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 year-over-year, with strong business fundamentals and robust performance across all segments in Canada and the U.S.

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

• Maintained a solid capital position, significant organic capital generation, and a strong foundation for 2026.

• Record insurance sales in Canada, strong net fund inflows, and double-digit sales growth in US operations highlight business momentum.

Financial highlights

• Q4 2025 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.

• Assets under management and administration reached $341.1B, up 31% year-over-year.

• Book value per share rose to $79.24, up 8% year-over-year.

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

Outlook and guidance

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

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

• Continued focus on profitable growth, digital investments, and strategic acquisitions, with accretion expected from recent acquisitions.