IAG hikes dividend to 82 cents
iA Financial earns $789-million in 2023
2024-02-20 15:36 ET - News Release
Mr. Denis Ricard reports
IA FINANCIAL GROUP REPORTS FOURTH QUARTER RESULTS AND ANNOUNCES A 7% INCREASE IN ITS COMMON DIVIDEND
For the fourth quarter ended Dec. 31, 2023, iA Financial Corp. Inc. recorded core diluted earnings per common share of $2.34, compared with $2.40 in the fourth quarter of 2022. Core return on common shareholders' equity (ROE)*dagger* for the trailing twelve months was 14.4%, aligned with the Company's medium-term target of 15%+. On a reported basis, which includes the impact of volatile items (primarily short-term macroeconomic variations and the impact of assumption changes and management actions), the result was higher than core earnings, with quarterly net income attributed to common shareholders of $248 million, EPS of $2.46 and ROE*dagger* for the trailing twelve months of 11.6%. The solvency ratio*dagger* of 145% at Dec. 31, 2023 is well above the Company's operating target of 120%.
"We concluded 2023 with very good performance in almost all business units, both in sales and earnings. The solid increase in assets under management and administration, as well as in premiums and deposits, testifies to our continued strong business growth, including for individual insurance in Canada and the U.S.," commented Denis Ricard, President and CEO of iA Financial Group. "Looking ahead, our solid capital position supports our growth ambition to create value towards our medium-term core ROE target of 15%+, notably through organic investment in our client-centric digital transformation. We look forward to 2024 with confidence, and accordingly, today we are pleased to announce a 7% dividend increase for our shareholders."