iA Financial Corporation reported net income attributable to common shareholders of $1.1 billion for the full 2025 fiscal year. This represents an increase of $111 million, or 12 per cent, compared with the $942 million reported for the previous fiscal year. 

Denis Ricard, President and Chief Executive Officer of iA Financial Group, noted that the fourth quarter “was a good one,” that closed “an excellent year,” marked by strong execution across all business sectors. 

“Our business in both Canada and in the U.S. continue to build strong momentum, with solid sales across every segment and disciplined progress on our strategic priorities,” he said at the outset of the analyst conference call held on February 18.

By sector 

For Canadian insurance operations, which include a broad range of individual life insurance products as well as vehicle warranties and property and casualty coverage for auto and home, the company reported net income attributed to common shareholders of $355 million in 2025, compared with $316 million in fiscal 2024, an increase of 12 per cent. 

In the Wealth Management segment, which includes savings plans, retirement products and segregated funds, as well as brokerage and securities services in a fiduciary capacity and in the mutual fund sector, net income attributed to common shareholders reached $428 million in 2025, compared with $379 million in fiscal 2024, an increase of 13 per cent. 

The U.S. Operations segment also includes dealer services and extended warranties. For fiscal 2025, net income attributable to common shareholders in this segment totalled $102 million, compared with $28 million in fiscal 2024, an increase of 264 per cent. 

The Investments segment includes the company’s investment and financing activities, excluding those of its wealth management distribution subsidiaries. Net income attributed to common shareholders totalled $421 million in 2025, compared with $440 million in 2024, a decrease of 4 per cent. 

The Corporate segment reported a loss attributable to common shareholders of $253 million, compared with a net loss of $221 million in fiscal 2024. 

Premiums and deposits 

Premiums and deposits totalled $22 billion in 2025, up 8 per cent from the $20.4 billion reported in 2024. 

By business line in 2025, premiums and deposits increased by 12 per cent in Individual Insurance in Canada, 4 per cent in Group Insurance, 17 per cent in Wealth Management, 20 per cent in U.S. Operations and 9 per cent in Property and Casualty Insurance. 

The only segment to record a decline in premium volume was Group Savings and Retirement, at $3.1 billion, a decrease of 22 per cent. In the highlights of its management report, the company attributes this result to low activity in the insured annuity market, increased competitive pressure and the absence of very large transactions in 2025. 

Ricard noted during the analyst call that a record sale of nearly $1 billion had been achieved in 2024. New plan sales, which had totalled $2 billion in 2024, reached $1.3 billion in 2025. 

Insurance results 

For the full 2025 fiscal year, the insurance service result reached $1.2 billion, up $116 million, or 11 per cent, from the previous year. 

By business segment in 2025, insurance results were as follows: 

  • Canadian insurance operations generated a result of $554 million, compared with $526 million in 2024; 
  • Wealth Management posted a result of $427 million, compared with $361 million in 2024; 
  • U.S. Operations produced an insurance service result of $175 million, compared with $153 million in 2024. 

Highlights 

In its management report, the company states that it recorded strong business growth in almost all operating units in Canada and the United States. 

Total capital stood at $11.8 billion as at December 31, 2025, with a solvency ratio of 133 per cent. Some $665 million in additional capital was generated in 2025. 

The company reports that its Career sales network of 2,700 representatives posted 10 per cent sales growth for the fifth consecutive year. 

In the Dealer Services segment, which serves more than 5,000 dealerships, sales increased by 10 per cent in 2025 to reach $785 million. The transaction with Global Warranty, which served a network of 1,500 dealerships and more than 400 repair centres in Canada, was announced on February 4, 2025. 

Within the subsidiary iA Auto and Home Insurance, the combined ratio was 88.9 per cent in 2025, compared with 89.5 per cent in 2024. This relative stability mainly reflects “beneficial weather conditions in both years, higher premium rates and lower auto theft frequency compared with 2023 and 2022.” The company adds that the financial impact of the August 2024 tropical storm was largely mitigated through reinsurance. 

Other items 

During the analyst conference call, Chief Financial Officer Éric Jobin indicated that the recent acquisition of RF Capital is already producing results that exceed expectations. The acquisition “further strengthens our wealth management platform. Our confidence in our earning power is reflected in our new core return on equity (ROE) target, as we now expect to achieve a core ROE of at least 17 per cent again in 2026 along with more than $700 million in organic capital generation.” 

Assets under management and assets under administration stood at $341 billion as at December 31, 2025, up 31 per cent from the $261 billion reported a year earlier. 

With respect to its commercial real estate portfolio, valued at $1.4 billion, iA notes in its management report that occupancy declined slightly in 2025 to 84.4 per cent, compared with 85.5 per cent in 2024. Office properties account for 78 per cent of its real estate investments. 

Regarding its mortgage loan portfolio, maintained at $1.2 billion, approximately 77 per cent of these loans are associated with multi-residential properties. 

In 2025, the company repurchased and cancelled nearly 2 million common shares for a total of $294 million. Another buyback program was launched in November 2025 providing for the repurchase of more than 4.6 million shares over 12 months, representing approximately 5 per cent of the shares outstanding as at October 31, 2025. 

Book value per share was $79.24 as at December 31, 2025, up 8 per cent from the previous year. The company’s share price was shaken in the days following the release of its fourth-quarter 2025 results. 

The stock, which was trading above $170 on the eve of the results release, fell below $150 two days later before rebounding to $155 by the close on Friday, February 20. 

On February 19, 2026, iA also announced the addition of the advisory team from Miazga Koruluk to iA Private Wealth. Based in Saskatoon, the firm adds $1.5 billion in client assets under management. The team will continue operating under the name First Growth Multi Family Office.