Q4 2024 iA Financial Corporation Inc Earnings Call Transcript
Key Points
- iA Financial Corp Inc (IAFNF) achieved record profitability in Q4 2024 with core EPS of $3.04, marking a 30% increase year over year.
- The company's core ROE for Q4 was 16.9%, contributing to a full-year core ROE of 15.9%, meeting their medium-term target.
- Premiums and deposits saw a significant 39% year-over-year increase, with assets under management and administration rising by 18%.
- The solvency ratio remained robust at 139%, well above the operating target, supported by organic capital generation of $150 million in Q4.
- The wealth management segment achieved a quarterly record high in gross sales of seg funds, reaching nearly $1.6 billion, an 87% increase year over year.
- The credit experience resulted in a $7 million loss due to higher impacts from downgrades and upgrades in the investment portfolio.
- There was a $16 million provision for outstanding balances related to accounts receivable in the US operations, reflecting challenges in the dealer services segment.
- The company's non-core adjustments included a $9 million software writedown in Insurance Canada and an $8 million tax adjustment for previous fiscal years.
- The solvency ratio on a pro forma basis decreased to 133% due to the acquisition of Global Warranty and other capital deployment activities.
- The reported earnings were 12% lower than core earnings for 2024, raising concerns about the consistency between reported and core earnings.
Thank you for standing by. This is the conference operator. Welcome to the Industrial Alliance Financial Group fourth-quarter 2024 earnings results conference call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. (Operator Instructions)
I would now like to turn the conference over to Caroline Drouin, Head of Investor Relations with iA Financial Group. Please go ahead.
Thank you, operator. Good morning, everyone, and welcome to our fourth-quarter 2024 conference call. All of our Q4 documents, including press release, slides for this conference call, supplementary information package, and annual MD&A, are posted in the Investor Relations section of our website at ia.ca.
This conference call is open to the financial community, the media, and the public. I remind you that the question period is reserved for financial analysts. A recording of this call will be available for one week starting this evening. The archived
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
