iA Financial (IAG) Q4 2025 earnings summary

Executive summary

• Achieved or exceeded all 2025 key financial targets, including Core ROE of 17.1% and 16% Core EPS growth, with strong business momentum in both Canada and the U.S. across all segments.

• Robust capital position maintained, supported by ongoing organic capital generation and significant capital deployment for growth and shareholder returns.

• RF Capital acquisition completed and already accretive, expanding presence in the high-net-worth segment and performing ahead of expectations.

• Closed 2025 with excellent momentum, a strong capital position, and a solid foundation for 2026.

Financial highlights

• Q4 Core EPS was $3.10 (up 2% YoY); full-year Core EPS was $12.96 (up 16% YoY); trailing twelve-month Core ROE reached 17.1%.

• Net premiums and deposits for Q4 were $5.9B, up 4% year-over-year.

• Total assets under management and administration reached $341.1B, a 31% increase year-over-year.

• Book value per share rose to $79.24, up 8% year-over-year, or over 10% excluding NCIB impact.

• Dividend payout ratio was 29.2% of core earnings, within the 25–35% target range.

Outlook and guidance

• Entering 2026 with strong sales momentum, robust balance sheet, and significant capital for deployment.

• 2026 financial targets: Core EPS growth 10%+, Core ROE 17%+, organic capital generation $700M+, dividend payout ratio 25–35%.

• Strategic investments in digital and AI capabilities to enhance efficiency and growth.

• Accretion expected from recent acquisitions, including Vericity and RF Capital.