iA Financial posts net income growth
iA Financial posts net income growth | Insurance Business Canada
Insurance News
iA Financial posts net income growth
“Solid capital position supports our growth ambition,” says CEO
Insurance News
By
Terry Gangcuangco
iA Financial Corporation, the owner of iA Insurance, has published its financial results for the quarter and year ended December 31, 2023.
Here’s how the insurance and wealth management group performed in the periods:
Metric
Q4 2023
Q4 2022
FY 2023
FY 2022
Net income attributed to common shareholders
$248 million
$181 million
$769 million
$309 million
Core earnings
$236 million
$254 million
$956 million
$955 million
The company’s insurance Canada segment posted core earnings worth $78 million in the fourth quarter. The Q4 core earnings for iA Financial’s US operations amounted to $26 million. The group’s other segments include wealth management and investment.
Commenting on the numbers, president and chief executive Denis Ricard said in a release: “We concluded 2023 with very good performance in almost all business units, both in sales and earnings.
“The solid increase in assets under management and administration, as well as in premiums and deposits, testifies to our continued strong business growth, including for individual insurance in Canada and the US.
“Looking ahead, our solid capital position supports our growth ambition to create value towards our medium-term core ROE (return on equity) target of 15%+, notably through organic investment in our client-centric digital transformation. We look forward to 2024 with confidence, and accordingly, we are pleased to announce a 7% dividend increase for our shareholders.”
Executive vice president, chief financial officer, and chief actuary Éric Jobin said: “In view of our growth-oriented capital deployment strategy, we are particularly proud to have achieved our annual organic capital generation target, reflecting sustained generation throughout the year and demonstrating the value created by our operations.
“Q4 and 2023 profitability was supported, among other things, by favourable core insurance experience, which was also recognized in the annual assumption review process, resulting in a small global impact that attests to the soundness of our long-term management approach.”
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