iA Financial reports record core earnings in 2024, plans growth strategy update

iA Financial Group reported core earnings of $3.04 per diluted share in the fourth quarter of 2024, a 30% increase from a year ago. 

For the full year, core earnings exceeded $1 billion, reaching $1.07 billion. Core EPS was $11.16, reflecting a 20% increase from 2023. 

Denis Ricard (pictured), president and chief executive officer of iA Financial Group, said the company’s fourth-quarter and full-year results reflect its distribution capabilities, sales momentum and business diversification.  

“During the fourth quarter, we continued to execute on our long-term strategy and delivered an impressive 39% growth in premiums and deposits compared to the same quarter last year,” Ricard said. “This solid result was driven by profitable sales that led our core ROE to grow to nearly 16% for the year.” 

Ricard added that the company would provide an update on its growth strategy and new market guidance at its Investor Event on Feb. 24. 

Eric Jobin, chief financial officer and chief actuary of iA Financial, said that organic capital generation remained strong in the fourth quarter, allowing the company to meet its target of more than $600 million set at the beginning of the year. 

“With significant capital available for deployment and increased expected investment earnings, iA concluded 2024 on a solid note, positioning the Company well for further growth in the upcoming years,” Jobin said. 

As of Dec. 31, 2024, iA Financial Group’s solvency ratio was 139%, compared with 140% in the previous quarter and 145% a year earlier. The one percentage point decline in the fourth quarter was attributed to non-organic factors, including the year-end assumption review, management actions, macroeconomic variations and capital deployment initiatives.  

These were partially offset by financing initiatives, including a $400 million subordinated debenture issuance and continued organic capital generation of $150 million in the fourth quarter. 

The company’s board also declared a quarterly dividend of $0.90 per outstanding common share, payable on March 17 to shareholders of record on Feb. 28.