IA Financial Group posts $226M in Q4 net income.
IA Financial Group reported a net income attributed to common shareholders of $226 million for the last quarter of 2024, down 12% from $256 million in the same quarter of 2023.
Core earnings per common share were $3.04, up 30% from $2.34 a year earlier.
Core earnings for the quarter were $287 million, up 22% from $236 million in Q4 2023, iA reported.
As of Dec. 31, 2024, the firm had $259 billion of assets under management and administration, up from $218.9 billion the previous year. The 18% increase came primarily from strong group savings and retirement sales with insured annuities and business growth in the U.S. that drove net premiums, premium equivalents and deposits up.
IA’s Canadian insurance core earnings totalled $116 million in the final quarter of 2024, up from $78 million in Q4 2023. The company attributed this to lower auto and home insurance claims, strong sales and good performance in dealer services and distribution.
In Canada, iA reported individual insurance sales of $102 million for the quarter, up 7% from Q4 2023. The insurer claimed to hold the top spot for the number of policies issued in the country.
Canadian group insurance sales were $11 million, compared to $6 million in the same quarter of 2023 and $18 million in 2022. Net group premiums, premium equivalents and deposits increased by 8% year over year to reach $423 million, mainly driven by good sales, high retention rates and premium increases on renewals.
Source: INVESTMENTEXECUTIVE