iA Financial (IAG) Q1 2026 earnings summary

Executive summary

• Core EPS rose 12% year-over-year to CAD 3.25, with trailing 12-month core ROE at 17.5%, meeting or exceeding 2026 targets.

• Net premiums and deposits increased 10% year-over-year to CAD 6.4 billion; assets under management and administration grew 31% to over CAD 346 billion.

• Record quarterly individual wealth management gross sales of CAD 3.7 billion and strong distribution activity across insurance and wealth platforms.

• Announced leadership changes, including new executive roles for acquisition-driven growth and a planned executive retirement.

• Quarterly dividend increased by 11% to CAD 1.10 per share and share buyback program expanded to 8% of public float.

Financial highlights

• Core EPS of CAD 3.25, up 12% year-over-year; reported EPS of CAD 1.49, down 25% year-over-year.

• Core ROE (trailing 12 months) at 17.5%; quarterly annualized core ROE at 16.6%.

• Organic capital generation of CAD 155 million in Q1, supporting a solvency ratio of 134%.

• Book value per common share reached CAD 78.90, up 6% year-over-year.

• CAD 261 million deployed in share buybacks during the quarter.

Outlook and guidance

• Confident in meeting 2026 financial targets, including core EPS, core ROE above 17%, and organic capital generation above CAD 700 million, despite higher tax rates.

• Dividend payout ratio remains within the 25–35% target range; Q1 ratio was 30.5%.

• Medium-term core effective tax rate outlook revised to 21–23% due to new federal tax measures.

• Capital generation expected to accelerate from Q2 onward.