iA Financial Group named among Canada’s 50 Best Corporate Citizens
iA Financial Group named among Canada’s 50 Best Corporate Citizens | Insurance Business Canada
Insurance News
iA Financial Group named among Canada’s 50 Best Corporate Citizens
Group recognized for its contributions
Insurance News
By
Jonalyn Cueto
iA Financial Group has been named one of Canada’s 50 Best Corporate Citizens by Corporate Knights.
The Best 50 Corporate Citizens ranking highlights Canadian organizations leading in sustainability. This year, Corporate Knights evaluated 340 Canadian companies using 25 quantitative key performance indicators.
iA Financial Group stood out for its efforts to combat climate change and its strong corporate governance.
“Inclusion on the list of Canada’s 50 Best Corporate Citizens recognizes not only iA Financial Group’s significant contribution to sustainability, but also the immense efforts we have been making in this area for several years,” said Marie-Annick Bonneau, senior vice-president of investor relations, capital management, sustainability, and public affairs at iA Financial Group.
“This is a credit to the organization’s entire management and staff, who have made sustainability a real priority.”
Robust performance and growth
In February, iA Financial Group reported significant financial growth. For the year ending December 31, 2023, the company recorded a net income of CA$769 million, a substantial increase from CA$309 million in 2022. The fourth quarter alone saw a net income of CA$248 million, up from CA$181 million in the same period the previous year.
The company’s core earnings remained stable, with CA$956 million for the year compared to CA$955 million in 2022. The insurance segment in Canada posted core earnings of CA$78 million in the fourth quarter, while US operations contributed CA$26 million.
“We concluded 2023 with very good performance in almost all business units, both in sales and earnings,” said Denis Ricard, president and chief executive. “The solid increase in assets under management and administration, as well as in premiums and deposits, testifies to our continued strong business growth.”
Executive vice president, chief financial officer, and chief actuary Éric Jobin highlighted the company’s growth-oriented capital deployment strategy. “We are particularly proud to have achieved our annual organic capital generation target, reflecting sustained generation throughout the year,” he said.
Looking ahead, iA Financial Group remains confident in its growth ambitions and announced a 7% dividend increase for shareholders.
Corporate Knights is a media and research company focused on sustainable economics. The company produces global sustainability rankings, research reports, and financial product evaluations based on companies’ sustainability performance.
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