iA Financial (IAG) 2025 Scotiabank Financials Summit summary

Financial performance and strategy

• Achieved exceptional Q2 results with all sectors contributing positively, leading to strong first-half performance and significant experience gains.

• Surpassed the 17% ROE target for 2027 on a trailing 12-month basis, focusing on maintaining or exceeding this level if macro conditions remain favorable.

• Book value per share grew by 9% over the last year, outpacing industry averages and reflecting long-term strength.

• Maintains a long-term EPS growth objective of 10%+, with a historical 12% growth rate over the past decade.

• Prudent capital deployment prioritizes organic growth, selective M&A, and share buybacks as a last resort.

Market positioning and business lines

• Focuses on the mass and mid-market segments, holding a 28% share of Canadian individual insurance policies, far ahead of competitors.

• Leverages technology and distribution to scale efficiently, especially in insurance and wealth management.

• Top player in Canadian seg funds, leading in gross sales, net sales, and assets, with a strong independent distribution network.

• Mutual fund manufacturing faces industry headwinds but remains profitable and strategically important.

• U.S. Dealer Services is improving after operational challenges, with cost reductions and technology investments driving gradual recovery.

Capital allocation and M&A

• Maintains a disciplined approach to M&A, seeking opportunities that align with strategic goals and ROE benchmarks.

• Recent acquisition of RF Capital enhances wealth management capabilities and is modestly accretive.

• U.S. Life and Dealer Services markets are fragmented, offering further inorganic growth potential.

• Plans to increase leverage over time to optimize capital structure.