“Second quarter results were solid in every respect.”
Those were the words of iA Financial Group president and chief executive Denis Ricard when the iA Insurance owner released its earnings report for the second quarter of 2024.
According to the insurance and wealth management group, here’s how it fared in the period:
|
Metric |
Q2 2024 |
Q2 2023 |
|---|---|---|
|
Net income attributed to common shareholders |
CA$206 million |
CA$196 million |
|
Core earnings – insurance, Canada |
CA$106 million |
CA$91 million |
|
Core earnings – wealth management |
CA$98 million |
CA$76 million |
|
Core earnings – US operations |
CA$22 million |
CA$26 million |
|
Core earnings – group |
CA$267 million |
CA$247 million |
When the financial results were announced, Ricard highlighted: “Core EPS (diluted earnings per common share) of CA$2.75 is at a record level, and business growth was strong across all sectors, contributing to a 15% increase in premiums and deposits. Particularly noteworthy were sales of individual insurance and segregated funds in Canada, as well as record sales in US insurance.
“Along with strong organic growth, we recently completed acquisitions in two high-growth sectors: our US insurance operations and our wealth management distribution business in Canada, reflecting our disciplined execution of our strategy.”
In Canada, factors that contributed to the numbers included the favorable mortality experience in individual and group insurance, lower auto and home protection claims, and the positive impact of premium increases implemented in 2023. For the US, the group cited higher sales and more onerous contracts.
Éric Jobin, chief financial officer and chief actuary, commented: “Profitability was strong in the second quarter with a 15% increase in core EPS. In addition to continued sales momentum, this performance was notably driven by favorable insurance experience for a third consecutive quarter.”
Meanwhile, iA Financial completed its swoop for two existing blocks of business from Prosperity Life Group and also announced a quarterly dividend of CA$0.8200 per outstanding common share payable on September 16.
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