iA Financial Group (IAG) outlined its growth strategy at Scotiabank’s 27th Annual Financials Summit on Thursday, September 10, 2026. Chief executive Denis Ricard said the insurer is focused on achieving a return on equity (ROE) above 17%, preferably in the 18%‑19% range, and on expanding its individual insurance franchise in Canada and the United States.
The company’s shares closed at $202.32, up 1.25% from the prior close of $199.83, and are trading within a 52‑week range of $145.44 to $223.72. iA reported a trailing four‑quarter ROE just under 16% and a leverage ratio of about 17%. Management indicated that roughly 8% of the market‑value‑equivalent buyback capacity remains available.
In Canada, iA said individual insurance sales were flat year‑over‑year in the second quarter, but it is targeting a 5%‑8% compound annual growth rate (CAGR) for the segment over the coming years. In the United States, the firm highlighted a 16% CAGR in individual insurance sales since 2010 and noted that U.S. insurance profitability is already at or above the 17% target.
The insurer’s distribution network includes about 3,000 career agents in Quebec, with 200 recruited last year and 300 the year before. iA issued roughly 250,000 individual policies in Canada and 300,000 in the United States during the most recent year. LIMRA surveys suggest that about half of Canadians and U.S. residents remain under‑protected.
Ricard acknowledged challenges in the U.S. dealer‑services business, acquired in May 2020, citing inflationary pressure and adverse loss ratios. The company has responded with executive changes and repricing measures. By contrast, the 2020 acquisition of Vericity broadened iA’s product breadth in the U.S. segment.
Technology investment is a core pillar of the plan. iA has spent “hundreds of millions of Canadian dollars” on targeted tools, including artificial‑intelligence applications that have cut fund‑order processing time from roughly one hour to a few minutes and automated compliance tasks.
Looking beyond North America, iA is studying potential expansion into South America or Europe, but Ricard cautioned that any commitment would require five to seven years of research. The firm also expects earnings accretion from RF Capital to arrive a year earlier than previously forecast, now projected at CAD 0.15 per share in the first year.
“I would rather have an organization that has a 17%‑plus ROE, let’s say 18, 19, whatever, that grows significantly than a 25% ROE business that is just stagnating,” Ricard said, underscoring the emphasis on sustainable profitability over short‑term returns.
