IGM Financial (IGM) Q4 2024 earnings summary

Executive summary

• Adjusted EPS for 2024 was $3.95 (CAD 3.95), up 11.6%–12% year-over-year, with over $650 million ($657MM) returned to shareholders via dividends and share repurchases.

• Client assets/AUM&A grew 23.8%–24% to $483.5B (over CAD 480B), led by IG Wealth, Mackenzie, Rockefeller, Wealthsimple, ChinaAMC, and Northleaf.

• Strategic investments, including Rockefeller, Wealthsimple, ChinaAMC, and Northleaf, delivered strong asset growth and inflows.

• Net flows for IG Wealth and Mackenzie were negative for the year but turned positive in Q4, reflecting improved momentum.

• Recognized as a top sustainable company and employer in Canada.

Financial highlights

• Q4 adjusted EPS was $1.05, up 22% year-over-year; Q4 adjusted net earnings were $250.0 million, up 22%.

• Returned $180 million to shareholders in Q4, including $47 million in share repurchases.

• Consolidated AUM&A including strategic investments reached $483.5B, up 23.8% year-over-year.

• IG Wealth Q4 earnings were $135.3 million, up 33% year-over-year; Mackenzie Q4 earnings were $61.9 million, up 25%.

• ChinaAMC Q4 earnings were $25.4 million; Northleaf Q4 earnings were $3.1 million.

Outlook and guidance

• Continued investment in wealth and asset management businesses planned for 2025, with expense growth guidance at 4% for operations and support.

• IG expense growth at 2.5%, Mackenzie at 6% for 2025.

• ChinaAMC 2025 earnings expected to be in line with 2024, despite fee reductions.

• Northleaf expected to contribute about $5 million per quarter in 2025.

• Share buybacks expected to increase in 2025, with a bias toward returning more capital to shareholders.