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Wealth Management and diversified business model drive earnings growth and return on equity
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This news release presents financial information in accordance with IFRS® Accounting Standards (referred to as “IFRS” in this document) and certain non-IFRS and additional financial measures used by the Company when evaluating its results and measuring its performance. For relevant information about non-IFRS financial measures and other specified financial measures used in this document, see the “Non-IFRS and Additional Financial Measures” section in this document and in the Management’s Discussion and Analysis for the period ended June 30, 2026 (the “Q2/2026 Management’s Discussion and Analysis”), which is hereby incorporated by reference and is available for review at sedarplus.ca or on iA Financial Group’s website at ia.ca. The results presented below are for iA Financial Corporation Inc. (“iA Financial Group” or the “Company”).
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SECOND QUARTER HIGHLIGHTS
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- Core EPS†† of $3.68 (+5% YoY) and trailing-12-month core ROE†† of 17.5%, in line with the 2026 core ROE target1 of 17%+
- EPS of $4.28 (+25% YoY) and trailing-12-month ROE2 of 15.1%
- Wealth Management core earnings† up 37% YoY and net income up 28% YoY, driven by $4.3 billion in gross sales3 and favourable markets
- 37% growth in total assets under management3 and assets under administration3 over the last 12 months, which exceeded $374 billion
- 25% YoY growth in net premiums,3 premium equivalents and deposits3 to more than $6.3 billion, from strong sales and business retention
- Solid organic capital generation3 of $180 million in Q2, on track to reach the 2026 target of $700+ million1
- Robust capital position emphasized by a 137% solvency ratio4 and capital available for deployment3 of $1.1 billion as at June 30, 2026
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QUEBEC CITY — For the second quarter ended June 30, 2026, iA Financial Group (TSX: IAG) recorded core earnings† of $330 million and core diluted earnings per common share (EPS)†† of $3.68, which is 5% higher than the same period in 2025, when insurance experience was very favourable. Core return on common shareholders’ equity (ROE)†† for the trailing 12 months was 17.5%, in line with the 2026 target of 17%+.1 Second quarter net income attributed to common shareholders was $384 million, diluted EPS was $4.28 and ROE for the trailing 12 months was 15.1%. The solvency ratio was 137% as at June 30, 2026, highlighting a robust capital position.
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“Our diversified business model continued to demonstrate its strength in the second quarter, as broad-based performance across our businesses, led by Wealth Management, generated solid earnings and robust capital generation,” commented Denis Ricard, President and CEO of iA Financial Group. “The 25% increase in premiums and deposits and the 37% growth in assets5 over the past year reflect the strength of our distribution capabilities, our ability to attract and support high-quality advisors, and the continued execution of our growth strategy.”
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‘’Wealth Management generated significant earnings growth in the second quarter, reflecting strong organic momentum, favourable markets and the contribution from RF Capital. This strong momentum continues to drive robust growth across our business units, supported by our leading distribution platform and sustained demand for segregated fund solutions,” added Éric Jobin, Executive Vice-President, CFO and Chief Actuary. “Strong earnings, combined with a solid capital position and $1.1 billion in capital available for deployment, gives us continued flexibility to allocate capital in a disciplined manner and create long-term value for shareholders.”
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Earnings Highlights
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Second quarter | Year-to-date as at June 30 | |||||||
2026 | 2025 | Variation | 2026 | 2025 | Variation | |||
Net income attributed to shareholders (in millions) | $403 | $327 | 23% | $549 | $522 | 5% | ||
Less: distributions on other equity instruments and dividends on preferred shares (in millions) | ($19) | ($6) | ($28) | ($15) | ||||
Net income attributed to common shareholders (in millions) | $384 | $321 | 20% | $521 | $507 | 3% | ||
Weighted average number of common shares (in millions, diluted) | 89.7 | 93.6 | (4%) | 90.7 | 93.7 | (3%) | ||
Earnings per common share (diluted) | $4.28 | $3.43 | 25% | $5.74 | $5.41 | 6% | ||
Core earnings† (in millions) | 330 | 327 | 1% | 628 | 600 | 5% | ||
Core earnings per common share (diluted)†† | $3.68 | $3.49 | 5% | $6.92 | $6.40 | 8% | ||
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Other Financial Highlights | June 30, 2026 | March 31, 2026 | December 31, 2025 | June 30, 2025 | ||
Return on common shareholders’ equity (trailing 12 months) | 15.1% | 14.3% | 14.9% | 14.7% | ||
Core return on common shareholders’ equity†† (trailing 12 months) | 17.5% | 17.5% | 17.1% | 17.0% | ||
Solvency ratio | 137% | 134% | 133% | 138% | ||
Book value per common share6 | $80.55 | $78.90 | $79.24 | $76.02 | ||
Assets under management and assets under administration (in billions) | $374.1 | $346.1 | $341.1 | $273.8 |
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| Footnotes for page 1: | |
1 | See the “Financial Targets” and “Forward-Looking Statements” sections of this news release. |
2 | Consolidated net income attributed to common shareholders divided by the average common shareholders’ equity for the period. Return on common shareholders’ equity is a supplementary financial measure. Refer to the “Non-IFRS and Additional Financial Measures” section in this document and in the Q2/2026 Management’s Discussion and Analysis for more information. |
3 | Sales, net premiums, premium equivalents and deposits, assets under administration, assets under management, organic capital generation and capital available for deployment are supplementary financial measures. Refer to the “Non-IFRS and Additional Financial Measures” section in this document and in the Q2/2026 Management’s Discussion and Analysis for more information. |
4 | The solvency ratio is calculated in accordance with the Capital Adequacy Requirements Guideline – Life and Health Insurance (CARLI) mandated by the Autorité des marchés financiers du Québec (AMF). This financial measure is exempt from certain requirements of Regulation 52-112 respecting Non-GAAP and Other Financial Measures Disclosure according to AMF Blanket Order No. 2021-PDG-0065. |
5 | Total of assets under administration and assets under management. |
| 6 | Book value per common share is calculated by dividing the common shareholders’ equity (which represents the total equity, less other equity instruments) by the number of common shares outstanding at the end of the period. |
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Unless otherwise indicated, the results presented in this document are in Canadian dollars and are compared with those from the corresponding period last year.
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FINANCIAL TARGETS
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The table below presents the progress towards achieving the Company’s annual and medium-term financial targets.
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Financial targets7 | Q2/2026 | Year-to-date as at June 30 | ||
Core earnings per common share (core EPS)†† | 10%+ annual average growth | Medium-term | 5% year-over-year growth | 8% year-over-year growth |
Core return on common shareholders’ equity (core ROE)†† | 17%+ | In 2026 | 17.5% trailing 12 months as at June 30, 2026 | |
Organic capital generation (net of dividends) | $700M+ | In 2026 | $180M | $335M |
Core dividend payout ratio†† | 25% to 35% of core earnings†,8 | In 2026 | 30% | 30% |
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ANALYSIS OF EARNINGS BY BUSINESS SEGMENT
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The following tables set out the core earnings† and net income attributed to common shareholders by business segment. An analysis of performance by business segment for the second quarter and a reconciliation between the net income attributed to common shareholders and core earnings† for each business segment are provided in the following pages.
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Core Earnings (Losses)†
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(In millions of dollars, unless otherwise indicated) | Q2/2026 | Q1/2026 | Quarter-over- | Q2/2025 | Year-over-year | |||
Insurance, Canada | 128 | 96 | 33% | 133 | (4%) | |||
Wealth Management | 155 | 131 | 18% | 113 | 37% | |||
US Operations | 24 | 26 | (8%) | 36 | (33%) | |||
Investment | 79 | 93 | (15%) | 102 | (23%) | |||
Corporate | (56) | (48) | (17%) | (57) | 2% | |||
Total | 330 | 298 | 11% | 327 | 1% |
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Net Income (Loss) Attributed to Common Shareholders
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(In millions of dollars, unless otherwise indicated) | Q2/2026 | Q1/2026 | Quarter-over- | Q2/2025 | Year-over-year | |||
Insurance, Canada | 118 | 88 | 34% | 130 | (9%) | |||
Wealth Management | 134 | 114 | 18% | 105 | 28% | |||
US Operations | 12 | 16 | (25%) | 55 | (78%) | |||
Investment | 183 | (28) | not meaningful | 103 | 78% | |||
Corporate | (63) | (53) | (19%) | (72) | 13% | |||
Total | 384 | 137 | 180% | 321 | 20% |
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Insurance, Canada
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- The net income attributed to common shareholders for the Insurance, Canada segment was $118 million, compared to $130 million for the same period in 2025. Net income attributed to common shareholders is composed of core earnings† as well as core earnings adjustments.
- Core earnings adjustments to net income totalled $10 million. As explained in the “Reconciliation of Net Income Attributed to Common Shareholders and Core Earnings†” section of this document, these adjustments include a charge resulting from a management action related to the pension plan ($2 million). They also include the amortization of acquisition-related finite life intangible assets ($5 million), the non-core pension expense ($2 million), and integration and restructuring costs ($1 million).
- Core earnings† for this business segment were $128 million for the second quarter compared to $133 million for the same period in 2025. The $5 million decrease in core earnings† mainly reflects the net impact of the following:
- Core insurance service result,9 totalling $171 million compared to $177 million a year earlier, mainly explained by:
- Core insurance experience gains9 of $19 million, driven by favourable mortality and morbidity experience, compared to elevated core insurance experience gains of $31 million for the same period in 2025. Note that at iA Auto and Home, the impact of higher claims associated with the heavy rainfall event that occurred in June 2026 was mostly offset by lower claims overall during the period.
- The favourable impact of the higher combined risk adjustment (RA) release9 and CSM recognized for services provided9 from Individual Insurance and Employee Plans.
- The impact of new insurance business,9 which is dependent on confirmed sales in Employee Plans, totalling $15 million this quarter compared to $14 million for the same period in 2025.
- Core non-insurance activities,9 totalling $17 million for the quarter compared to $19 million a year earlier, mainly due to slightly lower earnings from P&C products in Dealer Services.
- Core income taxes9 of $45 million for the quarter compared to $48 million a year earlier.
- Core insurance service result,9 totalling $171 million compared to $177 million a year earlier, mainly explained by:
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Wealth Management
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- The net income attributed to common shareholders for the Wealth Management segment was $134 million, compared to $105 million for the same period in 2025. Net income attributed to common shareholders is composed of core earnings† as well as core earnings adjustments.
- Core earnings adjustments to net income totalled $21 million. As explained in the “Reconciliation of Net Income Attributed to Common Shareholders and Core Earnings†” section of this document, these adjustments include a charge resulting from a management action related to the pension plan ($1 million). They also include acquisition-related items ($19 million) and the non-core pension expense ($1 million).
- Core earnings† for this business segment were $155 million for the second quarter compared with $113 million a year ago. The 37% increase in core earnings† over the same period in 2025 is mainly the result of the higher combined RA release and CSM recognized for services provided due to the impact of favourable financial markets over the 12-month period and strong net segregated fund sales. Additionally, core non-insurance activities were higher, reflecting increased net revenue on assets and a strong contribution from RF Capital Group of $13 million. Growth of core non-insurance activities was tempered by higher expenses to support business growth.
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US Operations
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- The net income attributed to common shareholders for the US Operations segment was $12 million, compared to $55 million for the same period in 2025. Net income attributed to common shareholders is composed of core earnings† as well as core earnings adjustments. For more information on the factors contributing to the variations between the periods, refer to the “US Operations” sub-section of the “Analysis According to the Financial Statements” section of the Q2/2026 MD&A.
- Core earnings adjustments to net income totalled $12 million from acquisition-related items ($10 million) and small specified items ($2 million), including a reinsurance adjustment related to 2025 and a reallocation for reporting consistency, which sum to zero on a consolidated basis.
- Core earnings† for this business segment were $24 million, which compares to $36 million for the same period in 2025. Expected insurance earnings9 were higher due to the increase in the combined RA release and CSM recognized for services provided, mainly driven by good business growth in Individual Insurance in the last 12 months, and higher expected earnings on PAA insurance business9 from Dealer Services. A core insurance experience loss of $8 million was recorded, mainly due to unfavourable mortality experience at Fidelity Life (the insurance entity of Vericity) on account of a small number of large claims. Core non-insurance activities were lower than a year ago, reflecting a sales mix in US Dealer Services weighted toward insurance products. Dealer Services core earnings† growth was tempered by less favourable U.S. auto market conditions and dealer group attrition within administration-fee-generating dealer channels.
- The results from Fidelity Life and eFinancial combined (both entities of Vericity) were neutral to core earnings† in the second quarter of 2026, without considering the experience losses that are expected to be non-recurring, and are still expected to be accretive to core earnings† in the second half of 2026.
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Investment
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- The net income attributed to common shareholders was $183 million compared to $103 million for the same period in 2025. Net income attributed to common shareholders is composed of core earnings† as well as core earnings adjustments.
- Core earnings adjustments of $104 million reflected a positive impact on net income from market-related impacts that differ from management’s expectations. These adjustments are explained by the favourable impact from non-fixed income assets ($112 million), mainly driven by the good performance of public equity, and the favourable impact of the CIF10 ($6 million). These positive items were partially offset by the unfavourable impact of interest rate and credit spread variations ($14 million).
- Core earnings† for this business segment were $79 million compared to $102 million for the same period in 2025. The decrease is explained by higher financing charges on debentures, higher distributions on other equity instruments and dividends on preferred shares, and higher core income taxes. Before accounting for these items, core earnings† were driven by a core net investment result11 of $129 million. This result is higher than the $127 million recorded a year earlier and the $126 million recorded the previous quarter. The core net investment result is composed of expected investment earnings11 and credit experience.11
- Expected investment earnings quarter-over-quarter analysis – $119 million in the second quarter, which is similar to the result from the first quarter of 2026. The positive contributions from iA Auto Finance and from the capital issuance in May were offset by the impact of a reduction in assets, mainly from capital deployment activities (share repurchases under the NCIB).
- Expected investment earnings year-over-year analysis – $119 million in the second quarter compared to $123 million a year earlier. This result mainly reflects the impact of a reduction in assets following the acquisition of RF Capital Group in the fourth quarter of 2025 and the impact of share repurchases (NCIB), partially offset by the favourable contribution from iA Auto Finance.
- Credit experience – $10 million gain in the second quarter due to more upgrades than downgrades in the fixed income portfolio ($6 million) and favourable experience in the car loans portfolio of iA Auto Finance ($4 million).
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Corporate
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- Net loss attributed to common shareholders for the Corporate segment was $63 million compared to $72 million for the same period in 2025. This item is composed of core losses† as well as core losses adjustments.
- Core losses adjustments to net loss for this business segment totalled $7 million. As explained in the “Reconciliation of Net Income Attributed to Common Shareholders and Core Earnings†” section of this document, these adjustments include a charge resulting from a management action related to the pension plan ($1 million). They also include charges related to acquisition, integration and restructuring of a business, mainly from the RF Capital Group, Fidelity Life and eFinancial (both entities of Vericity) and Global Warranty acquisitions (collectively, $5 million) and the non-core pension expense ($1 million).
- This segment recorded core losses† from after-tax expenses of $56 million compared to $57 million in the second quarter of 2025. This result reflects disciplined expense management amid inflationary pressures, supported by a strong, ongoing focus on operational efficiency and investments to enhance IT infrastructure performance. In the second quarter of 2026, before taxes, corporate core other expenses were $74 million compared to $79 million in the second quarter of 2025. Corporate core other expenses for the second quarter of 2026 are composed of core other expenses of $65 million—which were favourably impacted by the timing of certain corporate initiatives and which were at the lower end of the Company’s target range of $70 million, plus or minus $5 million12—as well as a higher-than-expected provision for variable compensation of $9 million before taxes.
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RECONCILIATION OF NET INCOME ATTRIBUTED TO COMMON SHAREHOLDERS AND CORE EARNINGS†
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Core earnings† of $330 million in the second quarter are derived from net income attributed to common shareholders of $384 million, reduced by total adjustments of $54 million (post tax) for:
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- Market-related impacts that differ from management’s expectations, which resulted in a $104 million increase in net income. This adjustment is explained by the favourable impact from non-fixed income assets of $112 million, mainly driven by the good performance of public equity, and the favourable impact of the CIF ($6 million). These positive items were partially offset by the unfavourable impact of interest rate and credit spread variations ($14 million).
- The impact of assumption changes and management actions leading to a $4 million reduction in net income, resulting from a management action related to the pension plan, as disclosed in the second quarter results of 2025.13
- A net charge of $15 million related to acquisition, integration and restructuring of a business, mainly from RF Capital Group, Fidelity Life and eFinancial (both entities of Vericity), and Global Warranty.
- Expenses associated with the amortization of acquisition-related finite life intangible assets of $25 million.
- The impact of the non-core pension expense of $4 million.
- Specified items resulting in a $2 million decrease in net income (from the US Operations segment as detailed above).
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Net Income Attributed to Common Shareholders and Core Earnings† Reconciliation – Consolidated
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(In millions of dollars, unless otherwise indicated) | Second quarter | Year-to-date as at June 30 | ||||||
2026 | 2025 | Variation | 2026 | 2025 | Variation | |||
Net income attributed to common shareholders | 384 | 321 | 20% | 521 | 507 | 3% | ||
Core earnings adjustments (post tax) | ||||||||
Market-related impacts | (104) | 1 | (17) | 64 | ||||
Interest rates and credit spreads | 14 | 45 | (4) | 29 | ||||
Non-fixed income | (112) | (49) | (15) | 26 | ||||
Equity (public and private) and infrastructure | (124) | (74) | (37) | (15) | ||||
Investment properties | 12 | 25 | 22 | 41 | ||||
CIF14 | (6) | 5 | 2 | 9 | ||||
Currency | — | — | — | — | ||||
Assumption changes and management actions | 4 | (22) | 2 | (27) | ||||
Charges or proceeds related to acquisition, disposition, integration or restructuring of a business | 15 | 3 | 18 | 5 | ||||
Amortization of acquisition-related finite life intangible assets | 25 | 20 | 50 | 41 | ||||
Non-core pension expense | 4 | 4 | 8 | 8 | ||||
Specified items | 2 | — | 46 | 2 | ||||
Total | (54) | 6 | 107 | 93 | ||||
Core earnings† | 330 | 327 | 1% | 628 | 600 | 5% | ||
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Contractual Service Margin (CSM)15
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During the second quarter, the CSM increased organically by $120 million. This increase is due to the positive impact of new insurance business of $217 million, organic financial growth of $111 million and net insurance experience gains of $26 million, partly offset by the CSM recognized for services provided in earnings of $234 million, up 17% from a year earlier. Non-organic items led to an increase in the CSM of $403 million during the second quarter, mostly due to the impact of market variations. As a result, the total CSM increased by $523 million (+7%) during the quarter to stand at $8,232 million as at June 30, 2026, an increase of 15% over the last 12 months.
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Business Growth
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During the second quarter, sales and business retention contributed to the strong growth in net premiums, premium equivalents and deposits, which reached more than $6.3 billion, a 25% increase compared to the same period last year. Total assets under management and assets under administration exceeded $374 billion as at June 30, 2026, an increase of 37% over the last 12 months. In the Individual Wealth Management segment, total segregated and mutual fund gross sales reached nearly $3.2 billion, while combined net inflows were close to $1 billion. The Company continued to rank first for both gross and net individual segregated fund sales.16 In Canada, Individual Insurance sales remained good at $102 million and the Company maintained its leading position for the number of policies sold.17 Employee Plans and iA Auto and Home both recorded good sales growth compared to the second quarter of 2025. In the United States, Individual Insurance sales recorded a notable 10% year-over-year increase and Dealer Services sales were broadly in line with the same quarter a year earlier.
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INSURANCE, CANADA
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- In Individual Insurance, second quarter sales totalled $102 million, a result comparable to last year’s strong performance. The Company maintained its leading position in the Canadian market for number of policies issued.17 This result reflects the strength of our growing distribution networks, the excellent performance of our digital tools, as well as our comprehensive and distinctive range of products.
- In Group Insurance, second quarter implemented sales of $30 million in Employee Plans were significantly higher than the $8 million recorded in the second quarter of 2025. Net premiums, premium equivalents and deposits for Employee Plans were comparable to those of the same quarter last year. Note that sales in this business unit vary considerably from one quarter to another based on the size of the contracts sold. Special Markets sales reached $83 million compared to $99 million in the same quarter a year earlier, reflecting lower sales of international student medical insurance, due to federal government measures to cap the number of international students entering Canada.
- For Dealer Services, total sales ended the second quarter at $218 million, close to the result for the same period last year. P&C Insurance sales remained good in the second quarter, with total sales reaching $173 million, in line with the results reported a year ago. Creditor Insurance sales declined 10% year over year, primarily reflecting the impact of Quebec’s Law 15 (also known as Bill 30), which introduced new requirements for the sale of creditor insurance through dealerships. Overall, total sales for the first six months of 2026 were slightly higher than in the same period of 2025.
- At iA Auto and Home, direct written premiums reached $216 million in the second quarter, an increase of 5% from a year earlier. This result reflects the increased number of policies and the favourable impact of price adjustments in the last 12 months.
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WEALTH MANAGEMENT
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- In Individual Wealth Management, sales of segregated and mutual funds remained strong during the second quarter, with segregated fund gross sales totalling nearly $2.1 billion, a 52% year-over-year increase, and mutual fund gross sales of $644 million, a year-over-year increase of 46%. Combined net inflows of segregated and mutual funds totalled $934 million in the second quarter, compared to $505 million in the same quarter last year. Segregated fund net sales were above $1.0 billion, maintaining their strong momentum, while mutual funds recorded net outflows of $73 million. The Company continued to rank first in Canada in gross and net segregated fund sales.18 This robust performance was notably driven by the strength of our growing distribution networks and our competitive and comprehensive product lineup. Demand for other savings products was strong, resulting in sales of $449 million in the second quarter, 5% higher than in the same period of 2025. As a result of net inflows, market growth in the last 12 months, and the addition of assets under administration from the RF Capital Group acquisition, Individual Wealth Management total assets under administration and assets under management reached $286 billion at the end of the quarter, a 47% increase over the past 12 months.
- Group Savings and Retirement sales for the second quarter totalled $1,108 million compared to $821 million a year earlier. This performance was driven by strong accumulation product sales. Total assets under management at the end of the quarter were 15% higher than a year earlier.
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US OPERATIONS
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- In Individual Insurance, quarterly sales reached a record US$86 million, 10% higher than the same period a year earlier. This increase was driven by growth in the final expense and middle market segments, supported by disciplined sales practices and strong engagement across our distribution network.
- In Dealer Services, second quarter sales totalled US$292 million, in line with the performance recorded a year earlier. This result reflects the effectiveness and diversity of our distribution channels, supported by the quality of our products and services. Note that auto industry conditions may create quarterly variability in sales results.
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ASSETS UNDER MANAGEMENT AND ASSETS UNDER ADMINISTRATION
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Total assets under management and assets under administration amounted to more than $374 billion as at June 30, 2026, recording an increase of 37% over the last 12 months. This solid growth was mainly driven by strong net fund inflows, particularly for segregated funds, and by the performance of financial markets and the addition of assets under administration from the RF Capital Group acquisition completed on October 31, 2025. The Company maintained its position as the Canadian leader in segregated fund assets under management.18NET PREMIUMS, PREMIUM EQUIVALENTS AND DEPOSITS Net premiums, premium equivalents and deposits amounted to more than $6.3 billion in the second quarter, which is 25% higher than the same period last year. This performance was mainly driven by the results of all business units in the Wealth Management segment.
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FINANCIAL POSITION
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The Company’s solvency ratio19 was 137% as at June 30, 2026, compared to 134% at the end of the previous quarter and 138% a year earlier. This result is well above the regulatory minimum ratio of 90%. The three-percentage-point increase during the quarter was driven by the favourable impact of the subordinated debenture issuance outlined below, and by solid organic capital generation and the positive impact of macroeconomic variations. These favourable items were partially offset by the impacts of share buybacks (NCIB), investments in organic growth, dividend payments, and, to a lesser extent, other non-organic variations. The Company’s financial leverage ratio†† was 18.6% as at June 30, 2026 compared to 16.4% at the end of the previous quarter. This is mainly explained by the net impact of capital management initiatives during the quarter, namely the issuance of subordinated debentures.
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Organic Capital Generation
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The Company organically generated $180 million in capital during the second quarter compared to $200 million for the same period in 2025. After six months, $335 million has been generated. This solid result is in line with projections to meet the annual target of at least $700 million in 2026.20Capital Available for Deployment As at June 30, 2026, the capital available for deployment was assessed at $1.1 billion compared to $1.2 billion at the end of the previous quarter.
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Book Value
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The book value per common share21 was $80.55 as at June 30, 2026, compared to $78.90 as at March 31, 2026 and $76.02 as at June 30, 2025. During the last 12 months, it increased by 6%, reflecting higher retained earnings, partly offset by the impact of the share buybacks (NCIB) and dividend payments to common shareholders.
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Capital Issuance
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On May 26, 2026, the Company completed an offering of $500 million aggregate principal amount of 4.158% fixed/floating unsecured subordinated debentures due on May 26, 2036.
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Normal Course Issuer Bid (NCIB)
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During the second quarter, the Company repurchased and cancelled a total of 1,847,300 outstanding common shares for a total value of $316 million. It also repurchased 163,100 additional shares that were cancelled on July 3, 2026 for a total value of $31 million. Therefore, the Company can repurchase up to 3,307,754 outstanding common shares between June 30, 2026 and the end of the amended program on November 13, 2026. In May 2026, the Company obtained the necessary approvals to increase by 3% the maximum number of shares that can be repurchased and cancelled under its share buyback program, thereby raising this maximum from 5% to 8% of the Company’s public float. Refer to the “Financial Position” section of the Q2/2026 MD&A for more information.
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Dividend
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The Company paid a quarterly dividend of $1.1000 per share to common shareholders in the second quarter of 2026. The Board of Directors approved a quarterly dividend of $1.1000 per share payable during the third quarter of 2026, the same as that announced the previous quarter. This dividend is payable on September 15, 2026 to the common shareholders of record as at August 14, 2026. The core dividend payout ratio†† was 29.9% in the second quarter, in the middle of the target range of 25% to 35%.22Dividend Reinvestment and Share Purchase Plan Registered common shareholders wishing to enrol in iA Financial Group’s Dividend Reinvestment and Share Purchase Plan (DRIP) so as to be eligible to reinvest the next dividend payable on September 15, 2026 must ensure that the duly completed form is delivered to Computershare no later than 4:00 p.m. on August 7, 2026. Enrolment information is provided on iA Financial Group’s website at ia.ca, under About iA, in the Investor Relations/Dividends section. Common shares issued under iA Financial Group’s DRIP will be purchased on the secondary market and no discount will be applicable.
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Annual Shareholder Meetings
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The Annual Shareholder Meeting of iA Financial Corporation Inc. and the Annual Meeting of the Sole Common Shareholder and of the Participating Policyholders of Industrial Alliance Insurance and Financial Services Inc. were held on May 8, 2026. All nominated directors were elected at these meetings. Mr. Kenneth F. Kroner was also elected as a new director of iA Financial Corporation.
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Executive Committee
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iA Financial Group announced changes to its executive committee, effective June 1, 2026, to support its growth and long-term strategy. Benoit Hudon was appointed Executive Vice-President, Corporate Strategy and Development, and a member of the executive committee; Denis Berthiaume was appointed Executive Vice-President and Chief Growth Officer, Canadian Operations; and Pierre Miron began a planned transition toward retirement. Please refer to the May 5, 2026 news release for more information.
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Appointment of Chief Economist
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Sébastien Mc Mahon was appointed Chief Economist of iA Financial Group, reflecting the expanded scope and visibility of his role within the organization. In this position, he will focus on providing forward-looking economic research and insights to support the Company’s investment teams, business lines and clients. Please refer to the May 19, 2026 news release for more information.
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Unsolicited Mini-Tender Offer
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On April 8, 2026 and on May 13, 2026, iA Financial Group issued warnings regarding unsolicited mini-tender offers from Ocehan LLC to purchase up to 50,000 common shares at prices significantly below the market price. The Company is not affiliated with Ocehan and does not endorse these offers. Such mini-tender offers often circumvent standard regulatory disclosures and may mislead investors.
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Life Insurance Digital Transformation
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On April 8, 2026, iA Financial Group announced a key milestone in the modernization of its individual life insurance business with the integration of term and permanent life insurance into its enhanced digital experience. Approximately 50% of new life insurance sales are now completed through a fully digital, end-to-end process, improving operational efficiency and supporting a more streamlined experience for advisors and clients. Please refer to the April 8, 2026 news release for more information.
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Strategic Partnership with PINQ²
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iA Financial Group announced a strategic partnership with PINQ² to explore quantum computing through its Advanced Hybrid Platform. This initiative builds on the Company’s investments in artificial intelligence and aims to enhance operations, risk analysis and client solutions. Please refer to the April 29, 2026 news release for more information.
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Residential Project Launch
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iA Financial Group and Immostar announced the construction of the Alo Ste-Foy project in Quebec City, an 18-storey, 309-unit multi-residential complex representing an investment of $118 million. The project is seeking LEED certification, reflecting a focus on sustainable urban densification. Construction began in April 2026, with the first units expected to be available in June 2028. Please refer to the May 7, 2026 news release for more information.
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NON-IFRS AND ADDITIONAL FINANCIAL MEASURES
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iA Financial Corporation reports its financial results and statements in accordance with IFRS® Accounting Standards. The Company also publishes certain financial measures or ratios that are not presented in accordance with IFRS. The Company uses non-IFRS and other financial measures when evaluating its results and measuring its performance. The Company believes that such measures provide additional information to better understand its financial results and assess its growth and earnings potential, and that they facilitate comparison of the quarterly and full year results of the Company’s ongoing operations. Since such non-IFRS and other financial measures do not have standardized definitions and meaning, they may differ from similar measures used by other institutions and should not be viewed as an alternative to measures of financial performance, financial position or cash flow determined in accordance with IFRS. The Company strongly encourages investors to review its financial statements and other publicly filed reports in their entirety and not to rely on any single financial measure.
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Non-IFRS financial measures
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include core earnings (losses).
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Non-IFRS ratios
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include core earnings per common share (core EPS); core return on common shareholders’ equity (core ROE); core effective tax rate; core dividend payout ratio; and financial leverage ratio.
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Supplementary financial measures
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include return on common shareholders’ equity (ROE); components of the CSM movement analysis (organic CSM movement, impact of new insurance business, organic financial growth, insurance experience gains (losses), impact of changes in assumptions and management actions, impact of markets, currency impact); components of the drivers of earnings (in respect of both net income attributed to common shareholders and core earnings); assets under management; assets under administration; capital available for deployment; dividend payout ratio; organic capital generation (net of dividends); sales; net premiums; and premium equivalents and deposits.
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For relevant information about non-IFRS measures, see the “Non-IFRS and Additional Financial Measures” section in the Management’s Discussion and Analysis (MD&A) for the period ending June 30, 2026, which is hereby incorporated by reference and is available for review on SEDAR+ at sedarplus.ca or on iA Financial Group’s website at ia.ca.
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A reconciliation of net income attributed to common shareholders to core earnings by business segment is included below. For a reconciliation on a consolidated basis, see the “Reconciliation of Net Income Attributed to Common Shareholders and Core Earnings” section above.
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Reconciliation of Select Non-IFRS Financial Measures
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Net Income and Core Earnings† Reconciliation – Insurance, Canada
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(In millions of dollars, unless otherwise indicated) | Second quarter | Year-to-date as at June 30 | ||||||
2026 | 2025 | Variation | 2026 | 2025 | Variation | |||
Net income attributed to common shareholders | 118 | 130 | (9%) | 206 | 217 | (5%) | ||
Core earnings adjustments (post tax) | ||||||||
Market-related impacts | — | — | — | — | ||||
Assumption changes and management actions | 2 | (6) | 4 | (6) | ||||
Charges or proceeds related to acquisition, disposition, integration or restructuring of a business | 1 | — | (1) | — | ||||
Amortization of acquisition-related finite life intangible assets | 5 | 5 | 10 | 10 | ||||
Non-core pension expense | 2 | 3 | 4 | 6 | ||||
Specified items | — | 1 | 1 | 6 | ||||
Total | 10 | 3 | 18 | 16 | ||||
Core earnings† | 128 | 133 | (4%) | 224 | 233 | (4%) | ||
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Net Income and Core Earnings† Reconciliation – Wealth Management
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(In millions of dollars, unless otherwise indicated) | Second quarter | Year-to-date as at June 30 | ||||||
2026 | 2025 | Variation | 2026 | 2025 | Variation | |||
Net income attributed to common shareholders | 134 | 105 | 28% | 248 | 200 | 24% | ||
Core earnings adjustments (post tax) | ||||||||
Market-related impacts | — | — | — | — | ||||
Assumption changes and management actions | 1 | — | 2 | — | ||||
Charges or proceeds related to acquisition, disposition, integration or restructuring of a business | 7 | — | 9 | — | ||||
Amortization of acquisition-related finite life intangible assets | 12 | 7 | 24 | 14 | ||||
Non-core pension expense | 1 | 1 | 2 | 2 | ||||
Specified items | — | — | 1 | 3 | ||||
Total | 21 | 8 | 38 | 19 | ||||
Core earnings† | 155 | 113 | 37% | 286 | 219 | 31% | ||
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Net Income and Core Earnings† Reconciliation – US Operations
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(In millions of dollars, unless otherwise indicated) | Second quarter | Year-to-date as at June 30 | ||||||
2026 | 2025 | Variation | 2026 | 2025 | Variation | |||
Net income attributed to common shareholders | 12 | 55 | (78%) | 28 | 74 | (62%) | ||
Core earnings adjustments (post tax) | ||||||||
Market-related impacts | — | — | — | — | ||||
Assumption changes and management actions | — | (30) | — | (30) | ||||
Charges or proceeds related to acquisition, disposition, integration or restructuring of a business | 2 | 2 | 2 | 2 | ||||
Amortization of acquisition-related finite life intangible assets | 8 | 8 | 16 | 17 | ||||
Non-core pension expense | — | — | — | — | ||||
Specified items | 2 | 1 | 4 | 3 | ||||
Total | 12 | (19) | 22 | (8) | ||||
Core earnings† | 24 | 36 | (33%) | 50 | 66 | (24%) | ||
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Net Income and Core Earnings† Reconciliation – Investment
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(In millions of dollars, unless otherwise indicated) | Second quarter | Year-to-date as at June 30 | ||||||
2026 | 2025 | Variation | 2026 | 2025 | Variation | |||
Net income (loss) attributed to common shareholders | 183 | 103 | 78% | 155 | 138 | 12% | ||
Core earnings adjustments (post tax) | ||||||||
Market-related impacts | (104) | 1 | (17) | 64 | ||||
Interest rates and credit spreads | 14 | 45 | (4) | 29 | ||||
Non-fixed income | (112) | (49) | (15) | 26 | ||||
Equity (public and private) and infrastructure | (124) | (74) | (37) | (15) | ||||
Investment properties | 12 | 25 | 22 | 41 | ||||
CIF23 | (6) | 5 | 2 | 9 | ||||
Currency | — | — | — | — | ||||
Assumption changes and management actions | — | — | (6) | (5) | ||||
Charges or proceeds related to acquisition, disposition, integration or restructuring of a business | — | — | — | — | ||||
Amortization of acquisition-related finite life intangible assets | — | — | — | — | ||||
Non-core pension expense | — | — | — | — | ||||
Specified items | — | (2) | 40 | (10) | ||||
Total | (104) | (1) | 17 | 49 | ||||
Core earnings† | 79 | 102 | (23%) | 172 | 187 | (8%) | ||
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Net Income and Core Earnings† Reconciliation – Corporate
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(In millions of dollars, unless otherwise indicated) | Second quarter | Year-to-date as at June 30 | ||||||
2026 | 2025 | Variation | 2026 | 2025 | Variation | |||
Net income (loss) attributed to common shareholders | (63) | (72) | 13% | (116) | (122) | 5% | ||
Core earnings (losses) adjustments (post tax) | ||||||||
Market-related impacts | — | — | — | — | ||||
Assumption changes and management actions | 1 | 14 | 2 | 14 | ||||
Charges or proceeds related to acquisition, disposition, integration or restructuring of a business | 5 | 1 | 8 | 3 | ||||
Amortization of acquisition-related finite life intangible assets | — | — | — | — | ||||
Non-core pension expense | 1 | — | 2 | — | ||||
Specified items | — | — | — | — | ||||
Total | 7 | 15 | 12 | 17 | ||||
Core earnings (losses)† | (56) | (57) | 2% | (104) | (105) | 1% | ||
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Reconciliation of Core Earnings† to Net Income Attributed to Common Shareholders According to the DOE – Consolidated
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(In millions of dollars, unless otherwise indicated) | Three months ended June 30 | ||||||||||||
| Core earnings† | Core earnings adjustments24 | Reclassifications25 | Income per financial statements | ||||||||||
Net investment result | Other | ||||||||||||
2026 | 2025 | Variation | 2026 | 2026 | 2026 | 2026 | 2025 | Variation | |||||
Insurance service result | 354 | 341 | 4% | (3) | — | — | 351 | 340 | 3% | ||||
Net investment result | 129 | 127 | 2% | 140 | 90 | — | 359 | 189 | 90% | ||||
Non-insurance activities or other revenues per financial statements | 104 | 97 | 7% | (14) | (37) | 607 | 660 | 486 | 36% | ||||
Other expenses and financing charges on debentures | (144) | (146) | 1% | (50) | (53) | (607) | (854) | (645) | (32%) | ||||
Core earnings† or income per financial statements, before taxes | 443 | 419 | 6% | 73 | — | — | 516 | 370 | 39% | ||||
Income taxes or income tax (expense) recovery | (94) | (86) | (19) | — | — | (113) | (43) | ||||||
Dividends/Distributions on other equity instruments26 | (19) | (6) | (19) | (6) | |||||||||
Core earnings† or net income attributed to common shareholders per financial statements | 330 | 327 | 1% | 54 | — | — | 384 | 321 | 20% | ||||
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Forward-Looking Statements
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This document may contain statements that are predictive or otherwise forward-looking in nature, that depend upon or refer to future events or conditions, or that include words such as “may”, “will”, “could”, “should”, “would”, “suspect”, “expect”, “anticipate”, “intend”, “plan”, “believe”, “estimate”, and “continue” (or the negative thereof), as well as words such as “financial targets”, “objective”, “goal”, “guidance”, “outlook” and “forecast”, or other similar words or expressions. Such statements constitute forward-looking statements within the meaning of securities laws. In this document, forward-looking statements include, but are not limited to, information concerning possible or future operating results, strategies, and financial and operational outlooks. These statements are not historical facts; they represent only expectations, estimates and projections regarding future events and are subject to change.
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Although iA Financial Group believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. In addition, certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements.
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- Material factors and risks that could cause actual results to differ materially from expectations include, but are not limited to: general business and economic conditions; level of competition and consolidation and ability to adapt products and services to market or customer changes; information technology, data protection, governance and management, including privacy breach, and information security risks, including cyber risks; level of inflation; performance and volatility of equity markets; interest rate fluctuations; hedging strategy risks; accuracy of information received from counterparties and the ability of counterparties to meet their obligations; unexpected changes in pricing or reserving assumptions; iA Financial Group liquidity risk, including the availability of funding to meet financial liabilities at expected maturity dates; mismanagement or dependence on third-party relationships in a supply chain context; ability to attract, develop and retain key employees; risk of inappropriate design, implementation or use of complex models, including artificial intelligence; fraud risk; changes in laws and regulations, including tax laws; contractual and legal disputes; actions by regulatory authorities that may affect the business or operations of iA Financial Group or its business partners; changes made to capital and liquidity guidelines (or variations or withdrawals in respect of anticipated changes); risks associated with the regional or global political and social environment; geopolitical and trade uncertainty; climate-related risks including extreme weather events or longer-term climate changes and the transition to a low-carbon economy; iA Financial Group’s ability to meet stakeholder expectations on environmental, social and governance matters; the occurrence of natural or man-made disasters, international conflicts, pandemic diseases (such as the COVID-19 pandemic) and acts of terrorism; and downgrades in the financial strength or credit ratings of iA Financial Group or its subsidiaries.
- Material factors and assumptions used in the preparation of financial outlooks include, but are not limited to: accuracy of estimates, assumptions and judgments under applicable accounting policies, and no material change in accounting standards and policies applicable to the Company; no material variation in interest rates; no significant changes to the Company’s effective tax rate; no material changes in the level of the Company’s regulatory capital requirements; availability of options for deployment of excess capital; credit experience, mortality, morbidity, longevity and policyholder behaviour being in line with actuarial experience studies; investment returns being in line with the Company’s expectations and consistent with historical trends; different business growth rates per business unit; no unexpected changes in the economic, competitive, insurance, legal or regulatory environment or actions by regulatory authorities that could have a material impact on the business or operations of iA Financial Group or its business partners; no unexpected change in the number of shares outstanding; and the non-materialization of risks or other factors mentioned or discussed elsewhere in this document or found in the “Risk Management” section of the Company’s Management’s Discussion and Analysis for 2025 that could influence the Company’s performance or results.
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Ongoing geopolitical tensions, including war in Ukraine and the Middle East, and escalating trade tensions between the U.S. and Canada, including tariffs, continue to disrupt supply chains and raise costs, contributing to economic uncertainty. Global equity markets could face increased volatility due to ongoing tariff risks, evolving interest rate expectations and general uncertainty. These factors may reduce consumer and investor confidence, increase financial instability and constrain growth prospects. Additional information about the material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the “Risk Management” section of the Management’s Discussion and Analysis for 2025, the “Management of Financial Risks Associated with Financial Instruments and Insurance Contracts” note to the audited consolidated financial statements for the year ended December 31, 2025, and elsewhere in iA Financial Group’s filings with the Canadian Securities Administrators, which are available for review at sedarplus.ca.
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The forward-looking statements and outlooks in this document reflect iA Financial Group’s expectations as of the date of this document. iA Financial Group does not undertake to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, except as required by law. Forward-looking statements are presented in this document for the purpose of assisting investors and others in understanding certain key elements of the Company’s expected financial results, as well as the Company’s objectives, strategic priorities and business outlook, and in obtaining a better understanding of the Company’s anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes.
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GENERAL INFORMATION
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Documents Related to the Financial Results
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For a detailed discussion of iA Financial Group’s second quarter results, investors are invited to consult the Management’s Discussion and Analysis for the quarter ended June 30, 2026, the related financial statements and accompanying notes and the Supplemental Information Package, all of which are available on the iA Financial Group website at ia.ca under About iA, in the Investor Relations/Financial Reports section. The Management’s Discussion and Analysis and the Company’s financial statements are also available on SEDAR+ at sedarplus.ca.
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CONFERENCE CALL
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Management will hold a conference call to present iA Financial Group’s second quarter results on Wednesday, August 5, 2026 at 11:00 a.m. (ET). To listen to the conference call, choose one of the options below:
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- Live Webcast: Click here ( https://www.gowebcasting.com/14735) or visit the iA Financial Group website at ia.ca and go to About iA/Investor Relations/Events and Presentations.
- By phone: Click here ( https://dpregister.com/sreg/10204617/1006105dd12) to register and receive a dial-in number to connect instantly to the conference call. You can also dial 1-833-752-4884 (toll-free in North America) or 1-647-849-3374 (International) fifteen minutes before the conference call is scheduled to take place and an operator will connect you.
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The conference call will be recorded and the replay will be available on the iA Financial Group website at ia.ca, under About iA/ Investor Relations/Financial Reports.ABOUT iA FINANCIAL GROUP iA Financial Group is one of the largest insurance and wealth management groups in Canada, with operations in the United States. Founded in 1892, it is an important Canadian public company and is listed on the Toronto Stock Exchange under the ticker symbol IAG (common shares).
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iA Financial Group is a business name and trademark of iA Financial Corporation Inc.
† | This item is a non-IFRS financial measure; see the “Non-IFRS and Additional Financial Measures” section and the “Reconciliation of Select Non-IFRS Financial Measures” section in this document and in the Q2/2026 Management’s Discussion and Analysis for relevant information about such measures and a reconciliation to the most directly comparable IFRS measure. | |
†† | This item is a non-IFRS ratio; see the “Non-IFRS and Additional Financial Measures” section in this document and in the Q2/2026 Management’s Discussion and Analysis. | |
7 | Within the meaning of applicable securities laws, such financial targets constitute “financial outlook” and “forward-looking information”. The purpose of these financial targets is to provide a description of management’s expectations regarding iA Financial Group’s annual and medium-term financial performance and may not be appropriate for other purposes. Actual results could vary materially as a result of numerous factors, including the risk factors referenced herein. Certain material assumptions relating to financial targets provided herein and other related financial and operating targets are described in this document. They are also described in other documents made available by the Company. See “Forward-Looking Statements”. | |
8 | The Company’s dividend and distribution policy is subject to change, and dividends and distributions are declared or made at the discretion of the Board of Directors. | |
9 | This item is a component of the drivers of earnings (DOE). Refer to the “Non-IFRS and Additional Financial Measures” section in this document for more information on presentation according to the DOE. For a reconciliation of core earnings† to net income attributed to common shareholders through the drivers of earnings (DOE), refer to the “Reconciliation of Select Non-IFRS Financial Measures” section of this document. | |
10 | Impact of the tax-exempt investment income (above or below expected long-term tax impacts) from the Company’s multinational insurer status. | |
11 | This item is a component of the drivers of earnings (DOE). Refer to the “Non-IFRS and Additional Financial Measures” section in this document for more information on presentation according to the DOE. For a reconciliation of core earnings† to net income attributed to common shareholders through the drivers of earnings (DOE), refer to the “Reconciliation of Select Non-IFRS Financial Measures” section of this document. | |
12 | Within the meaning of applicable securities laws, such financial targets constitute “financial outlook” and “forward-looking information.” | |
13 | The charge was the result of a management action to allocate a portion of the pension plan surplus in the form of a one-time increase in benefits to current retirees and a temporary reduction in contributions for active members. Q2/2026 is the final quarter impacted by this management action. | |
14 | Impact of the tax-exempt investment income (above or below expected long-term tax impacts) from the Company’s multinational insurer status. | |
15 | Components of the CSM movement analysis constitute supplementary financial measures. Refer to the “Non-IFRS and Additional Financial Measures” section of this document and the “CSM Movement Analysis” section of the Q2/2026 Management’s Discussion and Analysis for more information on the CSM movement analysis. | |
16 | According to the latest industry data from Investor Economics. | |
17 | According to the latest Canadian data published by LIMRA. | |
18 | According to the latest industry data from Investor Economics. | |
19 | The solvency ratio is calculated in accordance with the Capital Adequacy Requirements Guideline – Life and Health Insurance (CARLI) mandated by the Autorité des marchés financiers du Québec (AMF). This financial measure is exempt from certain requirements of Regulation 52-112 respecting Non-GAAP and Other Financial Measures Disclosure according to AMF Blanket Order No. 2021-PDG-0065. Refer to the “Non-IFRS and Additional Financial Measures” section of this document for more information. | |
20 | See the “Financial Targets” and “Forward-Looking Statements” sections of this news release. | |
21 | Book value per common share is calculated by dividing the common shareholders’ equity (which represents total equity, less other equity instruments) by the number of common shares outstanding at the end of the period. | |
22 | See the “Financial Targets” and “Forward-Looking Statements” sections of this news release. | |
23 | Impact of the tax-exempt investment income (above or below expected long-term tax impacts) from the Company’s multinational insurer status. | |
24 | For a breakdown of core earnings adjustments applied to reconcile core earnings† and net income attributed to common shareholders, see “Reconciliation of Net Income Attributed to Common Shareholders and Core Earnings”† above. | |
25 | Refer to the “Reconciliation of Select Non-IFRS Financial Measures” section of the Q2/2026 Management’s Discussion and Analysis for details about these two reclassifications. These reclassifications reflect items subject to a different classification treatment between the financial statements and the drivers of earnings (DOE). | |
26 | Dividends on preferred shares and distributions on other equity instruments. |
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Contacts
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Investor Relations
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Caroline Drouin
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Office: 418-684-5000, ext. 103281
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Email:
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English (US)