iA Financial Group (IAG) CEO Denis Ricard told investors that the company’s growth trajectory remains on schedule. Since taking the helm in 2017, IAG’s share price has risen from CAD 49.75 to above CAD 210, reflecting a 19% compound annual growth rate excluding dividends.
Core earnings have expanded at a 13% CAGR, while book value per share has grown 8% annually and long‑term book value, including dividends, 11%. Return on equity improved from 12% to 17.5%, meeting the firm’s target of above 17% and supporting an EPS growth goal of more than 10%.
The insurer reports CAD 1.1 billion of excess capital and generates roughly CAD 700 million of capital each year. Since adopting IFRS 17, core earnings have accounted for 85% of reported earnings and mark‑to‑market assets have performed at 99% on a cumulative basis. Experience gains in the last two quarters were about CAD 1 million, essentially breakeven.
Wealth management now contributes close to half of total earnings, and IAG has held the top spot in Canada’s segregated‑fund market across sales and assets under management since 2015. Net segregated‑fund sales reached CAD 2.5 billion in the first half of 2025.
The 2.5‑year‑old acquisition of RF Capital proved accretive in its first year, lifting assets under management from CAD 40 billion at purchase to roughly CAD 47 billion, with a target of CAD 50 billion for the coming year.
IAG holds about 25% of the Canadian individual life‑insurance market and expects 5%‑8% mid‑ to long‑term growth. In the United States, life‑insurance premiums have grown at a 16% CAGR since 2010, though the dealer‑warranty business faces pressure from weaker car sales and inflation.
The company’s digital distribution platform, Vericity, integrates American‑Amicable in Waco, a Chicago operation and other partners, keeping IAG among the top three providers in the U.S. final‑expense market.
