iA Financial Corp Inc (TSX:IAG)
C$ 107.42 0.51 (0.48%) Market Cap: 10.22 Bil Enterprise Value: 10.45 Bil PE Ratio: 14.44 PB Ratio: 1.54 GF Score: 51/100
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Q2 2024 iA Financial Corporation Inc Earnings Call Transcript

Aug 07, 2024 / 03:00PM GMT
Release Date Price: C$92.98 (+4.71%)

Key Points

Positve
  • iA Financial Corp Inc (IAFNF) reported a record core EPS of $2.75, up by 15% year-over-year.
  • The company achieved a trailing 12 months core ROE of 15%, meeting mid-term targets.
  • Strong business growth in both Canada and the US, with premiums and deposits up 15% year-over-year.
  • Robust capital position with a solvency ratio of 141%, supported by strong organic capital generation.
  • Successful acquisitions, including Vericity and two blocks of life insurance business from Prosperity Life Group, expected to be accretive in the future.
Negative
  • Dealer services division faced growth challenges due to the macroeconomic environment and a temporary outage at CDK Global.
  • US dealer services experienced negative claims experience and inflation pressures on repair costs.
  • Higher lapses in the US final expense insurance products, impacting profitability.
  • Investment property value adjustments negatively impacted net income.
  • Mutual fund sales faced challenges with higher redemptions, leading to net outflows.
Operator

Good morning, ladies and gentlemen, and welcome to the Industrial Alliance 2024 second-quarter results conference call.(Operator Instructions) This call is being recorded on Wednesday, August 7, 2024.

I will now like to turn the conference over to Marie-Annick Bonneau. Please go ahead.

Marie;Annick Bonneau
iA Financial Corporation Inc - Head, Investor Relations

Good morning, everyone, and welcome to our 2024 second-quarter conference call. All our Q2 documents, including press release, slides for this conference call, supplementary information package, and quarterly MD&A are posted in the Investor Relations section of our website at ia.ca. The 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 webcast will be available for 90 days, and a transcript will be available on our website in the next week.

I drag your attention

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