared during that period, according to the insurance and wealth management group:

When the financial results were announced, Ricard highlighted: “Basic EPS (diluted earnings per common share) of CAD 2.75 is at a record level and business growth was strong across all sectors, contributing to a 15% increase in premiums and deposits. Particularly noteworthy were sales of individual insurance and segregated funds in Canada, as well as record sales in insurance in the US.

“In addition to strong organic growth, we recently completed acquisitions in two high-growth sectors: our insurance operations in the U.S. and our wealth management distribution business in Canada, reflecting our disciplined execution of our strategy.”

In Canada, contributing factors to the numbers included favorable mortality experiences across individual and group insurance, lower auto and home insurance claims, and a positive impact from premium increases implemented in 2023. For the U.S., the group cited higher sales and more onerous contracts.

Éric Jobin, CFO and Chief Actuary, commented: “Profitability was strong in the second quarter, with underlying earnings per share up 15%. In addition to continued sales momentum, these results were driven in particular by a strong underwriting experience for the third consecutive quarter.”

Meanwhile, iA Financial completed the acquisition of two existing business units from Prosperity Life Group and also declared a quarterly dividend of CAD$0.8200 for each outstanding common share, payable on September 16.

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