iA Financial Corporation Inc IAG

FinancialsInsuranceCanada

Last close 216.87 CAD on Nov 3, 2026, +24.2% year to date

Quant rating

Quant rating A+ Rank 13 of 51 in Financials

Growth B 22 of 51
Valuation B 23 of 51
Quality C 39 of 51
Revisions B 12 of 51
Momentum A 6 of 51

Wall Street consensus Hold (2.89)Average target 220.75 CAD +1.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 18.9B
Enterprise value: 20.1B
52-week range: 145.44 – 223.72
3-year range: 81.29 – 223.72
Dividend yield: 2.04%
Beta (5 years): 0.68
Shares outstanding: 87.1M
Next earnings: Nov 9, 2026

About the company

iA Financial Corporation Inc. is a holding company. The Company offers a wide range of life and health insurance products, and other financial products and services. The Company's segments include Insurance, Canada; Wealth Management; US Operations; Investment, and Corporate. The Insurance, Canada segment includes life and health insurance products, auto and home insurance products, creditor insurance, replacement insurance and warranties, extended warranties and other ancillary products for dealer services, and specialized products for special markets. Its Wealth Management segment includes products and services for savings plans, retirement funds and segregated funds, in addition to securities brokerage, trust operations and mutual funds. Its US Operations segment includes life insurance products and extended warranties relating to dealer services sold in the United States. Its Investment segment includes the investment and financing activities of the Company.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	9,526	8,371	7,253	6,404	15,264	–
Revenue growth	13.8%	15.4%	13.3%	−58.0%	17.8%	−6.0%
EPS (basic, normalized)	12.96	11.16	9.31	8.85	8.31	–
EPS growth	16.1%	19.9%	5.2%	6.5%	–	–
Gross margin	–	–	–	–	–	–
Net margin	10.0%	10.0%	9.5%	4.8%	5.0%	7.9%
ROE	17.1%	14.8%	15.8%	8.8%	13.8%	14.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	1,994
Net debt (mil)	–
Total equity (mil)	8,121
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	9,526	+13.8%	2.1x	79.21	+8.2%	2.7x	12.96	+16.1%	16.7x
2026	1,354	−85.8%	14.8x	82.69	+4.4%	2.6x	14.33	+10.5%	15.1x
2027	1,035	−23.6%	19.4x	88.65	+7.2%	2.4x	15.91	+11.0%	13.6x
2028	600	−42.0%	33.4x	97.18	+9.6%	2.2x	17.28	+8.7%	12.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,354	–	+4.2%	+4.2%	14.33	+0.2%	+0.2%	+3.7%
2027	1,035	+72.5%	+4.4%	+4.4%	15.91	+0.7%	+0.7%	+3.3%
2028	600	0.0%	0.0%	–	17.28	−0.3%	−0.3%	–

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	–	–	–	–	–	–	–	219	305	351
Sales mean (mil)	–	–	–	–	–	–	–	318	315	327
Surprise	–	–	–	–	–	–	–	−31.1%	−3.2%	+7.3%
EPS reported	2.44	2.75	2.93	3.04	2.91	3.49	3.47	3.10	3.25	3.68
EPS mean	2.37	2.55	2.61	2.80	2.74	3.06	3.26	3.28	3.30	3.40
Surprise	+3.1%	+7.9%	+12.1%	+8.7%	+6.1%	+13.9%	+6.3%	−5.4%	−1.5%	+8.3%

Peer comparison Insurance

Peers in the same industry group, by market capitalization
Company	Market cap	ROE	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
IAG iA Financial Corporation Inc	18.9B	17.1%	10.0%	2.36x	15.1x	13.6x	2.6x	2.4x
PNGAY Ping An Insurance (Group) Company of China, Ltd.	191.3B	14.0%	–	–	12.3x	10.8x	1.4x	1.3x
MFC Manulife Financial Corporation	104.1B	16.5%	13.6%	1.96x	14.0x	12.4x	1.8x	2.0x
GWO Great-West Lifeco Inc	82.7B	14.2%	11.1%	2.40x	16.2x	14.6x	2.9x	2.7x
MET MetLife, Inc.	89.6B	21.4%	4.1%	2.34x	9.8x	9.0x	2.0x	1.7x
AFL Aflac Incorporated	87.1B	14.4%	21.2%	2.06x	17.7x	16.3x	2.1x	2.1x
Mean		16.3%	12.0%	2.22x	14.2x	12.8x	2.1x	2.0x
Median		15.5%	11.1%	2.34x	14.6x	13.0x	2.0x	2.0x

Technical analysis

1M+5.6%
3M+5.2%
1Y+32.6%
3Y+178.8%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, iA Financial Corporation Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Premiums earned	9,526	8,371	7,253	6,404	15,264	12,955
Other revenue	979	1,016	819	37.0	1,187	1,284
Total revenue	10,505	9,387	8,072	6,441	16,451	14,239
Losses, benefits and adjustments	6,278	5,587	4,893	4,103	9,050	12,101
Amortization of policy acquisition costs	–	–	–	–	–	–
Selling, general & administrative expenses	–	–	–	–	1,765	1,589
Depreciation/amortization	–	–	–	–	199	163
Interest expense (income), operating	69.0	67.0	66.0	57.0	–	–
Other operating expenses	2,816	2,549	2,105	1,932	3,103	2,780
Operating income	1,342	1,184	1,008	349	2,334	−2,394
Net interest income (expense)	−14.0	45.0	−7.0	–	−1,216	3,156
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	1,328	1,229	1,001	349	1,118	762
Provision for taxes	232	267	212	15.0	259	130
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,096	962	789	334	859	632
Extraordinary items	–	–	–	–	–	–
Net income	1,096	962	789	334	859	632
Basic weighted average shares (mil)	93.0	96.0	102	106	107	107
Diluted weighted average shares (mil)	93.0	96.0	103	107	108	107
Basic EPS, normalized	12.96	11.16	9.31	8.85	8.31	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, iA Financial Corporation Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Total receivables	–	–	–	–	–	–
Prepaid expenses	141	137	80.0	69.0	69.0	41.0
Property, plant & equipment	333	317	320	337	369	390
Goodwill	1,799	1,490	1,318	1,318	1,267	1,224
Intangibles	2,278	1,964	1,847	1,784	1,708	1,621
Insurance receivables	2,613	1,827	1,387	1,126	1,447	1,373
Long-term investments	43,290	43,676	40,158	36,969	43,400	41,805
Note receivable	406	129	173	235	165	137
Other long-term assets	1,023	688	404	112	109	39.0
Deferred policy acquisition costs	–	–	–	–	–	–
Other assets	68,972	58,603	47,319	41,658	44,791	38,146
Total assets	122,808	109,861	93,846	84,428	94,659	86,466
Liabilities
Accounts payable	1,534	1,360	1,381	1,077	1,669	1,316
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Policy liabilities	108,972	96,659	81,535	71,602	79,860	72,310
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	26.0	504	19.0	20.0	93.0	24.0
Long-term debt	1,617	1,582	1,849	2,046	2,323	2,618
Minority interest	–	–	–	–	–	–
Other liabilities	2,393	2,289	2,024	2,556	3,469	3,685
Total liabilities	114,542	102,394	86,808	77,301	87,414	79,953
Shareholders' equity
Preferred stock	1,000	600	375	525	525	525
Common stock	1,514	1,524	1,603	1,675	1,706	1,694
Additional paid-in capital	16.0	16.0	17.0	17.0	17.0	–
Retained earnings (accumulated deficit)	5,732	5,253	5,060	4,889	4,963	4,170
Treasury stock	–	–	–	–	–	–
Other equity	4.0	74.0	−17.0	21.0	34.0	124
Total equity	8,266	7,467	7,038	7,127	7,245	6,513
Total liabilities & shareholders' equity	122,808	109,861	93,846	84,428	94,659	86,466

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, iA Financial Corporation Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,328	1,229	1,001	956	1,118	762
Depreciation, depletion & amortization	358	320	291	503	415	287
Deferred taxes	–	–	–	–	–	–
Non-cash items	31.0	172	−2,052	8,546	1,411	−3,628
Changes in working capital	622	−680	2,102	−9,392	−2,759	4,439
Cash from operations	2,339	1,041	1,342	613	185	1,860
Investing activities
Capital expenditures	−233	−278	−279	−287	−248	−177
Other investing cash flows	−621	−213	−28.0	0	−46.0	−963
Cash from investing	−854	−491	−307	−287	−294	−1,140
Financing activities
Financing cash flow items	−71.0	−58.0	−59.0	−48.0	−46.0	−41.0
Cash dividends paid	−404	−348	−328	−304	−246	−230
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−303	9.0	−622	−173	−2.0	382
Cash from financing	−778	−397	−1,009	−525	−294	111
Foreign exchange effects	−11.0	34.0	−5.0	11.0	0	10.0
Net change in cash	696	187	21.0	−188	−403	841
Free cash flow	2,106	763	1,063	326	−63.0	1,683

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.