Hubbry Logo
IA Financial GroupIA Financial GroupMain
Open search
IA Financial Group
Community hub
IA Financial Group
logo
8 pages, 0 posts
0 subscribers
Be the first to start a discussion here.
Be the first to start a discussion here.
IA Financial Group
IA Financial Group
IA Financial Group
View on Wikipedia
from Wikipedia


iA Financial Group (a.k.a. Industrial Alliance) is a Canadian insurance and wealth management group that operates in Canada and the United States.[1] It is one of the largest public companies in Canada.

Key Information

The parent company, iA Financial Corporation Inc., is a portfolio management company which is listed on the Toronto Stock Exchange under the ticker symbols IAG (common shares). The preferred shares of its subsidiary, Industrial Alliance Insurance and Financial Services Inc. are listed on the Toronto Stock Exchange under the ticker symbol IAF.[2]

In October 2023, iA Financial Group acquired Vericity, a U.S.-based insurance company, for $170 million.[3]

See also

[edit]

References

[edit]

Further reading

[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

IA Financial Group

View on Grokipedia
from Grokipedia
iA Financial Group is one of Canada's largest insurance and wealth management companies, founded in 1892 as a mutual life insurance company and headquartered in Quebec City. It operates primarily in Canada and the United States, providing a comprehensive range of life and health insurance products, individual and group savings and retirement plans (including RRSPs and TFSAs), segregated funds, annuities, and dealer services for financial advisors. As of September 30, 2025, the company employs over 10,000 people, serves more than 11.6 million clients, and manages $289 billion in assets, while supporting a network of over 50,000 independent financial advisors. Originally established as Industrial Alliance Mutual Life Insurance Company, iA Financial Group transitioned to a in 2000 and is listed on the under the ticker symbol IAG. In 2019, it restructured under a , iA Financial Corporation Inc., to streamline its operations across four main business segments: Individual , Individual , Group and Savings, and U.S. Operations (including dealer services). In October 2025, the company completed the acquisition of RF Inc., enhancing its capabilities and adding over $40 billion in assets under administration. The company has grown significantly since its public listing, with its stock appreciating by 1,909% as of recent reports, and it adopted Lean principles in 2010 to enhance efficiency. iA Financial Group's operations span individual insurance solutions like , universal life, and critical illness coverage; wealth management products such as mutual funds, guaranteed investment certificates, and retirement income options; and group benefits including employee pension plans, , and specialized markets for associations and affinity groups. In the U.S., it focuses on individual insurance and dealer services through subsidiaries, contributing to its diversified streams with premiums and deposits reaching $5.1 billion in the second quarter of 2025 alone. The company maintains a strong financial position, evidenced by a of 138% as of June 30, 2025, and and administration of nearly $289 billion as of September 30, 2025, reflecting a 15% year-over-year increase.

History

Founding and early development

iA Financial Group's roots trace back to May 6, 1892, when Alliance Nationale was established in Montreal as a fraternal benefit society dedicated to providing life insurance and mutual aid to French-Canadian workers facing economic hardships in industrial settings. With initial assets of just over $10,000, Alliance Nationale operated on a mutual model where policyholders owned the company, emphasizing affordable protection for laborers in Quebec and beyond. This founding reflected the era's need for accessible insurance amid rapid urbanization and workforce changes in Canada. In 1905, Industrial Life Insurance Company was founded in , targeting the broader with products tailored to industrial employees, complementing Alliance Nationale's focus on French-Canadian communities. Both entities grew steadily through the early , adhering to the structure that prioritized policyholder interests over shareholder profits. A significant early milestone came in 1963, when the organization—operating through these predecessor companies—reached one billion dollars in insurance in force, underscoring its expanding role in Canada's financial safety net for workers. The pivotal evolution occurred in 1987 with the merger of Alliance Nationale and Industrial Life Insurance Company, creating Industrial Alliance Insurance and Financial Services Inc. and broadening its scope to encompass comprehensive life, health, and . This consolidation marked the transition from separate mutual operations to a unified entity better positioned for national growth. Further transformation followed in 2000 through , converting the company to a and enabling its on the , which distributed shares to eligible policyholders and opened avenues for capital expansion.

Expansion through acquisitions

iA Financial Group's expansion strategy in the late emphasized consolidation within the Canadian insurance sector. During the and , the company pursued acquisitions of smaller regional insurers to broaden its domestic footprint. In 1982, it acquired The North West Life Assurance Company of Canada, rebranded as Industrial Alliance Pacific, which strengthened its presence in and contributed to reaching $2.4 billion by the early . A pivotal internal merger occurred in 1987 when Nationale and Industrial Life Insurance Company combined to form Industrial-Alliance Life Insurance Company, enhancing operational scale and market position in and beyond. In 1988, the acquisition of National Life, a Toronto-based life and insurer founded in , further expanded its national reach and high-end client base, with and administration growing to $5.1 billion by 2003. By the , focus shifted toward consolidation, including the 1999 purchase of Seaboard Life through Industrial Alliance Pacific, solidifying operations in . The 2000s marked diversification into , pensions, and auto/ through strategic integrations of investment firms. Key deals included the 2002 acquisition of ISL-Lafferty Securities Inc. (renamed Industrial Alliance Securities Inc.) for $0.6 million, along with assets from BNP (Canada) Securities Inc. and Leduc & Associates Securities (Canada) Ltd., which bolstered securities brokerage capabilities. In 2003, purchases of Global Allocation Financial Group Inc. for $0.5 million and Co-operators Mutual Funds Limited for $4.4 million expanded offerings, elevating iA to fifth in Canada for segregated funds with an 11.4% market share. The 2005 acquisition of Clarington Funds Inc. for approximately $200 million added over $4 billion in , positioning Industrial Alliance as the 17th largest in Canadian retail mutual funds and serving more than 500,000 clients. This period also saw entry into individual via the 2008 acquisition of Excellence Life Insurance Company, diversifying product lines into and coverage. Acquisitions accelerated in the , with peak activity in involving four deals that expanded U.S. operations and distribution networks. Notable among these was the January purchase of Dealers Assurance Company (DAC), a U.S. provider of vehicle service contracts, for an undisclosed amount, marking a key step in entering the American automotive market. The February acquisition of PPI Management Inc., a leading Canadian firm, enhanced advisor support and individual distribution without disclosed financial terms. Earlier U.S. entry began in with the $255 million acquisition of American-Amicable Holding Inc., adding operations in . These moves collectively boosted market presence in during the 1990s and 2000s foundations, while later deals like the 2016 acquisitions—including HollisWealth from for $210 million—increased assets under administration and advisor networks. The impacts of these acquisitions were profound, enabling entry into via early fund dealer integrations and fueling growth in group savings through expanded and offerings. In 2019, the merger of subsidiaries iA Insurance and Excellence Life under the iA brand streamlined operations, improved efficiency in individual insurance, and reduced administrative redundancies following the 2008 acquisition. Similarly, 2016's three acquisitions, including Groupe PPP for enhanced distribution, contributed to record assets and client growth in savings products. Overall, these strategies transformed iA from a regional insurer into a diversified leader with over $168 billion in by 2018.

Rebranding and recent growth

In 2018, Industrial Alliance Insurance and Financial Services Inc. introduced the iA Financial Group brand as part of a strategic restructuring to create a unified , streamlining operations and branding across its insurance and divisions. This rebranding, formalized with the establishment of iA Financial Corporation Inc. as the new parent entity on January 1, 2019, aimed to enhance flexibility and support long-term growth by consolidating the group's diverse offerings under a single, modern identity. Building on this foundation, iA Financial Group launched its new brand signature, "Get Ahead," on September 22, 2025, to underscore its commitment to innovation, client ambition, and proactive financial solutions in both insurance and . The signature reflects the company's evolution into a forward-thinking leader, emphasizing bold strategies to drive the next phase of expansion. Recent strategic acquisitions have further accelerated growth, including the completion of two blocks of business from Prosperity Life Group in August 2024, which strengthened iA's U.S. portfolio with final and policies. In October 2025, iA finalized its acquisition of RF Inc. on October 31 for approximately $693 million, significantly enhancing its capabilities and advisor network across . These moves build on earlier U.S. expansion through acquisitions such as DAC in 2018, IAS in 2020, and Vericity in 2024, which bolstered presence in vehicle warranties, , and related services. By 2025, these initiatives contributed to substantial scale, with and administration surpassing $330 billion, a workforce of more than 10,000 employees, and more than 11.6 million clients. The integration of recent deals has pushed combined and administration beyond $330 billion, positioning iA as a dominant player in North American .

Business operations

Core business segments

iA Financial Group's core business operations are divided into four primary segments: Individual Insurance, Individual Wealth Management, Group Insurance, and Group Savings and Retirement. These segments encompass a range of insurance and investment products tailored to retail and institutional clients across and the , reflecting the company's focus on , wealth accumulation, and group benefits as of 2025. The Individual Insurance segment offers protection and savings products to retail customers, including universal life, participating life, , whole life, , critical illness coverage, , mortgage protection, and , creditor insurance, and . These policies are distributed through brokers, financial advisors, and digital channels, with a emphasis on middle-market solutions enhanced by the 2024 acquisition of Vericity, which added specialized offerings via Fidelity Life and eFinancial. This segment generated net premiums of $2.16 billion in 2024, representing a key pillar of the company's services. Individual Wealth Management provides and solutions for personal financial growth, featuring segregated funds, mutual funds, insured annuities, registered savings plans (RRSPs), tax-free savings accounts (TFSAs), first home savings accounts (FHSAs), and registered income funds (RRIFs). iA offers aggressive profile segregated funds with high equity allocations (typically 80-100% equities) that may include diversified exposure to energy and technology sectors as part of broader market investments. Currency exposure occurs through international or global equity funds, but no dedicated aggressive segregated funds exist with primary or exclusive holdings in energy, technology/tech, or currency sectors. Holdings are dynamic and detailed in individual fund facts or reports. Complementary services include securities brokerage, trust operations, and financial planning through subsidiaries like IA Clarington Investments and Investia Financial Services. The segment reported gross sales of $9.42 billion and of $182.7 billion in 2024, underscoring its role in wealth accumulation. Group Insurance delivers employee benefit plans and specialized coverage to employers and affinity groups, encompassing group life, health, , accidental death and dismemberment, dental, critical illness, voluntary benefits, and wellness programs. Dealer services support automotive and sectors, enhanced by the 2025 acquisition of Global Warranty for the used-vehicle market, while special market solutions address unique needs, including auto and for targeted groups. Premiums and premium equivalents reached $1.67 billion in 2024, with sales growth driven by employee plans and special markets. The Group Savings and Retirement segment focuses on employer-sponsored plans, offering defined contribution and defined benefit pensions, group savings plans, insured annuities, group RRSPs, TFSAs, FHSAs, and retirement income options. These products facilitate long-term savings for organizations and their members, with recurring premiums of $1.8 billion and funds under management of $26.06 billion in 2024. In terms of contributions to overall performance, the insurance segments (Individual and Group Insurance, under the Insurance Canada division) accounted for approximately 40% of core earnings in 2024 at $420 million, while wealth management segments (Individual Wealth Management and Group Savings and Retirement, under the Wealth Management division) contributed around 38% at $411 million, with U.S. operations adding the remainder. This balance highlights iA Financial Group's diversified revenue streams from protection and accumulation products.

Subsidiaries and divisions

iA Financial Corporation Inc. serves as the primary for iA Financial Group, overseeing the strategic direction and consolidated operations of its across insurance, wealth management, and related financial services in and the . iA Private Wealth Inc., a key acquired in 2002, specializes in wealth advisory services, including investment planning, securities dealing, and capital markets activities, primarily serving clients in through a network of advisors. iA Clarington Investments Inc., integrated into the group in 2005, focuses on managing mutual funds, segregated funds, and other investment products, providing diversified portfolio options for individual and institutional investors across . In the United States, iA American Holdings, Inc. acts as the principal subsidiary coordinating cross-border insurance and wealth management operations, encompassing entities such as IA American Life Insurance Company, which offers life, accident, and products, and American-Amicable Life Insurance Company of , specializing in solutions. The 2025 acquisition of RF Capital Group Inc., completed on October 31, has established it as a new , enhancing iA Financial Group's advisory platform with an additional $43.6 billion in assets under administration as of September 30, 2025, and approximately 189 advisors focused on client-centered investment strategies. iA Pension functions as a dedicated division within the group, delivering group retirement solutions such as defined contribution pension plans, group RRSPs, and voluntary retirement savings plans to support employer-sponsored savings programs in .

Corporate governance

Executive leadership

Denis Ricard serves as President and of iA Financial Group, a position he has held since September 2018. Under his leadership, the company has pursued strategic growth initiatives, including the completion of the acquisition of RF Capital Group Inc. on October 31, 2025, which enhances its capabilities by adding $43.6 billion (as of September 30, 2025) in assets under administration and 189 advisors. Ricard, who joined the organization over four decades ago, emphasizes employee development and fostering a culture of engagement, contributing to iA's focus on innovation in and expansion into the U.S. market. Key members of the executive team support Ricard's vision across core functions. Éric Jobin has been Executive Vice-President, , and Chief Actuary since August 2023, bringing extensive experience from his tenure at iA since 1999 in actuarial and financial roles. Alain Bergeron holds the position of Executive Vice-President and Chief Investment Officer since 2019, overseeing investment strategies that align with the company's growth objectives. Marie-Annick Bonneau was appointed Executive Vice-President and effective October 1, 2025, succeeding Philippe ; with nearly 30 years at iA, she has held senior positions in compliance, regulatory risk, and capital management. For business segment leadership, Pierre Miron serves as Executive Vice-President and Chief Growth Officer for Canadian Operations since joining in 2018, driving transformation in , client experience, and operational efficiency. Sean O'Brien, appointed Executive Vice-President and Chief Growth Officer for U.S. Operations in May 2024, leads expansion efforts in the American market, leveraging his prior experience in building businesses since joining iA in 2015. This leadership structure underscores iA's commitment to balanced growth, , and across its insurance and segments as of November 2025.

Board of directors

The Board of Directors of iA Financial Group oversees the company's strategic direction, , and compliance with regulatory standards, ensuring alignment with shareholder interests and ethical practices. As of November 2025, the board comprises 15 members, with 14 independent directors and 47% women, emphasizing diversity and specialized expertise in , , and related sectors to support the company's operations in and . The board operates through key committees, including the , and Compensation Committee, Investment Committee, and , and Ethics Committee, which provide focused oversight on financial reporting, executive remuneration, investment strategies, and ethical conduct. Jacques Martin has served as Chair of the Board since September 2018, guiding the board's activities and maintaining continuity in leadership ahead of the 2025 annual meeting. Among the board's composition, notable members include Yousry Bissada, appointed in September 2025 and former President and CEO of Home Trust Company (2017-2025), bringing extensive experience in banking and ; William F. Chinery, who joined in May 2021 with a background in ; Benoit Daignault, elected in May 2019 and focused on investment and risk expertise; and Johanne Papillon, also appointed in September 2025 and a former senior executive at , enhancing the board's depth in insurance and regulatory matters. In recent developments, the board approved the results of the 2025 annual shareholders' meeting held on May 8, confirming the election of director nominees and reinforcing its commitment to transparent . Additionally, the board provided strategic oversight for the acquisition of RF Capital Group Inc., completed on October 31, 2025, which expanded iA Financial Group's capabilities. These actions underscore the board's role in driving sustainable growth while the executive leadership reports directly to it for operational accountability.

Financial performance

Key financial metrics

iA Financial Group's and administration reached $288.8 billion as of September 30, 2025, reflecting significant growth from $259.4 billion at the end of 2024, driven by strong net fund inflows and market appreciation. In its 2024 , the company reported of $6.802 billion, a 19% increase from $5.740 billion in 2023, alongside attributed to common shareholders of $942 million, up 22% year-over-year. Core earnings for the year totaled $1.074 billion, marking a 12% rise from 2023, with diluted core (EPS) advancing 20% to $11.16, underscoring robust profitability amid expanding operations in and . For the first quarter of 2025, iA Financial Group achieved attributed to common shareholders of $186 million and diluted EPS of $1.98, while core earnings stood at $273 million with core diluted EPS of $2.91, representing a 19% year-over-year increase in the latter metric. In the third quarter of 2025, performance strengthened further, with attributed to common shareholders rising to $364 million—a 29% increase from Q3 2024—and diluted EPS reaching $3.91; core earnings were $323 million, yielding core diluted EPS of $3.47, up 18% year-over-year. The trailing twelve-month (ROE) as of Q3 2025 was 15.6%, with core at 17.2%. Premium income and deposits varied by segment, highlighting growth in ; for instance, Q3 2025 sales in segregated funds totaled $1.639 billion, while mutual funds contributed $608 million, compared to $5.215 billion in total net premiums, premium equivalents, and deposits for the quarter, up 6% from Q3 2024. Core earnings, which exclude market volatility and one-time items, provide a stable view of operational performance, with the company's segments—particularly individual and group insurance—driving consistent contributions to these figures. iA Financial Group has maintained a progressive dividend policy, increasing its quarterly dividend to $0.99 per common share by September 2025 from $0.90 in Q1 2025, resulting in an annualized payout of $3.96. The core dividend payout ratio targeted 25% to 35% for 2025, aligning with earnings coverage at approximately 31%, supporting shareholder returns while preserving capital for growth.

Stock information

iA Financial Corporation Inc.'s common shares have been traded on the Toronto Stock Exchange (TSX) under the ticker symbol IAG since the company's demutualization in February 2000. As of November 7, 2025, the stock closed at 161.33 CAD, with a market capitalization of approximately 14.87 billion CAD. The stock has demonstrated strong performance amid the economic conditions of 2024-2025, including interest rate adjustments and sector volatility in financial services. Over the trailing 52 weeks as of November 2025, IAG reached a high of 175.21 CAD on November 5, 2025, driven by robust third-quarter earnings, and a low of 115.21 CAD. Following the completion of the RF Capital Group Inc. acquisition on October 31, 2025, which expanded iA's wealth management platform, the share price increased from a closing value of 165.56 CAD that day to 167.52 CAD by November 3, 2025, signaling investor confidence in the strategic move. iA Financial Group's investor relations efforts include regular engagement with shareholders through annual meetings and transparent dividend policies. The 2025 annual meeting of shareholders was conducted virtually on May 8, 2025, at 2:00 p.m. Eastern Time. The company pays quarterly dividends, with the board declaring 0.99 CAD per common share for the quarter ended September 30, 2025, payable on December 15, 2025, to shareholders of record as of November 21, 2025; this equates to an annual dividend of 3.96 CAD and a yield of 2.43% based on the November 2025 share price. These dividends, combined with capital appreciation, have delivered competitive shareholder returns, supported by the company's focus on core earnings growth.

References

  1. https://ia.ca/about-us
  2. https://dbrs.morningstar.com/issuers/23768/ia-financial-corporation-inc
  3. https://finance.yahoo.com/quote/IAG.TO/profile/
  4. https://www.businesswire.com/news/home/20251030147753/en/iA-Financial-Corporation-Inc.-Completes-Acquisition-of-RF-Capital-Group-Inc.
  5. https://files.ia.ca/-/media/files/ia/investisseurs/corporate-presentation.pdf
  6. https://www.businesswire.com/news/home/20251104292195/en/iA-Financial-Group-Reports-Third-Quarter-Results
  7. https://www.companieshistory.com/ia-financial-corporation/
  8. https://www.newswire.ca/news-releases/125-years-of-continuous-growth---ia-financial-group-launches-cross-country-anniversary-tour-610385565.html
  9. https://ia.ca/ia-story
  10. https://www.annualreports.com/HostedData/AnnualReportArchive/i/TSX_IAG_2016.pdf
  11. https://www.annualreports.com/HostedData/AnnualReportArchive/i/TSX_IAG_2003.pdf
  12. https://www.theglobeandmail.com/report-on-business/industrial-alliance-buys-clarington/article1130577/
  13. https://www.investmentexecutive.com/news/industry-news/two-companies-to-merge-under-ia-financial-group/
  14. https://www.newswire.ca/news-releases/ia-financial-group-concludes-the-acquisition-of-us-based-car-dealer-business-670887813.html
  15. https://www.globenewswire.com/news-release/2018/02/26/1387706/0/en/iA-Financial-Group-Announces-Acquisition-of-PPI-Management-Inc-and-Offerings-of-Common-and-Preferred-Shares.html
  16. https://www.prnewswire.com/news-releases/industrial-alliance-concludes-acquisition-of-american-amicable-98833224.html
  17. https://www.globenewswire.com/news-release/2016/12/05/1323970/0/en/Industrial-Alliance-Enters-into-Agreement-to-Acquire-HollisWealth-from-Scotiabank.html
  18. https://www.newswire.ca/news-releases/ia-financial-group-broadens-its-distribution-network-with-the-acquisition-of-groupe-ppp-602261935.html
  19. https://www.annualreports.com/HostedData/AnnualReportArchive/i/TSX_IAG_2018.pdf
  20. https://www.newswire.ca/news-releases/ia-financial-group-enters-into-arrangement-agreement-and-board-of-directors-recommends-new-holding-company-structure-to-shareholders-675209823.html
  21. https://ia.ca/newsroom/2019/january/ia-financial-group-announces-completion-of-plan-of-arrangement
  22. https://www.businesswire.com/news/home/20250924594917/en/iA-Financial-Group-Launches-New-Brand-Signature-to-Power-Next-Chapter-of-Growth
  23. https://finance.yahoo.com/news/ia-financial-group-launches-brand-140000919.html
  24. https://ia.ca/newsroom/2024/august/iafg-completes-acquisition-of-two-blocks-of-business-from-prosperity-life-group
  25. https://ia.ca/newsroom/2025/october/ia-financial-corporation-inc-completes-acquisition-of-rf-capital-group-inc
  26. https://ia.ca/-/media/files/ia/investisseurs/rapportsfinanciers/annuel/2025/en/foa-annualreport2024.pdf
  27. https://ia.ca/about-us/group-of-companies
  28. https://ia.ca/newsroom/2025/february/iafg-announces-the-acquisition-of-global-warranty
  29. https://news.ambest.com/newscontent.aspx?refnum=260363&altsrc=23
  30. https://www.iapension.com/en/public/company/company-profile/
  31. https://ia.ca/about-us/executive-committee/ia-financial-corporation
  32. https://ia.ca/our-leaders/denis-ricard-en
  33. https://ia.ca/our-leaders/eric-jobin-en
  34. https://ia.ca/our-leaders/alain-bergeron-en
  35. https://ia.ca/newsroom/2025/september/iafg-announces-the-appointment-of-marie-annick-bonneau-as-executive-vice-president-and-chief-risk-officer
  36. https://ia.ca/our-leaders/pierre-miron-en
  37. https://ia.ca/newsroom/2024/may/iafg-announces-changes-to-its-executive-committee
  38. https://ia.ca/about-us/gouvernance/ia-financial-corporation
  39. https://www.newswire.ca/news-releases/industrial-alliance-announces-a-change-in-the-chair-of-the-board-of-directors-692636411.html
  40. https://ia.ca/about-us/board-of-directors/ia-financial-corporation
  41. https://www.businesswire.com/news/home/20250912328458/en/Johanne-Papillon-and-Yousry-Bissada-join-the-Board-of-Directors-of-iA-Financial-Corporation-Inc.
  42. https://ia.ca/newsroom/2025/may/iafg-announces-meeting-voting-results
  43. https://ia.ca/-/media/files/ia/investisseurs/rapportsfinanciers/trimestriel/2025/t3/q3-2025-fact-sheet.pdf
  44. https://finance.yahoo.com/news/ia-financial-group-reports-fourth-222300002.html
  45. https://ia.ca/-/media/files/ia/investisseurs/rapportsfinanciers/trimestriel/2025/t1/q1-2025-fact-sheet-acc.pdf
  46. https://ia.ca/newsroom/2025/february/iafg-presents-new-market-guidance-at-its-2025-investor-event-
  47. https://stockanalysis.com/quote/tsx/IAG/dividend/
  48. https://files.ia.ca/-/media/files/ia/biensnonreclames/faq_demutualisation_biensnonreclames-en.pdf
  49. https://stockanalysis.com/quote/tsx/IAG/market-cap/
  50. https://finance.yahoo.com/quote/IAG.TO/history/
  51. https://ia.ca/-/media/files/ia/investisseurs/rapportsfinanciers/annuel/2025/en/iafc-2025-information-circular-english-acc.pdf
  52. https://ia.ca/-/media/files/ia/investisseurs/rapportsfinanciers/trimestriel/2025/t3/q3-2025-news-release-dividend.pdf
Add your contribution
Related Hubs
User Avatar
No comments yet.