iA Financial enjoys net income growth

iA Financial enjoys net income growth | Insurance Business America

Insurance News

iA Financial enjoys net income growth

“Solid capital position supports our growth ambition”

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

CA$248 million

CA$181 million

CA$769 million

CA$309 million

Core earnings

CA$236 million

CA$254 million

CA$956 million

CA$955 million

The company’s insurance Canada segment posted core earnings worth CA$78 million in the fourth quarter. The Q4 core earnings for iA Financial’s US operations amounted to CA$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 favorable 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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