iA Financial Group Reports Fourth Quarter and Full Year Results

iA concludes 2024 on a solid note, achieving all its market guidance targets

This news release presents financial information in accordance with IFRS^® Accounting Standards (referred to as "IFRS" in this document) and certain non-IFRS and additional financial measures used by the Company when evaluating its results and measuring its performance. For relevant information about non-IFRS measures used in this document, see the "Non-IFRS and Additional Financial Measures" section in this document and in the Management's Discussion and Analysis for the period ended December 31, 2024, which is hereby incorporated by reference and is available for review at sedarplus.ca or on iA Financial Group's website at ia.ca. The results presented below are for iA Financial Corporation Inc. ("iA Financial Group" or the "Company").

FOURTH QUARTER HIGHLIGHTS – iA Financial Group

• Core EPS^†† of $3.04 (+30% YoY), trailing 12-month core ROE^†† of 15.9% and annualized core ROE^†† of 16.9%
• EPS of $2.33, trailing 12-month ROE¹ of 13.9% and annualized ROE of 12.9%
• Strong sales² momentum leading to over $5.7 billion in premiums and deposits^2,3 (+39% YoY) and more than $259 billion in assets (total AUM² and AUA²)
• Robust solvency ratio⁴ of 139%,⁵ capital available for deployment² of $1.4 billion⁶ and strong ongoing organic capital generation²
• Book value per common share⁷ reaching $73.44 at December 31, 2024, up 3% over 3 months and up 10% over 12 months
• Subsequent to the quarter: Acquisition of Global Warranty, increasing our Dealer Services presence in the used vehicle warranty market in Canada

QUEBEC CITY, Feb. 18, 2024 /CNW/ - For the fourth quarter ended December 31, 2024, iA Financial Group (TSX: IAG) recorded core diluted earnings per common share (EPS)^†† of $3.04, which is 30% higher than the same period in 2023. Core return on common shareholders' equity (ROE)^†† for the trailing twelve months was 15.9%, meeting the Company's medium-term target of 15%+. Fourth quarter net income attributed to common shareholders was $220 million, diluted EPS was $2.33 and ROE for the trailing twelve months was 13.9%. The solvency ratio of 139%⁵ at December 31, 2024 was well above the Company's operating target of 120%.

For the full year 2024, core earnings^† exceeded $1 billion to reach $1,074 million, and core EPS^†† of $11.16 was up 20% from 2023. Net income attributed to common shareholders was $942 million in 2024, and EPS of $9.77 was 31% higher than 2023.

"The excellent fourth quarter and full year results underscore iA's robust distribution capabilities, continuous sales momentum and business diversification. During the fourth quarter, we continued to execute on our long-term strategy and delivered an impressive 39% growth in premiums and deposits compared to the same quarter last year. This solid result was driven by profitable sales that led our core ROE^†† to grow to nearly 16% for the year," commented Denis Ricard, President and CEO of iA Financial Group. "This performance underscores the soundness of our growth strategy, our solid foundation, our prudent financial management and the unwavering commitment of our employees and distributors. We look forward to presenting an update on our growth strategy, along with our new market guidance, at our Investor Event on February 24."

"Our fourth quarter results show the value created by our operations and confirm the achievement of all our financial targets in our medium-term guidance. Organic capital generation remained strong in the fourth quarter, and this allowed us to meet our target of $600+ million set at the beginning of the year," added Éric Jobin, Executive Vice-President, CFO, and Chief Actuary. "Our book value per common share has increased by 10% over the past year, reflecting our commitment to creating value for our shareholders. With significant  capital available for deployment and increased expected investment earnings⁸, iA concluded 2024 on a solid note, positioning the Company well for further growth in the upcoming years."

Earnings Highlights	Fourth quarter			Year-to-date at December 31
	2024	2023	Variation	2024	2023	Variation
Net income attributed to shareholders (in millions)	$226	$256	(12 %)	$962	$789	22 %
Less: dividends on preferred shares issued by a subsidiary (in millions)	($6)	($8)		($20)	($20)
Net income attributed to common shareholders (in millions)	$220	$248	(11 %)	$942	$769	22 %
Weighted average number of common shares (in millions, diluted)	94.4	100.9	(6 %)	96.4	102.9	(6 %)
Earnings per common share (diluted)	$2.33	$2.46	(5 %)	$9.77	$7.48	31 %
Core earnings^† (in millions)	$287	$236	22 %	$1,074	$956	12 %
Core earnings per common share (diluted)^††	$3.04	$2.34	30 %	$11.16	$9.31	20 %

 

Other Financial Highlights	December 31, 2024	September 30, 2024	December 31, 2023
Return on common shareholders' equity (trailing twelve months)	13.9 %	14.5 %	11.6 %
Core return on common shareholders' equity^††(trailing twelve months)	15.9 %	15.3 %	14.4 %
Solvency ratio^5	139 %	140 %	145 %
Book value per share	$73.44	$71.63	$66.90
Assets under management and assets under administration (in billions)	$259.4	$249.7	$218.9

__________________________________________________________
^†	This item is a non-IFRS financial measure; see the "Non-IFRS and Additional Financial Measures" section and the "Reconciliation of Select Non-IFRS Financial Measures" section in this document for relevant information about such measures and a reconciliation of non-IFRS financial measures to the most directly comparable IFRS measure.
^††	This item is a non-IFRS ratio;  see the "Non-IFRS and Additional Financial Measures" section in this document and in the 2024 annual Management's Discussion and Analysis.
^1	Consolidated net income attributed to common shareholders divided by the average common shareholders' equity for the period.
^2	Sales, net premiums, premium equivalents and deposits, AUM, AUA, capital available for deployment and organic capital generation represent supplementary financial measures. Refer to the "Non-IFRS and Additional Financial Measures" section in this document and in the 2024 annual Management's Discussion and Analysis for more information.
^3	Net premiums, premium equivalents and deposits.
^4	The solvency ratio is calculated in accordance with the Capital Adequacy Requirements Guideline – Life and Health Insurance (CARLI) mandated by the Autorité des marchés financiers du Québec (AMF). This financial measure is exempt from certain requirements of Regulation 52-112 respecting Non-GAAP and Other Financial Measures Disclosure according to AMF Blanket Order No. 2021-PDG-0065.
^5	As at December 31, 2024, the solvency ratio was 133% on a pro forma basis, taking into account the impact of the AMF-revised CARLI Guideline on January 1, 2025, the acquisition of Global Warranty on February 4, 2025, and the planned redemption of $400 million of subordinated debentures on February 21, 2025.
^6	As at December 31, 2024, the capital available for deployment was $0.7B, or $1.4B on a pro forma basis, taking into account the impact of the AMF-revised CARLI Guideline on January 1, 2025, and the acquisition of Global Warranty on February 4, 2025.
^7	Book value per common share is calculated by dividing the common shareholders' equity by the number of common shares outstanding at the end of the period.
^8	This item is a component of the drivers of earnings (DOE). Refer to the "Non-IFRS and Additional Financial Measures" section of this document and of the 2024 annual MD&A for more information.

Unless otherwise indicated, the results presented in this document are in Canadian dollars and are compared with those from the corresponding period last year.

ANALYSIS OF EARNINGS BY BUSINESS SEGMENT

Core earnings^†						Year-to-date at December 31
	Q4/2024	Quarter-over-quarter		Year-over-year		Year-over-year
(In millions of dollars, unless otherwise indicated)		Q3/2024	Variation	Q4/2023	Variation	2024	2023	Variation
Insurance, Canada	116	106	9 %	78	49 %	420	334	26 %
Wealth Management	112	106	6 %	91	23 %	411	314	31 %
US Operations	26	31	(16 %)	26	—	98	101	(3 %)
Investment	102	80	28 %	95	7 %	359	402	(11 %)
Corporate	(69)	(46)	50 %	(54)	28 %	(214)	(195)	10 %
Total	287	277	4 %	236	22 %	1,074	956	12 %
Net income (loss) attributed to common shareholders
Insurance, Canada	41	95	(57 %)	43	(5 %)	316	274	15 %
Wealth Management	101	99	2 %	85	19 %	379	288	32 %
US Operations	(13)	21	(162 %)	(7)	86 %	28	47	(40 %)
Investment	163	114	43 %	181	(10 %)	440	358	23 %
Corporate	(72)	(46)	57 %	(54)	33 %	(221)	(198)	12 %
Total	220	283	(22 %)	248	(11 %)	942	769	22 %

Insurance, Canada

• Net income attributed to common shareholders for the Insurance, Canada segment was $41 million compared to $43 million for the same period in 2023. Net income attributed to common shareholders is comprised of core earnings^† as well as core earnings adjustments. 
• Core earnings adjustments to net income totalled $75 million. This amount includes unfavourable assumption changes and management actions ($37 million) (see the "Year-end assumption review" paragraph below for more details), a software writedown and an unfavourable net tax adjustment for previous fiscal years ($30 million combined), acquisition-related items ($4 million), the non-core pension expense ($3 million) and a small restructuring charge ($1 million).
• Core earnings^† for this business segment were $116 million compared to $78 million for the same period in 2023. This 49% increase in core earnings^† is the net result of various items. In particular, a core insurance experience¹ gain of $15 million was recorded during the quarter, mainly due to lower claims at iA Auto and Home. Also, core non-insurance activities¹ showed higher results, driven by good performances from Dealer Services and distribution activities. Other positive items include higher expected insurance earnings,¹ with an increase driven by the favourable impact of strong sales in the last 12 months, and the impact of new insurance business¹ from Employee Plans, which was lower than a year ago.

^1	This item is a component of the drivers of earnings (DOE). For more information, refer to the "Non-IFRS and Additional Financial Measures" section of this document and of the 2024 annual Management's Discussion and Analysis. For a reconciliation of core earnings^† to net income attributed to common shareholders through the drivers of earnings (DOE), refer to the "Reconciliation of Select Non-IFRS Financial Measures" section of this document.
^†	This item is a non-IFRS financial measure; see the "Non-IFRS and Additional Financial Measures" section and the "Reconciliation of Select Non-IFRS Financial Measures" section in this document for relevant information about such measures and a reconciliation of non-IFRS financial measures to the most directly comparable IFRS measure.

Wealth Management

• Net income attributed to common shareholders for the Wealth Management segment was $101 million compared to $85 million for the same period in 2023. Net income attributed to common shareholders is comprised of core earnings^† as well as core earnings adjustments.
• Core earnings adjustments to net income totalled $11 million, mostly from acquisition-related items.
• Core earnings^† for this business segment were $112 million for the fourth quarter compared with $91 million a year earlier. The 23% increase in core earnings^† over the same period in 2023 is mainly the result of higher CSM recognized for services provided² and the higher risk adjustment release, due to strong net sales over the last 12 months and favourable financial markets. In addition, the result from core non-insurance activities was higher than a year ago, reflecting good performance from the distribution affiliates and iA Clarington (mutual funds).

US Operations

• The US Operations segment generated a net loss attributed to common shareholders of $13 million compared to a loss of $7 million for the same period in 2023. Net income or loss attributed to common shareholders is comprised of core earnings^† as well as core earnings adjustments.
• Core earnings adjustments to net income totalled $39 million. This amount includes unfavourable assumption changes and management actions ($15 million) (see the "Year-end assumption review" paragraph below for more details), a provision for outstanding balances related to accounts receivable ($16 million) and acquisition-related items ($8 million).
• Core earnings^† for this business segment were $26 million, the same as in the fourth quarter of 2023. This is the net result of various items. In particular, the acquisitions of Vericity and the Prosperity blocks of business led to an increase in expected insurance earnings, and core insurance experience was positive, mainly due to favourable mortality experience. The core non-insurance activities result was slightly lower than a year ago due to expenses from Vericity. Lastly, core other expenses increased following the addition of Vericity expenses.

Investments

• Net income attributed to common shareholders for the Investment segment was $163 million compared to $181 million for the same period in 2023. Net income attributed to common shareholders is comprised of core earnings^† as well as core earnings adjustments.
• Core earnings adjustments to net income of $61 million for this business segment include the following three items: favourable assumption changes and management actions ($35 million) (see the "Year-end assumption review" paragraph below for more details); the favourable net impact of market-related variations ($16 million), as the positive impacts from equity variations, investment property value adjustments and the CIF³ were partly offset by unfavourable interest rate and credit spread variations; and a favourable tax adjustment for previous fiscal years ($10 million).
• Core earnings^† for this business segment were $102 million compared to $95 million a year earlier and $80 million the previous quarter. The fourth quarter core earnings^† were supported by the good performance of our high-quality investment portfolio, bolstered by the favourable impact of the steepening of the interest rate curve. The credit experience resulted in a $7 million loss as a result of higher impacts from downgrades than upgrades in the fixed income portfolio and an increased allowance for credit losses at iA Auto Finance.

Corporate

• The net loss attributed to common shareholders for the Corporate segment was $72 million compared to $54 million for the same period in 2023. The net loss attributed to common shareholders is comprised of core losses^† as well as core loss adjustments. 
• Core loss adjustments to net loss for this business segment totalled $3 million and are related to the Vericity acquisition.
• This segment recorded core losses^† from after-tax expenses of $69 million, which compares with $54 million in the fourth quarter of 2023. This quarter's result is derived from core other expenses of $82 million before taxes, which includes a charge of $18 million before taxes ($13 million after tax) for higher variable compensation resulting from the Company's performance in 2024. Excluding this charge, core other expenses are $64 million before taxes, which is in line with the 2024 quarterly expectation of $65 million plus or minus $5 million. The favourable outcome for corporate expenses is the result of ongoing strong emphasis on operational efficiency, cost-conscious execution and a disciplined approach to project and workforce management.

^2	This item is a component of the CSM movement analysis. Refer to the "Non-IFRS and Additional Financial Measures" section of this document and to the "CSM Movement Analysis" section of the 2024 annual Management's Discussion and Analysis for more information on the CSM movement analysis.
^3	Impact of the tax-exempt investment income (above or below expected long-term tax impacts) from the Company's multinational insurer status.
^†	This item is a non-IFRS financial measure; see the "Non-IFRS and Additional Financial Measures" section and the "Reconciliation of Select Non-IFRS Financial Measures" section in this document for relevant information about such measures and a reconciliation of non-IFRS financial measures to the most directly comparable IFRS measure.

RECONCILIATION OF NET INCOME ATTRIBUTED TO COMMON SHAREHOLDERS AND CORE EARNINGS^†

The following table presents net income attributed to common shareholders and the adjustments that account for the difference between net income attributed to common shareholders and core earnings.^†

Core earnings^† of $287 million in the fourth quarter are derived from net income attributed to common shareholders of $220 million and a total adjustment of $67 million from:

• the favourable market-related impacts that differ from management's expectations, totalling $16 million, as the positive impacts from equity variations, investment property value adjustments and the CIF were partly offset by unfavourable interest rate and credit spread variations;
• the year-end assumption review and management actions, which totalled a charge of $17 million (see the "Year-end assumption review" paragraph below for more details);
• a total of $4 million related to the Prosperity and Vericity acquisitions ($3 million) and a small restructuring charge ($1 million);
• the expenses associated with acquisition-related intangible assets of $19 million;
• the impact of non-core pension expenses¹² of $4 million; and 
• specified items totalling $39 million and which management believes are non-recurring or otherwise not representative of the performance of the Company, which included, as detailed above: tax adjustments for previous fiscal years that were unfavourable for Insurance, Canada and favourable for the Investment segment; a software writedown in Insurance, Canada; and a provision for outstanding balances related to accounts receivable in US Operations.

Net Income Attributed to Common Shareholders and Core Earnings^† Reconciliation – Consolidated
(In millions of dollars, unless otherwise indicated)	Fourth quarter			Year-to-date at December 31
	2024	2023	Variation	2024	2023	Variation
Net income attributed to common shareholders	220	248	(11 %)	942	769	22 %
Core earnings adjustments (post tax)
Market-related impacts	(16)	(89)		(32)	82
Interest rates and credit spreads	21	(30)		7	(10)
Equity	(31)	(93)		(117)	(102)
Investment properties	(3)	24		65	184
CIF^13	(3)	10		13	10
Currency	—	—		—	—
Assumption changes and management actions	17	56		13	13
Charges or proceeds related to acquisition or disposition of a business, including acquisition, integration and restructuring costs	4	4		25	10
Amortization of acquisition-related finite life intangible assets	19	17		72	66
Non-core pension expense	4	2		15	8
Other specified unusual gains and losses	39	(2)		39	8
Total	67	(12)		132	187
Core earnings^†	287	236	22 %	1,074	956	12 %

Year-end assumption review – The completion of the annual actuarial assumption review resulted in a slightly positive overall impact of $9 million pre-tax during the fourth quarter. More specifically, the year-end review had a negative impact of $22 million pre-tax on fourth quarter net income (or $17 million after taxes) and a positive impact of $31 million pre-tax on future profit (the combined impacts on the CSM and the risk adjustment). The result of the process was positive for expense, financial, morbidity and policyholder behaviour assumptions, and negative for mortality assumptions. The impacts of management actions and model refinements were unfavourable. More details on the year-end assumption review are provided in the 2024 annual Management's Discussion and Analysis.

^12	Pension expense that represents the difference between the asset return calculated using the expected return on plan assets and the IFRS prescribed pension plan discount rate.
^13	Impact of the tax-exempt investment income (above or below expected long-term tax impacts) from the Company's multinational insurer status.
^†	This item is a non-IFRS financial measure; see the "Non-IFRS and Additional Financial Measures" section and the "Reconciliation of Select Non-IFRS Financial Measures" section in this document for relevant information about such measures and a reconciliation of non-IFRS financial measures to the most directly comparable IFRS measure.

Contractual Service Margin (CSM)¹⁴ – During the fourth quarter, the CSM increased organically by $112 million. This increase is due to the positive impact of new insurance business of $194 million, organic financial growth of $89 million and a net insurance experience gain of $20 million, partly offset by the CSM recognized for service provided in earnings of $191 million, which was 22% higher than a year earlier. Non-organic items led to an increase of $112 million during the fourth quarter, mainly due to the positive impacts of market and currency variations. As a result, the total CSM increased by $224 million during the quarter to stand at $6,899 million at December 31, 2024, an increase of 16% over the last twelve months.

An analysis of results according to the financial statements and additional analysis are presented in the Management's Discussion and Analysis as at December 31, 2024. They supplement the information presented above by providing additional indicators for assessing financial performance.

^14	Components of the CSM movement analysis constitute supplementary financial measures. Refer to the "Non-IFRS and Additional Financial Measures" section of this document and the "CSM Movement Analysis" section of the 2024 annual Management's Discussion and Analysis for more information on the CSM movement analysis.
^†	This item is a non-IFRS financial measure; see the "Non-IFRS and Additional Financial Measures" section and the "Reconciliation of Select Non-IFRS Financial Measures" section in this document for relevant information about such measures and a reconciliation of non-IFRS financial measures to the most directly comparable IFRS measure.

Business growth – Sales momentum remained strong in both Canada and the U.S. during the fourth quarter, with all business units recording good growth. Once again this quarter, Individual Insurance, Canada posted strong sales and segregated fund inflows reached a record high. The performance of Group Savings and Retirement was particularly strong driven by a very large insured annuities sale. Business growth in the U.S. was also very good, with solid year-over-year sales growth for both Individual Insurance and Dealer Services. The strong business growth drove net premiums, premium equivalents and deposits to exceed $5.7 billion, representing a substantial increase of 39% compared to the same period last year. Moreover, total assets under management and assets under administration exceeded $259 billion, representing an increase of 18% over the last twelve months.

INSURANCE, CANADA

• In Individual Insurance, fourth quarter sales totalled $102 million, marking another solid performance with a 7% increase over a strong quarter a year earlier. This result brought sales for the full year 2024 to $392 million. The Company maintained the leading position in the Canadian market for the number of policies issued.¹⁵ This good result reflects the strength of all our distribution networks, the excellent performance of our digital tools, as well as our comprehensive and distinctive range of products. Sales were particularly strong for participating insurance, term life insurance and living benefit products.
• In Group Insurance, fourth quarter sales amounted to $11 million in Employee Plans, nearly double the $6 million recorded during the same quarter last year, mainly due to the addition of coverage to existing policies. Net premiums, premium equivalents and deposits increased by 8% year over year to reach $423 million, driven by good sales, high retention rates and premium increases on renewals. Special Markets reached record sales of $109 million, a 4% increase over the same period a year earlier, driven by strong sales growth in travel medical insurance products.
• For Dealer Services, total sales amounted to $176 million in the fourth quarter, a 10% increase from the same period in 2023, primarily driven by sales of extended warranties and ancillary products. This performance reflects the Company's leading position in Canada and the strength of its extensive distribution network.
• At iA Auto and Home, direct written premiums reached $134 million in the fourth quarter, showing a solid year-over-year increase of 17%. This growth reflects the favourable impact of recent premium increases and the success in generating new sales amid a higher level of quotes.

WEALTH MANAGEMENT

• In Individual Wealth Management, record high quarterly gross sales of segregated funds were nearly $1.6 billion in the fourth quarter, for a significant year-over-year increase of 87%. Net sales were also particularly strong, reaching nearly $1 billion, with distribution networks being a key driver. The Company continued to rank first in Canada in gross and net segregated fund sales.¹⁶ The positive performance of financial markets continued to increase client optimism towards riskier asset classes, which offer higher return potential compared to guaranteed investments. In this context, sales of insured annuities and other savings products totalled $434 million in the fourth quarter compared to a very strong quarter of $702 million a year earlier, when customers were favouring cash equivalent products. Mutual fund gross sales for the quarter amounted to $597 million, 52% higher than the same period in 2023, and net outflows were $33 million.

• Group Savings and Retirement sales for the fourth quarter totalled more than $1.8 billion compared to $0.6 billion a year earlier. This robust performance was mainly driven by a major insured annuities sale of more than $0.9 billion and a 39% year-over- year increase in accumulation product sales.

US OPERATIONS

• In Individual Insurance, sales of US$68 million in the fourth quarter were 55% higher than a year earlier, bringing sales for the full year to US$227 million, which represents a year-over-year increase in sales of 32%. This solid growth was driven by strong results in the final expense and middle/family markets, along with the addition of sales from the Vericity acquisition. This performance confirms our potential for significant growth in the U.S. life insurance market, both organically and through acquisitions.

• In Dealer Services, fourth quarter sales reached US$274 million, representing a 21% increase over the same period last year and resulting in total sales of nearly US$1.1 billion in 2024. This good result reflects the quality of our products and services. Additionally, dealers are integrating more supplementary (F&I) products with their vehicle sales amid improved consumer affordability resulting from lower interest rates and lower vehicle prices, among other things.

ASSETS UNDER MANAGEMENT AND ASSETS UNDER ADMINISTRATION

Total assets under management and assets under administration ended the fourth quarter at more than $259 billion, up 18% over the last 12 months and up 4% during the quarter, mainly driven by high net fund inflows and growth in financial markets.

^15	According to the latest Canadian data published by LIMRA.
^16	Source: Investor Economics, January 2025.
^†	This item is a non-IFRS financial measure; see the "Non-IFRS and Additional Financial Measures" section and the "Reconciliation of Select Non-IFRS Financial Measures" section in this document for relevant information about such measures and a reconciliation of non-IFRS financial measures to the most directly comparable IFRS measure.

NET PREMIUMS, PREMIUM EQUIVALENTS AND DEPOSITS

Net premiums, premium equivalents and deposits reached a record $5.7 billion in the fourth quarter, a solid increase of 39% over the same period last year. All business units contributed to this strong performance, particularly Individual Wealth Management and Group Savings and Retirement.

FINANCIAL POSITION

The Company's solvency ratio was 139% at December 31, 2024, compared with 140% at the end of the previous quarter and 145% a year earlier. This result is well above the Company's solvency ratio operating target of 120%. The one percentage point decrease during the fourth quarter is the result of the unfavourable impacts of non-organic items, including the year-end assumption review and management actions, as well as macroeconomic variations and capital deployment initiatives through share buybacks (NCIB) and IT investments. These items were partly offset by the favourable impact of financing initiatives, namely the $400 million subordinated debenture issuance and the positive impact of organic capital generation, which remained strong at $150 million during the fourth quarter. As at December 31, 2024, the solvency ratio was 133% on a pro forma basis, taking into account the impact of the AMF-revised CARLI Guideline on January 1, 2025, the acquisition of Global Warranty on February 4, 2025 and the planned redemption of $400 million of subordinated debentures on February 21, 2025.

Financial leverage ratio^†† – The Company's financial leverage ratio^†† was 17.3%¹⁷ at December 31, 2024 compared to 15.3% at September 30, 2024. The increase is mainly due to the $400 million of subordinated debentures issued in the fourth quarter of 2024. The ratio is expected to decrease in the first quarter of 2025 as a result of the planned $400 million subordinated debenture redemption on February 21, 2025.

Organic capital generation and capital available for deployment – The Company organically generated $150 million in additional capital during the fourth quarter for a total of $635 million for the year, meeting the annual target of $600 million in 2024. The pro forma¹⁸ capital available for deployment was assessed at $1.4 billion on December 31, 2024.

Book value – The book value per common share was $73.44 at December 31, 2024, up 3% during the quarter and 10% during the last twelve months.

^17	Pro forma financial leverage ratio^†† was 15.0% at December 31, 2024, taking into account the planned redemption of $400 million of subordinated debentures in Q1/2025.
^18	As at December 31, 2024, the capital available for deployment was $0.7B, or $1.4B on a pro forma basis, taking into account the impact of the AMF-revised CARLI Guideline on January 1, 2025, and the acquisition of Global Warranty on February 4, 2025.
^†	This item is a non-IFRS financial measure; see the "Non-IFRS and Additional Financial Measures" section and the "Reconciliation of Select Non-IFRS Financial Measures" section in this document for relevant information about such measures and a reconciliation of non-IFRS financial measures to the most directly comparable IFRS measure.
^††	This item is a non-IFRS ratio;  see the "Non-IFRS and Additional Financial Measures" section in this document and in the 2024 annual Management's Discussion and Analysis.

Normal Course Issuer Bid (NCIB) – During the fourth quarter of 2024, the Company repurchased and cancelled 574,700 outstanding common shares for a total value of $77 million under the NCIB program. A total of 7,027,964 shares, or approximately 6.96% of the issued and outstanding common shares as at October 31, 2023, were repurchased under the program in force between November 14, 2023 and November 13, 2024. Through its renewed NCIB program, the Company can repurchase up to 4,694,894 common shares, representing approximately 5% of the outstanding common shares, between November 14, 2024 and November 13, 2025.

Dividend – The Company paid a quarterly dividend of $0.9000 per share to common shareholders in the fourth quarter of 2024, representing a 10% increase compared to the dividend paid in the previous quarter. The Board of Directors approved a quarterly dividend of $0.9000 per share payable during the first quarter of 2025, on the outstanding common shares of iA Financial Group. This dividend is payable on March 17, 2025 to the shareholders of record at February 28, 2025.

Dividend Reinvestment and Share Purchase Plan – Registered shareholders wishing to enrol in iA Financial Group's Dividend Reinvestment and Share Purchase Plan (DRIP) so as to be eligible to reinvest the next dividend payable on March 17, 2025 must ensure that the duly completed form is delivered to Computershare no later than 4:00 p.m. on February, 21, 2025. Enrolment information is provided on iA Financial Group's website at ia.ca, under About iA, in the Investor Relations/Dividends section. Common shares issued under iA Financial Group's DRIP will be purchased on the secondary market and no discount will be applicable.

Capital issuance – On December 5, 2024, iA Financial Group completed the offering of $400 million aggregate principal amount of 4.131% fixed/floating unsecured subordinated debentures due December 5, 2034.

Redemption of subordinated debentures – On December 30, 2024, iA Financial Group announced the redemption of its 2.400% subordinated debentures of $400 million due February 21, 2030, with a redemption date set for February 21, 2025. The redemption amount of $1,012.00 per $1,000 principal amount of debentures, which is the aggregate of the principal and all accrued and unpaid interest, will be paid to the holders upon surrender of the debentures.

Investor Event – On February 24, 2025, iA Financial Group is hosting an Investor Event in Toronto to provide an overview of the Company's growth strategy, with a particular focus on U.S. operations and the key objectives of its Canadian businesses, along with new market guidance. Investors and financial analysts are welcome to attend either in person or virtually. For additional information, please refer to the press release dated October 17, 2024, which can be found on our website at ia.ca.

Appointment – On December 5, 2024, iA Financial Group announced the appointment of Caroline Drouin as the new Head of Investor Relations, effective January 1, 2025. In her new position, Ms. Drouin will be responsible for managing relations with investors and financial markets, as well as overseeing the Company's public affairs, sustainability, and philanthropy programs.

Subsequent to the fourth quarter:

• Appointment – On January 8, 2025, iA Financial Group announced the appointment of John Laudenslager as President of iA American Warranty Group. For additional information, please refer to the press release, which can be found on our website at ia.ca.
• External auditor appointment – On January 28, 2025, iA Financial Group announced that the Board of Directors, following the recommendation of its Audit Committee, has proposed the appointment of Ernst & Young LLP ("EY") as the Company's external auditor for the 2026 financial year. The decision followed a comprehensive external auditor tender process and is part of the Company's commitment to upholding robust governance practices. For additional information, please refer to the press release, which can be found on our website at ia.ca.
• Anniversary on TSX – On February 3, 2025, iA Financial Group celebrated its 25th anniversary of being listed on the Toronto Stock Exchange. Mr. Denis Ricard and Mr. Jacques Martin marked the occasion by opening the markets at 9:30 a.m. at the Toronto Stock Exchange, joined by board members, a number of executives and members of iA's senior leadership teams. The event was broadcast live by the TSX.
• Acquisition of Global Warranty – On February 4, 2025, iA Financial Group announced the acquisition of Global Warranty, a group of companies that are important independent warranty providers and administrators in the used vehicle market in Canada. Global Warranty does business with a network of over 1,500 automotive dealerships and more than 400 authorized repair centres across the country. The acquisition will increase the Company's presence in the used vehicle warranty market, and is expected to be slightly accretive from the first year, on both a core and reported basis. For additional information, please refer to the press release, which can be found on our website at ia.ca.

OUTLOOK

The Company has been making steady progress with regard to its existing market guidance and, in continuity therewith, will present new market guidance at the Investor Event to be held on February 24, 2025.

The table below presents the market guidance disclosed at the beginning of 2024, as well as the corresponding 2024 results, which demonstrate the Company's achievement of its financial targets.

	Targets	2024 result
Core earnings per common share^††	10%+ annual average growth	20 %
Core return on common shareholders' equity (ROE)^††	15%+ (medium-term)	15.9 %
Solvency ratio	Operating target of 120%	139%^19
Organic capital generation	$600+ million	$635 million
Dividend payout ratio, core^††	25% to 35%	30 %

^19	As at December 31, 2024, the solvency ratio was 133% on a pro forma basis, taking into account the impact of the AMF-revised CARLI Guideline on January 1, 2025, the acquisition of Global Warranty on February 4, 2025, and the planned redemption of $400 million of subordinated debentures on February 21, 2025.
^†	This item is a non-IFRS financial measure; see the "Non-IFRS and Additional Financial Measures" section and the "Reconciliation of Select Non-IFRS Financial Measures" section in this document for relevant information about such measures and a reconciliation of non-IFRS financial measures to the most directly comparable IFRS measure.
^††	This item is a non-IFRS ratio;  see the "Non-IFRS and Additional Financial Measures" section in this document and in the 2024 annual Management's Discussion and Analysis.

NON-IFRS AND ADDITIONAL FINANCIAL MEASURES

iA Financial Group (hereinafter referred to as the "Company") reports its financial results and statements in accordance with International Financial Reporting Standards ("IFRS"). The Company also publishes certain financial measures or ratios that are not presented in accordance with IFRS. The Company uses non-IFRS and other financial measures when evaluating its results and measuring its performance. The Company believes that such measures provide additional information to better understand its financial results and assess its growth and earnings potential, and that they facilitate comparison of the quarterly and full year results of the Company's ongoing operations. Since such non-IFRS and other financial measures do not have standardized definitions and meaning, they may differ from similar measures used by other institutions and should not be viewed as an alternative to measures of financial performance, financial position or cash flow determined in accordance with IFRS. The Company strongly encourages investors to review its financial statements and other publicly filed reports in their entirety and not to rely on any single financial measure.

Non-IFRS financial measures include core earnings (losses).

Non-IFRS ratios include core earnings per common share (core EPS); core return on common shareholders' equity (core ROE); core effective tax rate; dividend payout ratio, core; and financial leverage ratio.

Supplementary financial measures include return on common shareholders' equity (ROE); components of the CSM movement analysis (organic CSM movement, impact of new insurance business, organic financial growth, insurance experience gains (losses), impact of changes in assumptions and management actions, impact of markets, and currency impact); components of the drivers of earnings (in respect of both net income attributed to common shareholders and core earnings); assets under management; assets under administration; capital available for deployment; combined ratio; dividend payout ratio; total payout ratio (trailing 12 months); organic capital generation; sales; net premiums; and premium equivalents and deposits.

For relevant information about the non-IFRS measures, including a reconciliation of non-IFRS financial measures to the most directly comparable IFRS measure used in this document, see the "Non-IFRS and Additional Financial Measures" section in the Management's Discussion and Analysis for the period ending December 31, 2024, which is hereby incorporated by reference and is available for review on SEDAR+ at sedarplus.ca or on iA Financial Group's website at ia.ca.

A reconciliation of net income attributed to common shareholders to core earnings by business segment is included below. See "Reconciliation of Net Income Attributed to Common Shareholders and Core Earnings" above for the reconciliation on a consolidated basis. 

Reconciliation of Select Non-IFRS Financial Measures

Net Income and Core Earnings^† Reconciliation – Insurance, Canada
(In millions of dollars, unless otherwise indicated)	Fourth quarter			Year-to-date at December 31
	2024	2023	Variation	2024	2023	Variation
Net income attributed to common shareholders	41	43	(5 %)	316	274	15 %
Core earnings adjustments (post tax)
Market-related impacts	—	—		—	—
Assumption changes and management actions	37	31		37	30
Charges or proceeds related to acquisition or disposition of a business, including acquisition, integration and restructuring costs	1	2		9	7
Amortization of acquisition-related finite life intangible assets	4	4		17	16
Non-core pension expense	3	1		11	5
Other specified unusual gains and losses	30	(3)		30	2
Total	75	35		104	60
Core earnings^†	116	78	49 %	420	334	26 %

^†

This item is a non-IFRS financial measure; see the "Non-IFRS and Additional Financial Measures" section and the "Reconciliation of Select Non-IFRS Financial Measures" section in this document for relevant information about such measures and a reconciliation of non-IFRS financial measures to the most directly comparable IFRS measure.

Net Income and Core Earnings^† Reconciliation – Wealth Management
(In millions of dollars, unless otherwise indicated)	Fourth quarter			Year-to-date at December 31
	2024	2023	Variation	2024	2023	Variation
Net income attributed to common shareholders	101	85	19 %	379	288	32 %
Core earnings adjustments (post tax)
Market-related impacts	—	—		—	—
Assumption changes and management actions	—	—		—	—
Charges or proceeds related to acquisition or disposition of a business, including acquisition, integration and restructuring costs	—	—		—	1
Amortization of acquisition-related finite life intangible assets	7	5		25	20
Non-core pension expense	1	1		4	3
Other specified unusual gains and losses	3	—		3	2
Total	11	6		32	26
Core earnings^†	112	91	23 %	411	314	31 %

Net Income and Core Earnings^† Reconciliation – US Operations
(In millions of dollars, unless otherwise indicated)	Fourth quarter			Year-to-date at December 31
	2024	2023	Variation	2024	2023	Variation
Net income attributed to common shareholders	(13)	(7)	86 %	28	47	(40 %)
Core earnings adjustments (post tax)
Market-related impacts	—	—		—	—
Assumption changes and management actions	15	19		15	18
Charges or proceeds related to acquisition or disposition of a business, including acquisition, integration and restructuring costs	—	2		9	2
Amortization of acquisition-related finite life intangible assets	8	8		30	30
Non-core pension expense	—	—		—	—
Other specified unusual gains and losses	16	4		16	4
Total	39	33		70	54
Core earnings^†	26	26	—	98	101	(3 %)

 

Net Income and Core Earnings^† Reconciliation – Investment
(In millions of dollars, unless otherwise indicated)	Fourth quarter			Year-to-date at December 31
	2024	2023	Variation	2024	2023	Variation
Net income attributed to common shareholders	163	181	(10 %)	440	358	23 %
Core earnings adjustments (post tax)
Market-related impacts	(16)	(89)		(32)	82
Interest rates and credit spreads	21	(30)		7	(10)
Equity	(31)	(93)		(117)	(102)
Investment properties	(3)	24		65	184
CIF^20	(3)	10		13	10
Currency	—	—		—	—
Assumption changes and management actions	(35)	6		(39)	(35)
Charges or proceeds related to acquisition or disposition of a business, including acquisition, integration and restructuring costs	—	—		—	—
Amortization of acquisition-related finite life intangible assets	—	—		—	—
Non-core pension expense	—	—		—	—
Other specified unusual gains and losses	(10)	(3)		(10)	(3)
Total	(61)	(86)		(81)	44
Core earnings^†	102	95	7 %	359	402	(11 %)

^20	Impact of the tax-exempt investment income (above or below expected long-term tax impacts) from the Company's multinational insurer status.
^†	This item is a non-IFRS financial measure; see the "Non-IFRS and Additional Financial Measures" section and the "Reconciliation of Select Non-IFRS Financial Measures" section in this document for relevant information about such measures and a reconciliation of non-IFRS financial measures to the most directly comparable IFRS measure.

 

Net Income and Core Earnings^† Reconciliation – Corporate
(In millions of dollars, unless otherwise indicated)	Fourth quarter			Year-to-date at December 31
	2024	2023	Variation	2024	2023	Variation
Net income to common shareholders	(72)	(54)	33 %	(221)	(198)	12 %
Core earnings (losses) adjustments (post tax)
Market-related impacts	—	—		—	—
Assumption changes and management actions	—	—		—	—
Charges or proceeds related to acquisition or disposition of a business, including acquisition, integration and restructuring costs	3	—		7	—
Amortization of acquisition-related finite life intangible assets	—	—		—	—
Non-core pension expense	—	—		—	—
Other specified unusual gains and losses	—	—		—	3
Total	3	—		7	3
Core earnings (losses)^†	(69)	(54)	28 %	(214)	(195)	10 %

 

Core Earnings^† to Net Income Attributed to Common Shareholders Reconciliation According to the DOE – Consolidated
(In millions of dollars, unless otherwise indicated)	Three months ended December 31
	Core earnings^†,21				Reclassifications^22		Income per financial statements
				Core earnings adjustments^21	Net investment result	Other
	2024	2023	Variation	2024	2024	2024	2024	2023	Variation
Insurance service result	309	239	29 %	(73)	—	—	236	177	33 %
Net investment result	120	134	(10 %)	51	68	—	239	308	(22 %)
Non-insurance activities or other revenues per financial statements	90	70	29 %	(10)	(29)	420	471	386	22 %
Other expenses	(154)	(129)	19 %	(64)	(39)	(420)	(677)	(538)	26 %
Core earnings^† or income per financial statements, before taxes	365	314	16 %	(96)	—	—	269	333	(19 %)
Income taxes or income tax (expense) recovery	(72)	(70)	nm	29	—	—	(43)	(77)	nm
Dividends/distributions on other equity instruments^6	(6)	(8)	nm				(6)	(8)	nm
Core earnings^† or net income attributed to common shareholders per financial statements	287	236	22 %	(67)	—	—	220	248	(11 %)
	Year ended December 31
Insurance service result	1,113	914	22 %	(73)	—	—	1,040	853	22 %
Net investment result	448	536	(16 %)	111	260	—	819	680	20 %
Non-insurance activities or other revenues per financial statements	336	293	15 %	(16)	(119)	1,543	1,744	1,537	13 %
Other expenses	(519)	(497)	4 %	(171)	(141)	(1,543)	(2,374)	(2,069)	15 %
Core earnings^† or income per financial statements, before taxes	1,378	1,246	11 %	(149)	—	—	1,229	1,001	23 %
Income taxes or income tax (expense) recovery	(284)	(270)	nm	17	—	—	(267)	(212)	nm
Dividends/distributions on other equity instruments^23	(20)	(20)	nm				(20)	(20)	nm
Core earnings^† or net income attributed to common shareholders per financial statements	1,074	956	12 %	(132)	—	—	942	769	22 %

^21	For a breakdown of core earnings adjustments applied to reconcile to net income attributed to common shareholders, see heading "Reconciliation of net income attributed to common shareholders and core earnings.^†" above.
^22	Refer to the "Reconciliation of Select Non-IFRS Financial Measures" section of the 2024 annual Management's Discussion and Analysis for details about these two reclassifications. These reclassifications reflect items subject to a different classification treatment between the financial statements and the drivers of earnings (DOE).
^23	Dividends on preferred shares and distributions on other equity instruments.
^†	This item is a non-IFRS financial measure; see the "Non-IFRS and Additional Financial Measures" section and the "Reconciliation of Select Non-IFRS Financial Measures" section in this document for relevant information about such measures and a reconciliation of non-IFRS financial measures to the most directly comparable IFRS measure.

Forward-Looking Statements

This document may contain statements relating to strategies used by iA Financial Group or statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "may", "will", "could", "should", "would", "suspect", "expect", "anticipate", "intend", "plan", "believe", "estimate", and "continue" (or the negative thereof), as well as words such as "objective", "goal", "guidance", "outlook" and "forecast", or other similar words or expressions. Such statements constitute forward-looking statements within the meaning of securities laws. In this document, forward-looking statements include, but are not limited to, information concerning possible or assumed future operating results. These statements are not historical facts; they represent only expectations, estimates and projections regarding future events and are subject to change.

Although iA Financial Group believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. In addition, certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements.

Material factors and risks that could cause actual results to differ materially from expectations include, but are not limited to: general business and economic conditions; level of competition and consolidation and ability to adapt products and services to market or customer changes; information technology, data protection, governance and management, including privacy breach, and information security risks, including cyber risks; level of inflation; performance and volatility of equity markets; interest rate fluctuations; hedging strategy risks; accuracy of information received from counterparties and the ability of counterparties to meet their obligations; unexpected changes in pricing or reserving assumptions; iA Financial Group liquidity risk, including the availability of funding to meet financial liabilities at expected maturity dates; mismanagement or dependence on third-party relationships in a supply chain context; ability to attract, develop and retain key employees; risk of inappropriate design, implementation or use of complex models; fraud risk; changes in laws and regulations, including tax laws; contractual and legal disputes; actions by regulatory authorities that may affect the business or operations of iA Financial Group or its business partners; changes made to capital and liquidity guidelines; risks associated with the regional or global political and social environment; climate-related risks including extreme weather events or longer-term climate changes and the transition to a low-carbon economy; iA Financial Group's ability to meet stakeholder expectations on environmental, social and governance matters; the occurrence of natural or man-made disasters, international conflicts, pandemic diseases (such as the COVID-19 pandemic) and acts of terrorism; and downgrades in the financial strength or credit ratings of iA Financial Group or its subsidiaries.

Material factors and assumptions used in the preparation of financial outlooks include, but are not limited to: accuracy of estimates, assumptions and judgments under applicable accounting policies, and no material change in accounting standards and policies applicable to the Company; no material variation in interest rates; no significant changes to the Company's effective tax rate; no material changes in the level of the Company's regulatory capital requirements; availability of options for deployment of excess capital; credit experience, mortality, morbidity, longevity and policyholder behaviour being in line with actuarial experience studies; investment returns being in line with the Company's expectations and consistent with historical trends; different business growth rates per business unit; no unexpected changes in the economic, competitive, insurance, legal or regulatory environment or actions by regulatory authorities that could have a material impact on the business or operations of iA Financial Group or its business partners; no unexpected change in the number of shares outstanding; and the non‑materialization of risks or other factors mentioned or discussed elsewhere in this document or found in the "Risk Management" section of the Company's Management's Discussion and Analysis for 2024 that could influence the Company's performance or results.

Economic and financial instability, driven by geopolitical tensions such as the Ukraine war, Middle East conflicts and other global conflicts, as well as tensions related to China, could cause global market volatility. In addition, trade barriers, such as potential and actual tariffs by the U.S., could shift global growth and trade patterns and have a ripple effect on supply chains, potentially further disrupting markets. These events, among others, could lead to reduced consumer and investor confidence, significant financial volatility, or limited growth opportunities. Political instability in Canada and potential early elections add to the uncertainty.

Additional information about the material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the "Risk Management" section of the Management's Discussion and Analysis for 2024, the "Management of Financial Risks Associated with Financial Instruments and Insurance Contracts" note to the audited consolidated financial statements for the year ended December 31, 2024 and elsewhere in iA Financial Group's filings with the Canadian Securities Administrators, which are available for review at sedarplus.ca.

The forward-looking statements in this document reflect iA Financial Group's expectations as of the date of this document. iA Financial Group does not undertake to update or release any revisions to these forward‑looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, except as required by law.

GENERAL INFORMATION

Documents Related to the Financial Results

For a detailed discussion of iA Financial Group's fourth quarter results, investors are invited to consult the annual Management's Discussion and Analysis for the year ended December 31, 2024, the related financial statements and accompanying notes and the Financial Information Package, all of which are available on the iA Financial Group website at ia.ca under About iA, in the Investor Relations/Financial Reports section and on SEDAR+ at sedarplus.ca.

Conference Call

Management will hold a conference call to present iA Financial Group's fourth quarter results on Wednesday, February 19, 2025 at 11:00 a.m. (ET). To listen to the conference call, choose one of the options below:

• Live Webcast: Click here (https://www.gowebcasting.com/13869) or visit the iA Financial Group website at ia.ca and go to About iA/Investor Relations/Events and Presentations.
• By phone: Click here (https://dpregister.com/sreg/10195329/fe2b1493c1) to register and receive a dial-in number to connect instantly to the conference call. You can also dial 1-844-763-8274 (toll-free in North America) or 1-647-484-8814 (International) fifteen minutes before the conference call is scheduled to take place and an operator will connect you.

The conference call will be recorded and the replay will be available on the iA Financial Group website at ia.ca, under About iA/Investor Relations/Financial Reports.

About iA Financial Group

iA Financial Group is one of the largest insurance and wealth management groups in Canada, with operations in the United States. Founded in 1892, it is an important Canadian public company and is listed on the Toronto Stock Exchange under the ticker symbol IAG (common shares).

ia.ca

iA Financial Group is a business name and trademark of iA Financial Corporation Inc.

Consolidated Income Statements 

	Quarters ended December 31		Twelve months ended December 31
(in millions of Canadian dollars, unless otherwise indicated)	2024	2023	2024	2023
Insurance service result
Insurance revenue	$ 1,822	$ 1,547	$ 6,802	$ 5,740
Insurance service expenses	(1,509)	(1,465)	(5,587)	(4,893)
Net income (expenses) from reinsurance contracts	(77)	95	(175)	6
	236	177	1,040	853
Net investment result
Net investment income
Interest and other investment income	656	545	2,329	1,946
Change in fair value of investments	(383)	3,869	(211)	2,037
	273	4,414	2,118	3,983
Finance income (expenses) from insurance contracts	(4)	(4,156)	(1,190)	(3,307)
Finance income (expenses) from reinsurance contracts	11	93	126	155
(Increase) decrease in investment contract liabilities and interest on deposits	(41)	(43)	(235)	(151)
	239	308	819	680
Investment income (expenses) from segregated funds net assets	1,742	3,142	7,769	4,697
Finance income (expenses) related to segregated funds liabilities	(1,742)	(3,142)	(7,769)	(4,697)
	—	—	—	—
	239	308	819	680
Other revenues	471	386	1,744	1,537
Other operating expenses	(662)	(523)	(2,307)	(2,003)
Other financing charges	(15)	(15)	(67)	(66)
Income before income taxes	269	333	1,229	1,001
Income tax (expense) recovery	(43)	(77)	(267)	(212)
Net income	226	256	962	789
Dividends on preferred shares issued by a subsidiary and distributions on other equity instruments	(6)	(8)	(20)	(20)
Net income attributed to common shareholders	$ 220	$ 248	$ 942	$ 769
Earnings per common share (in dollars)
Basic	$ 2.34	$ 2.47	$ 9.81	$ 7.51
Diluted	2.33	2.46	9.77	7.48
Weighted average number of shares outstanding (in millions of units)
Basic	94	101	96	102
Diluted	95	101	96	103
Dividends per common share (in dollars)	0.90	0.77	3.36	2.97

Consolidated Statements of Financial Position

As at December 31 (in millions of Canadian dollars)	2024	2023
Assets
Investments
Cash and short-term investments	$ 1,566	$ 1,379
Bonds	32,690	29,940
Stocks	5,130	4,069
Loans	3,444	3,660
Derivative financial instruments	1,066	1,787
Other investments	165	172
Investment properties	1,519	1,611
	45,580	42,618
Other assets	3,989	3,157
Insurance contract assets	105	167
Reinsurance contract assets	3,382	2,312
Fixed assets	317	320
Deferred income tax assets	459	270
Intangible assets	1,964	1,847
Goodwill	1,490	1,318
General fund assets	57,286	52,009
Segregated funds net assets	52,575	41,837
Total assets	$ 109,861	$ 93,846
Liabilities
Insurance contract liabilities	$ 36,894	$ 33,630
Reinsurance contract liabilities	—	8
Investment contract liabilities and deposits	6,352	6,050
Derivative financial instruments	1,060	787
Other liabilities	3,292	2,678
Deferred income tax liabilities	327	319
Debentures	1,894	1,499
General fund liabilities	49,819	44,971
Insurance contract liabilities related to segregated funds	38,149	30,201
Investment contract liabilities related to segregated funds	14,426	11,636
Total liabilities	$ 102,394	$ 86,808
Equity
Share capital and contributed surplus	$ 1,540	$ 1,620
Preferred shares issued by a subsidiary and other equity instruments	600	375
Retained earnings and accumulated other comprehensive income	5,327	5,043
	7,467	7,038
Total liabilities and equity	$ 109,861	$ 93,846

 Segmented Results

	Quarter ended December 31, 2024
(in millions of dollars)	Insurance, Canada	Wealth Management	US Operations	Investment	Corporate	Consolidation adjustments	Total
Insurance service result
Insurance revenue	$      1,028	$     317	$ 477	$ —	$ —	$   —	$ 1,822
Insurance service expenses and net expenses from reinsurance contracts	(927)	(218)	(441)	—	—	—	(1,586)
	101	99	36	—	—	—	236
Net investment result
Net investment income	—	31	—	236	6	—	273
Finance income (expenses) from insurance and reinsurance contracts and change in investment contracts and interest on deposits	—	—	—	(34)	—	—	(34)
	—	31	—	202	6	—	239
Other revenues	49	381	45	9	2	(15)	471
Other expenses	(77)	(372)	(94)	(55)	(94)	15	(677)
Income before income taxes	73	139	(13)	156	(86)	—	269
Income tax (expense) recovery	(32)	(38)	—	13	14	—	(43)
Net income	41	101	(13)	169	(72)	—	226
Dividends on preferred shares issued by a subsidiary and distribution on other equity instruments	—	—	—	(6)	—	—	(6)
Net income attributed to common shareholders	$   41	$     101	$      (13)	$ 163	$      (72)	$   —	$    220
	Quarter ended December 31, 2023
(in millions of dollars)	Insurance, Canada	Wealth Management	US Operations	Investment	Corporate	Consolidation adjustments	Total
Insurance service result
Insurance revenue	$ 927	$     263	$ 357	$ —	$ —	$   —	$ 1,547
Insurance service expenses and net expenses from reinsurance contracts	(847)	(182)	(341)	—	—	—	(1,370)
	80	81	16	—	—	—	177
Net investment result
Net investment income	—	34	—	4,380	2	(2)	4,414
Finance income (expenses) from insurance and reinsurance contracts and change in investment contracts and interest on deposits	—	(2)	—	(4,106)	—	2	(4,106)
	—	32	—	274	2	—	308
Other revenues	41	312	38	9	—	(14)	386
Other expenses	(62)	(308)	(62)	(46)	(74)	14	(538)
Income before income taxes	59	117	(8)	237	(72)	—	333
Income tax (expense) recovery	(16)	(32)	1	(48)	18	—	(77)
Net income	43	85	(7)	189	(54)	—	256
Dividends on preferred shares issued by a subsidiary and distribution on other equity instruments	—	—	—	(8)	—	—	(8)
Net income attributed to common shareholders	$ 43	$     85	$       (7)	$ 181	$      (54)	$   —	$    248
	Twelve months ended December 31, 2024
(in millions of dollars)	Insurance, Canada	Wealth Management	US Operations	Investment	Corporate	Consolidation adjustments	Total
Insurance service result
Insurance revenue	$    3,975	$    1,137	$     1,690	$ —	$ —	$   —	$ 6,802
Insurance service expenses and net expenses from reinsurance contracts	(3,449)	(776)	(1,537)	—	—	—	(5,762)
	526	361	153	—	—	—	1,040
Net investment result
Net investment income	—	127	—	1,979	12	—	2,118
Finance income (expenses) from insurance and reinsurance contracts and change in investment contracts and interest on deposits	—	(2)	—	(1,297)	—	—	(1,299)
	—	125	—	682	12	—	819
Other revenues	189	1,407	174	33	6	(65)	1,744
Other expenses	(264)	(1,371)	(291)	(213)	(300)	65	(2,374)
Income before income taxes	451	522	36	502	(282)	—	1,229
Income tax (expense) recovery	(135)	(143)	(8)	(42)	61	—	(267)
Net income	316	379	28	460	(221)	—	962
Dividends on preferred shares issued by a subsidiary and distribution on other equity instruments	—	—	—	(20)	—	—	(20)
Net income attributed to common shareholders	$     316	$    379	$ 28	$ 440	$    (221)	$   —	$    942
	Twelve months ended December 31, 2023
(in millions of dollars)	Insurance, Canada	Wealth Management	US Operations	Investment	Corporate	Consolidation adjustments	Total
Insurance service result
Insurance revenue	$    3,507	$     939	$     1,294	$ —	$ —	$   —	$ 5,740
Insurance service expenses and net expenses from reinsurance contracts	(3,065)	(657)	(1,165)	—	—	—	(4,887)
	442	282	129	—	—	—	853
Net investment result
Net investment income	—	121	—	3,870	—	(8)	3,983
Finance income (expenses) from insurance and reinsurance contracts and change in investment contracts and interest on deposits	—	(23)	—	(3,288)	—	8	(3,303)
	—	98	—	582	—	—	680
Other revenues	169	1,224	165	34	3	(58)	1,537
Other expenses	(236)	(1,200)	(230)	(192)	(269)	58	(2,069)
Income before income taxes	375	404	64	424	(266)	—	1,001
Income tax (expense) recovery	(101)	(116)	(17)	(46)	68	—	(212)
Net income	274	288	47	378	(198)	—	789
Dividends on preferred shares issued by a subsidiary and distribution on other equity instruments	—	—	—	(20)	—	—	(20)
Net income attributed to common shareholders	$     274	$     288	$ 47	$ 358	$    (198)	$   —	$    769

SOURCE iA Financial Group

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