iA Financial Group Reports Fourth Quarter and Full Year 2025 Results

QUEBEC CITY--( BUSINESS WIRE)--For the fourth quarter ended December 31, 2025, iA Financial Group (TSX: IAG) recorded core diluted earnings per common share (EPS) †† of $3.10, which is 2% higher than the same period in 2024. Core return on common shareholders’ equity (ROE) †† for the trailing 12 months was 17.1%. Fourth quarter net income attributed to common shareholders was $182 million, diluted EPS was $1.97 and ROE for the trailing 12 months was 14.9%. The solvency ratio 5 was 133% 6 at December 31, 2025, highlighting a robust capital position.

“Our strong and profitable growth across all business segments in the fourth quarter — including record individual insurance sales and very strong individual net fund inflows — reflects our continued success in the mass market and the trust we continue to earn from our clients and distribution networks,” commented Denis Ricard, President and CEO of iA Financial Group. “We are confidently moving forward on our strategic path, supported by disciplined investments that enhance our capabilities and drive long-term value. The recent addition of RF Capital, which is performing ahead of our initial expectations, further strengthens our strategic position in wealth management.”

“Our fourth quarter results continue to reflect the strength of our business fundamentals, supported by solid performance and disciplined execution throughout 2025, which enabled us to reach all of our key financial targets for the year,” added Éric Jobin, Executive Vice-President, CFO and Chief Actuary. “With a strong balance sheet, significant capital available for deployment, and ongoing organic capital generation, we are well positioned to sustain our profitable growth trajectory in 2026 and beyond. These strengths give us confidence in our ability to deliver a core ROE †† at or above 17% again in 2026. 1”

Earnings Highlights

Fourth quarter

Year-to-date at December 31

2025

2024

Variation

2025

2024

Variation

Net income attributed to shareholders (in millions)

$201

$226

(11%)

$1,096

$962

14%

Less: distributions on other equity instruments and dividends on preferred shares (in millions)

($19)

($6)

($43)

($20)

Net income attributed to common shareholders (in millions)

$182

$220

(17%)

$1,053

$942

12%

Weighted average number of common shares (in millions, diluted)

92.7

94.4

(2%)

93.3

96.4

(3%)

Earnings per common share (diluted)

$1.97

$2.33

(15%)

$11.29

$9.77

16%

Core earnings † (in millions)

287

—

1,210

1,074

13%

Core earnings per common share (diluted) ††

$3.10

$3.04

$12.96

$11.16

16%

Other Financial Highlights

December 31, 2025

Sept. 30, 2025

December 31, 2024

Return on common shareholders’ equity (trailing 12 months)

14.9 %

15.6 %

13.9 %

Core return on common shareholders’ equity †† (trailing 12 months)

17.1 %

17.2 %

15.9 %

Solvency ratio

133% 6

138%

139 %

Book value per common share 7

$79.24

$79.22

$73.44

Assets under management and assets under administration (in billions) 3,8

$341.1

$288.8

$261.3

Footnotes for page 1:

See the “Financial Targets” and “Forward-Looking Statements” sections of this news release.

Consolidated net income attributed to common shareholders divided by the average common shareholders’ equity for the period. Return on common shareholders’ equity is a supplementary financial measure. Refer to the “Non-IFRS and Additional Financial Measures” section in this document and in the 2025 Management’s Discussion and Analysis for more information.

Sales, organic capital generation, capital available for deployment, assets under administration and assets under management are supplementary financial measures. Refer to the “Non-IFRS and Additional Financial Measures” section in this document and in the 2025 Management’s Discussion and Analysis for more information.

Capital available for deployment as at December 31, 2025 is $1.1 billion, and $1.4 billion on a pro forma basis considering the impact of the AMF-revised CARLI Guideline effective January 1, 2026. See the “Non-IFRS and Additional Financial Measures” and “Forward-Looking Statements” sections of this news release.

The solvency ratio is calculated in accordance with the Capital Adequacy Requirements Guideline – Life and Health Insurance (CARLI) mandated by the Autorité des marchés financiers du Québec (AMF). This financial measure is exempt from certain requirements of Regulation 52-112 respecting Non-GAAP and Other Financial Measures Disclosure according to AMF Blanket Order No. 2021-PDG-0065.

The solvency ratio as at December 31, 2025 is 133%, and 137% on a pro forma basis considering the impact of the AMF-revised CARLI Guideline effective January 1, 2026. See the “Non-IFRS and Additional Financial Measures” and “Forward-Looking Statements” sections of this news release.

Book value per common share is calculated by dividing the common shareholders’ equity, which represents the total equity less other equity instruments, by the number of common shares outstanding at the end of the period.

In Q2/2025, the 2024 assets under administration figures were adjusted to reflect refinements in consolidation adjustments between the Company and one of its subsidiaries.

Unless otherwise indicated, the results presented in this document are in Canadian dollars and are compared with those from the corresponding period last year.

FINANCIAL TARGETS

Following the strong operating and financial performance achieved in 2025 and supported by sustained momentum across businesses, the Company is bringing forward the timeline for its financial target for core return on common shareholders’ equity (core ROE) ††. Initially set for 2027, this target will now apply to 2026. This decision highlights the consistent performance delivered since the target was introduced in February 2025 and the strength and diversification of the Company’s business model. It also reflects the disciplined execution of strategic priorities and management’s confidence in achieving a core ROE †† of 17% or more again in 2026.

The Company also increased its target for organic capital generation (net of dividends) to $700M+ in 2026.

The Company further reconfirms its financial targets for core EPS †† and the core dividend payout ratio, †† which remain unchanged.

The table below presents the progress towards achieving the Company’s annual and medium-term financial targets.

Financial targets 9

2025

Core earnings per common share (core EPS) ††

10%+

annual average growth

Medium-term

16% year-over-year growth

Core return on common shareholders’ equity (core ROE) ††

17%+

Original: In 2027

Revised: In 2026

17.1%

Organic capital generation (net of dividends)

$650M+

In 2025

$665M

$700M+

In 2026

Core dividend payout ratio ††

25% to 35%

of core earnings †,10

In 2026

29%

ANALYSIS OF EARNINGS BY BUSINESS SEGMENT

The following table sets out the core earnings † and net income attributed to common shareholders by business segment. An analysis of the performance by business segment for the fourth quarter and a reconciliation between the net income attributed to common shareholders and core earnings † for each business segment are provided in the following pages.

Core earnings (losses) †

(In millions of dollars, unless otherwise indicated)

Q4/2025

Q3/2025

Quarter-over-quarter

variation

Q4/2024

Year-over-year

variation

Insurance, Canada

105

113

(7%)

116

(9%)

Wealth Management

127

125

112

13%

US Operations

(6%)

15%

Investment

105

(13%)

102

(11%)

Corporate

(66)

(52)

(27%)

(69)

Total

287

323

(11%)

287

—

Net income (loss) attributed to common shareholders

(In millions of dollars, unless otherwise indicated)

Q4/2025

Q3/2025

Quarter-over-quarter

variation

Q4/2024

Year-over-year

variation

Insurance, Canada

103

(66%)

(15%)

Wealth Management

112

116

(3%)

101

11%

US Operations

(67%)

(13)

154%

Investment

104

179

(42%)

163

(36%)

Corporate

(76)

(55)

(38%)

(72)

(6%)

Total

182

364

(50%)

220

(17%)

Insurance, Canada

Wealth Management

US Operations

Investment

Corporate

RECONCILIATION OF NET INCOME ATTRIBUTED TO COMMON SHAREHOLDERS AND CORE EARNINGS †

The following table presents net income attributed to common shareholders and the adjustments that account for the difference between net income attributed to common shareholders and core earnings. †

Core earnings † of $287 million in the fourth quarter are derived from net income attributed to common shareholders of $182 million, after applying a total adjustment of $105 million (post tax) for:

Net Income Attributed to Common Shareholders and Core Earnings † Reconciliation – Consolidated

(In millions of dollars, unless otherwise indicated)

Fourth quarter

Year-to-date at December 31

2025

2024

Variation

2025

2024

Variation

Net income attributed to common shareholders

182

220

(17%)

1,053

942

12%

Core earnings adjustments (post tax)

Market-related impacts

(6)

(16)

(15)

(32)

Interest rates and credit spreads

—

Equity

(17)

(31)

(107)

(117)

Investment properties

(3)

CIF 14

(3)

Currency

—

Assumption changes and management actions

Charges or proceeds related to acquisition or disposition of a business, including acquisition, integration and restructuring costs

Amortization of acquisition-related finite life intangible assets

Non-core pension expense

Specified items

Total

105

157

132

Core earnings †

287

—

1,210

1,074

13%

Year-end actuarial review

The Company updates its actuarial assumptions and methodologies at year end. The changes in assumptions and management actions resulted in an overall positive impact of $10 million. This includes a negative impact on pre-tax net income (-$63 million), along with favourable impacts on the contractual service margin (CSM) (+$44 million) and risk adjustment (RA) (+$29 million). Overall, the combined impact on the CSM and RA was $73 million, which should have a positive impact on future earnings. Note that for the full year, including the assumption changes and management actions recognized in the first nine months of 2025, the total impact on the pre-tax net income, CSM and RA was -$1 million. More details on the year-end actuarial review are provided in the 2025 annual Management’s Discussion and Analysis.

Contractual service margin (CSM) 15

During the fourth quarter, the CSM increased organically by $152 million. This increase is due to the positive impact of new insurance business of $205 million, organic financial growth of $102 million and net insurance experience gains of $60 million, partly offset by the CSM recognized for services provided in earnings of $215 million, up 13% from a year earlier. Non-organic items led to an increase in the CSM of $48 million during the fourth quarter, mostly due to the impact of changes in assumptions and management actions as a result of the year-end actuarial review. As a result, the total CSM increased by $200 million (+3%) during the quarter to stand at $7,650 million at December 31, 2025, an increase of 11% over the last 12 months.

2025 federal budget

On November 4, 2025, the federal government of Canada released its budget. The measures proposed in this budget have not yet been enacted. Should they be adopted as announced, certain tax‑related measures could negatively affect the Company’s results, including measures that may apply retroactively to January 1, 2025. The potential impacts of all proposed measures, whose final form remains subject to change, are currently being assessed. The Company will continue to proactively maintain an effective tax structure, in accordance with applicable tax regulations.

Business growth

During the fourth quarter, sales momentum remained strong across both Canada and the U.S., with almost all business units recording good year-over-year growth. Within the Insurance, Canada segment, Individual Insurance sales reached a record level and the Company maintained its leading position for the number of policies sold. 16 Employee Plans, Dealer Services and iA Auto and Home also recorded notable year-over-year sales growth. In the Wealth Management segment, sales of segregated and mutual funds were particularly strong, with combined net inflows reaching nearly $1.2 billion. The Company continued to rank first for both gross and net segregated fund sales. 17 Business growth in the US Operations segment was also robust, with good year-over-year growth in both Individual Insurance and Dealer Services. Strong sales and business retention drove net premiums, 18 premium equivalents and deposits 18 to more than $5.9 billion, a 4% increase compared to the same period last year. Also, total assets under management and assets under administration amounted to $341.1 billion, an increase of 31% over the last 12 months.

INSURANCE, CANADA

WEALTH MANAGEMENT

US OPERATIONS

ASSETS UNDER MANAGEMENT AND ASSETS UNDER ADMINISTRATION

Assets under management and administration totalled $341.1 billion at December 31, 2025, recording increases of 31% over the last 12 months and 18% during the fourth quarter. This performance was driven by high segregated fund inflows, favourable market conditions and the addition of assets from the RF Capital Group acquisition completed on October 31, 2025. iA Financial Group remains the Canadian leader in segregated fund assets under management. 19 The Company ranks among Canada’s leading non-bank investment dealers. 20

NET PREMIUMS, PREMIUM EQUIVALENTS AND DEPOSITS

Net premiums, premium equivalents and deposits amounted to more than $5.9 billion in the fourth quarter, a 4% increase on the back of a very strong quarter last year, bringing the full‑year 2025 total to $22.0 billion. This performance was driven by the good sales and good retention across nearly all business units.

FINANCIAL POSITION

The Company’s solvency ratio 21 was 133% at December 31, 2025. On a pro forma basis, the solvency ratio is 137%, at December 31, 2025, taking into account the impact of the 2026 AMF-revised CARLI Guideline. This level is similar to the ratio at September 30, 2025 (138%) and comparable to December 31, 2024 (139%). This result is well above the regulatory minimum ratio of 90%.

The decrease in the ratio during the quarter was primarily due to capital deployment activities, including the acquisition of RF Capital Group and share buybacks under the Normal Course Issuer Bid (NCIB). These were partially offset by organic capital generation and favourable macroeconomic variations. Also, the adjustment to the capital requirements related to exposure to domestic infrastructure (2026 AMF-revised CARLI Guideline, applicable as of Dec. 31, 2025 for this item) had a favourable impact of 0.5 percentage point.

The Company’s financial leverage ratio †† was 16.3% at December 31, 2025, which is close to 16.4% at the end of the previous quarter.

Organic capital generation

The Company organically generated $170 million in additional capital during the fourth quarter. After twelve months, $665 million has been generated, reaching the annual target of $650M+ in 2025.

Capital available for deployment

At December 31, 2025, the capital available for deployment was assessed at $1.1 billion. On a pro forma basis, the capital available for deployment is $1.4 billion as at December 31, 2025, taking into account the impact of the 2026 AMF-revised CARLI Guideline. This level compares to $1.7 billion three months earlier. The decrease is mainly the result of capital deployment activities, including the RF Capital Group acquisition and share buybacks (NCIB), partly offset by good organic capital generation.

Book value

The book value per common share was $79.24 at December 31, 2025, which was stable during the quarter and up 8% over the last 12 months.

Normal Course Issuer Bid (NCIB)

During the fourth quarter, the Company repurchased and cancelled a total of 687,475 outstanding common shares for a total value of $115 million. On November 4, 2025, the Company announced the renewal of its Normal Course Issuer Bid (NCIB) program for a 12-month period. Through this renewed program, the Company can redeem and cancel, in the normal course of its activities, 4,607,178 common shares from November 14, 2025 to November 13, 2026, representing approximately 5% of the issued and outstanding shares as at October 31, 2025. Since the beginning of the current NCIB, 406,975 shares, or 0.4% of the outstanding shares, have been repurchased and cancelled. Therefore, the Company may repurchase up to 4,200,203 outstanding common shares until the end of the current program.

Dividend

The Company paid a quarterly dividend of $0.9900 per share to common shareholders in the fourth quarter of 2025. The Board of Directors approved a quarterly dividend of $0.9900 per share payable during the first quarter of 2026, the same as that announced the previous quarter. This dividend is payable on March 16, 2026 to the common shareholders of record at February 27, 2026. The core dividend payout ratio †† was 32% in the fourth quarter, near the upper end of our target range of 25% to 35%.

Dividend Reinvestment and Share Purchase Plan

Registered common shareholders wishing to enroll in iA Financial Group’s Dividend Reinvestment and Share Purchase Plan (DRIP) so as to be eligible to reinvest the next dividend payable on March 16, 2026 must ensure that the duly completed form is delivered to Computershare no later than 4:00 p.m. on February 20, 2026. Enrolment information is provided on iA Financial Group’s website at ia.ca, under About iA, in the Investor Relations/Dividends section. Common shares issued under iA Financial Group’s DRIP will be purchased on the secondary market and no discount will be applicable.

Acquisition of RF Capital Group Inc.

On October 31, 2025, iA Financial Group announced the closing of the RF Capital Group acquisition for a total price of $691 million, 22 which includes the final cost of the advisor retention strategy. This acquisition added $43.6 billion in assets under administration as at September 30, 2025, and 142 advisor teams as at October 31, 2025, significantly expanding iA Financial Group’s presence in the high-net-worth segment. Execution of the synergy plan is already underway, with strategic initiatives aimed at driving both revenue growth and cost efficiencies. This includes the integration of corporate functions to enhance alignment across the organization and the elimination of stand-alone public-company costs. For additional information, please refer to the press release, which can be found on our website at ia.ca.

AMF Capital Adequacy Requirements Guidelines

On January 1, 2026, a revised CARLI guideline took effect. This revised guideline modified, among other things, the treatment of excess capital recognition for property and casualty subsidiaries. The effect was positive for our U.S. Dealer Services business unit, leading to the following favourable impacts on January 1, 2026:

This new version also revises the capital requirements related to exposure to domestic infrastructure, whether in the form of debt or equity, applicable as of December 31, 2025 and resulting in a favourable impact of 0.5 percentage point.

Effective January 1, 2026, the Company will also be required to calculate a Solo Ratio in accordance with the AMF Stand‑Alone Capital Adequacy Requirements Guideline – Life and Health Insurance (“Solo”).

EVO Insurance web platform launch

iA Financial Group launched the web version of its EVO Insurance platform, already used by over 30,000 advisors nationwide. This new version marks an important step in the digital transformation. It enables advisors to submit personalized applications in under 10 minutes with near-instant approvals, delivering a faster, simpler, and more seamless client experience.

Partnership with Empathy for bereavement support

On December 10, 2025, iA Financial Group announced a strategic partnership with Empathy to provide enhanced bereavement support for beneficiaries of Individual Life products starting in the spring of 2026. Through Empathy’s award-winning Loss Support solution, families will receive emotional, logistical, and administrative assistance, combining advanced technology with human-first care. This initiative reinforces iA’s commitment to delivering compassionate, innovative services that go beyond financial protection.

Philanthropy

Unsolicited mini-tender offer

On November 6, 2025, iA Financial Group issued a warning about an unsolicited mini-tender offer from Ocehan LLC to purchase up to 50,000 of its common shares at $123.50 per share, significantly below the market price. The Company is not affiliated with Ocehan and does not endorse the offer. Mini-tender offers such as this one often circumvent standard regulatory disclosures and have the potential to mislead investors.

Subsequent to the fourth quarter:

NON-IFRS AND ADDITIONAL FINANCIAL MEASURES

iA Financial Corporation reports its financial results and statements in accordance with IFRS ® Accounting Standards. The Company also publishes certain financial measures or ratios that are not presented in accordance with IFRS. The Company uses non-IFRS and other financial measures when evaluating its results and measuring its performance. The Company believes that such measures provide additional information to better understand its financial results and assess its growth and earnings potential, and that they facilitate comparison of the quarterly and full year results of the Company’s ongoing operations. Since such non-IFRS and other financial measures do not have standardized definitions and meaning, they may differ from similar measures used by other institutions and should not be viewed as an alternative to measures of financial performance, financial position or cash flow determined in accordance with IFRS. The Company strongly encourages investors to review its financial statements and other publicly filed reports in their entirety and not to rely on any single financial measure.

Non-IFRS financial measures include core earnings (losses).

Non-IFRS ratios include core earnings per common share (core EPS); core return on common shareholders’ equity (core ROE); core effective tax rate; core dividend payout ratio; and financial leverage ratio.

Supplementary financial measures include return on common shareholders’ equity (ROE); components of the CSM movement analysis (organic CSM movement, impact of new insurance business, organic financial growth, insurance experience gains (losses), impact of changes in assumptions and management actions, impact of markets, currency impact); components of the drivers of earnings (in respect of both net income attributed to common shareholders and core earnings); assets under management; assets under administration; capital available for deployment; dividend payout ratio; total payout ratio (trailing 12 months); organic capital generation; sales; net premiums; and premium equivalents and deposits.

For relevant information about non-IFRS measures, see the “Non-IFRS and Additional Financial Measures” section in the Management’s Discussion and Analysis (MD&A) for the period ending December 31, 2025, which is hereby incorporated by reference and is available for review on SEDAR+ at sedarplus.ca or on iA Financial Group’s website at ia.ca

A reconciliation of net income attributed to common shareholders to core earnings by business segment is included below. For a reconciliation on a consolidated basis, see the “Reconciliation of Net Income Attributed to Common Shareholders and Core Earnings” section above.

This document also makes reference to certain pro forma financial information, including pro forma supplementary financial measures giving effect to the revised CARLI guideline, including solvency ratio and capital available for deployment. These measures do not have standardized definitions and meaning; they may differ from similar measures used by other institutions and should not be viewed as an alternative to measures determined in accordance with IFRS. Accordingly, an unavoidable level of risk remains regarding the accuracy and completeness of such information, including with respect to facts or circumstances that would affect the completeness or accuracy of such information and which are unknown to the Company. See “Forward-Looking Statements”.

Reconciliation of Select Non-IFRS Financial Measures

Net Income and Core Earnings † Reconciliation – Insurance, Canada

(In millions of dollars, unless otherwise indicated)

Fourth quarter

Year-to-date at December 31

2025

2024

Variation

2025

2024

Variation

Net income attributed to common shareholders

(15%)

355

316

12%

Core earnings adjustments (post tax)

Market-related impacts

—

Assumption changes and management actions

Charges or proceeds related to acquisition or disposition of a business, including acquisition, integration and restructuring costs

—

Amortization of acquisition-related finite life intangible assets

Non-core pension expense

Specified items

Total

104

Core earnings †

105

116

(9%)

451

420

Net Income and Core Earnings † Reconciliation – Wealth Management

(In millions of dollars, unless otherwise indicated)

Fourth quarter

Year-to-date at December 31

2025

2024

Variation

2025

2024

Variation

Net income attributed to common shareholders

112

101

11%

428

379

13%

Core earnings adjustments (post tax)

Market-related impacts

—

Assumption changes and management actions

—

Charges or proceeds related to acquisition or disposition of a business, including acquisition, integration and restructuring costs

—

Amortization of acquisition-related finite life intangible assets

Non-core pension expense

Specified items

—

Total

Core earnings †

127

112

13%

471

411

15%

Net Income and Core Earnings † Reconciliation – US Operations

(In millions of dollars, unless otherwise indicated)

Fourth quarter

Year-to-date at December 31

2025

2024

Variation

2025

2024

Variation

Net income attributed to common shareholders

(13)

not meaningful

102

264%

Core earnings adjustments (post tax)

Market-related impacts

—

Assumption changes and management actions

(16)

Charges or proceeds related to acquisition or disposition of a business, including acquisition, integration and restructuring costs

—

Amortization of acquisition-related finite life intangible assets

Non-core pension expense

—

Specified items

(1)

Total

Core earnings †

15%

128

31%

Net Income and Core Earnings † Reconciliation – Investment

(In millions of dollars, unless otherwise indicated)

Fourth quarter

Year-to-date at December 31

2025

2024

Variation

2025

2024

Variation

Net income attributed to common shareholders

104

163

(36%)

421

440

(4%)

Core earnings adjustments (post tax)

Market-related impacts

(6)

(16)

(15)

(32)

Interest rates and credit spreads

—

Equity

(17)

(31)

(107)

(117)

Investment properties

(3)

CIF 23

(3)

Currency

—

Assumption changes and management actions

(5)

(35)

(10)

(39)

Charges or proceeds related to acquisition or disposition of a business, including acquisition, integration and restructuring costs

—

Amortization of acquisition-related finite life intangible assets

—

Non-core pension expense

—

Specified items

(2)

(10)

(13)

(10)

Total

(13)

(61)

(38)

(81)

Core earnings †

102

(11%)

383

359

Net Income and Core Earnings † Reconciliation – Corporate

(In millions of dollars, unless otherwise indicated)

Fourth quarter

Year-to-date at December 31

2025

2024

Variation

2025

2024

Variation

Net income (loss) attributed to common shareholders

(76)

(72)

(6%)

(253)

(221)

(14%)

Core earnings (losses) adjustments (post tax)

Market-related impacts

—

Assumption changes and management actions

—

Charges or proceeds related to acquisition or disposition of a business, including acquisition, integration and restructuring costs

Amortization of acquisition-related finite life intangible assets

—

Non-core pension expense

—

Specified items

—

Total

Core earnings (losses) †

(66)

(69)

(223)

(214)

(4%)

Core Earnings † to Net Income Attributed to Common Shareholders Reconciliation According to the DOE – Consolidated

(In millions of dollars, unless otherwise indicated)

Three months ended December 31

Core earnings †

Reclassifications 24

Income

per financial statements

Core earnings adjustment 25

Net investment result

Other

2025

2024

Variation

2025

2024

Variation

Insurance service result

315

309

(96)

—

219

236

(7%)

Net investment result

127

120

—

223

239

(7%)

Non-insurance activities or other revenues per financial statements

(31)

538

619

471

31%

Other expenses and financing charges on debentures 26

(154)

—

(86)

(46)

(538)

(824)

(677)

(22%)

Core earnings † or income per financial statements, before taxes

380

365

(143)

—

237

269

(12%)

Income taxes or income tax (expense) recovery

(74)

(72)

—

(36)

(43)

Dividends/Distributions on other equity instruments 27

(19)

(6)

(19)

(6)

Core earnings † or net income attributed to common shareholders per financial statements

287

—

(105)

—

182

220

(17%)

Forward-Looking Statements

This document may contain statements that are predictive or otherwise forward-looking in nature, that depend upon or refer to future events or conditions, or that include words such as “may”, “will”, “could”, “should”, “would”, “suspect”, “expect”, “anticipate”, “intend”, “plan”, “believe”, “estimate”, and “continue” (or the negative thereof), as well as words such as “financial targets”, “objective”, “goal”, “guidance”, “outlook” and “forecast”, or other similar words or expressions. Such statements constitute forward-looking statements within the meaning of securities laws. In this document, forward-looking statements include, but are not limited to, information concerning possible or future operating results, strategies, and financial and operational outlooks and statements regarding the anticipated impacts of the revised CARLI guideline that took effect on January 1, 2026. These statements are not historical facts; they represent only expectations, estimates and projections regarding future events and are subject to change.

Although iA Financial Group believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. In addition, certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements.

Escalating trade tensions between the U.S. and Canada, including tariffs, continue to disrupt supply chains and raise costs, contributing to economic uncertainty. Global equity markets could face increased volatility due to ongoing tariff risks, evolving interest rate expectations and elevated equity valuations. These factors may reduce consumer and investor confidence, increase financial instability and constrain growth prospects.

Additional information about the material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the “Risk Management” section of the Management’s Discussion and Analysis for 2025, the “Management of Financial Risks Associated with Financial Instruments and Insurance Contracts” note to the audited consolidated financial statements for the year ended December 31, 2025, and elsewhere in iA Financial Group’s filings with the Canadian Securities Administrators, which are available for review at sedarplus.ca.

The forward-looking statements and outlooks in this document reflect iA Financial Group’s expectations as of the date of this document. iA Financial Group does not undertake to update or release any revisions to these forward‑looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, except as required by law. Forward-looking statements are presented in this document for the purpose of assisting investors and others in understanding certain key elements of the Company’s expected financial results, as well as the Company’s objectives, strategic priorities and business outlook, and in obtaining a better understanding of the Company’s anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes.

The pro forma information set forth in this document should not be considered to be what the actual financial position or results of operations of the Company would have necessarily been had the revised CARLI guideline been implemented as at or for the periods stated. Readers should not place undue reliance on pro forma information. See the “Non-IFRS and Additional Financial Measures” section.

GENERAL INFORMATION

Documents Related to the Financial Results

For a detailed discussion of iA Financial Group’s fourth quarter results, investors are invited to consult the Management’s Discussion and Analysis for the quarter ended December 31, 2025, the related financial statements and accompanying notes and the Supplemental Information Package, all of which are available on the iA Financial Group website at ia.ca under About iA, in the Investor Relations/Financial Reports section. The Management's Discussion and Analysis and the Company’s financial statements are also available on SEDAR+ at sedarplus.ca.

CONFERENCE CALL

Management will hold a conference call to present iA Financial Group’s fourth quarter results on Wednesday, February 18, 2026 at 11:00 a.m. (ET). To listen to the conference call, choose one of the options below:

The conference call will be recorded and the replay will be available on the iA Financial Group website at ia.ca, under About iA/Investor Relations/Financial Reports.

ABOUT iA FINANCIAL GROUP

iA Financial Group is one of the largest insurance and wealth management groups in Canada, with operations in the United States. Founded in 1892, it is an important Canadian public company and is listed on the Toronto Stock Exchange under the ticker symbol IAG (common shares).

ia.ca

iA Financial Group is a business name and trademark of iA Financial Corporation Inc.

Consolidated Income Statements

Quarters ended

December 31

Twelve months ended

December 31

(in millions of Canadian dollars, unless otherwise indicated)

2025

2024

2025

2024

Insurance service result

Insurance revenue

2,166

1,822

7,790

6,802

Insurance service expenses

(1,854

)

(1,509

)

(6,278

)

(5,587

)

Net income (expenses) from reinsurance contracts

(93

)

(77

)

(356

)

(175

)

219

236

1,156

1,040

Net investment result

Net investment income

Interest and other investment income

617

637

2,216

2,310

Change in fair value of investments

(663

)

(364

)

(846

)

(192

)

(46

)

273

1,370

2,118

Finance income (expenses) from insurance contracts

258

)

(556

)

(1,190

)

Finance income (expenses) from reinsurance contracts

145

126

(Increase) decrease in investment contract liabilities and interest on deposits

(25

)

(41

)

(141

)

(235

)

223

239

818

819

Investment income (expenses) from segregated funds net assets

1,262

1,742

7,248

7,769

Finance income (expenses) related to segregated funds liabilities

(1,262

)

(1,742

)

(7,248

)

(7,769

)

—

223

239

818

819

Other revenues

619

471

2,092

1,744

Other operating expenses

(807

)

(662

)

(2,669

)

(2,307

)

Other financing charges

(17

)

(15

)

(69

)

(67

)

Income before income taxes

237

269

1,328

1,229

Income tax (expense) recovery

(36

)

(43

)

(232

)

(267

)

Net income

201

226

1,096

962

Dividends on preferred shares and distributions on other equity instruments

(19

)

(43

)

(20

)

Net income attributed to common shareholders

182

220

1,053

942

Earnings per common share (in dollars)

Basic

1.98

2.34

11.36

9.81

Diluted

1.97

2.33

11.29

9.77

Weighted average number of shares outstanding (in millions of units)

Basic

Diluted

Dividends per common share (in dollars)

0.99

0.90

3.78

3.36

Consolidated Statements of Financial Position

As at December 31 (in millions of Canadian dollars)

2025

2024

Assets

Investments

Cash and short-term investments

2,262

1,566

Bonds

31,080

32,690

Stocks

6,504

5,130

Loans

3,687

3,444

Derivative financial instruments

926

1,066

Other investments

119

165

Investment properties

1,446

1,519

46,024

45,580

Other assets

5,185

3,989

Insurance contract assets

105

Reinsurance contract assets

3,287

3,382

Fixed assets

333

317

Deferred income tax assets

775

459

Intangible assets

2,278

1,964

Goodwill

1,799

1,490

General fund assets

59,761

57,286

Segregated funds net assets

63,047

52,575

Total assets

122,808

109,861

Liabilities

Insurance contract liabilities

37,317

36,894

Investment contract liabilities and deposits

7,620

6,352

Derivative financial instruments

734

1,060

Other liabilities

3,936

3,292

Deferred income tax liabilities

392

327

Debentures

1,496

1,894

General fund liabilities

51,495

49,819

Insurance contract liabilities related to segregated funds

46,365

38,149

Investment contract liabilities related to segregated funds

16,682

14,426

Total liabilities

114,542

102,394

Equity

Common shares and contributed surplus

1,530

1,540

Preferred shares and other equity instruments

1,000

600

Retained earnings and accumulated other comprehensive income

5,736

5,327

8,266

7,467

Total liabilities and equity

122,808

109,861

Segmented Results

Quarter ended December 31, 2025

(in millions of Canadian dollars)

Insurance, Canada

Wealth Management

US Operations

Investment

Corporate

Consolidation adjustments

Total

Insurance service result

Insurance revenue

1,104

381

681

—

2,166

Insurance service expenses and net expenses from reinsurance contracts

(1,012

)

(268

)

(667

)

—

(1,947

)

113

—

219

Net investment result

Net investment income

—

(86

)

—

(46

)

Finance income (expenses) from insurance and reinsurance contracts and change in investment contract liabilities and interest on deposits

—

)

—

270

—

269

—

184

—

223

Other revenues

507

(23

)

619

Other expenses

(103

)

(498

)

(72

)

(64

)

(110

)

(824

)

Income before income taxes

155

130

(103

)

—

237

Income tax (expense) recovery

(13

)

(43

)

—

)

—

(36

)

Net income

112

123

(76

)

—

201

Dividends on preferred shares and distributions on other equity instruments

—

(19

)

—

(19

)

Net income attributed to common shareholders

112

104

(76

)

—

182

Quarter ended December 31, 2024

(in millions of Canadian dollars)

Insurance, Canada

Wealth Management

US Operations

Investment

Corporate

Consolidation adjustments

Total

Insurance service result

Insurance revenue

1,028

317

477

—

1,822

Insurance service expenses and net expenses from reinsurance contracts

(927

)

(218

)

(441

)

—

(1,586

)

101

—

236

Net investment result

Net investment income

—

236

—

273

Finance income (expenses) from insurance and reinsurance contracts and change in investment contract liabilities and interest on deposits

—

(34

)

—

(34

)

—

202

—

239

Other revenues

381

(15

)

471

Other expenses

(77

)

(372

)

(94

)

(55

)

(94

)

(677

)

Income before income taxes

139

(13

)

156

(86

)

—

269

Income tax (expense) recovery

(32

)

(38

)

—

(43

)

Net income

101

(13

)

169

(72

)

—

226

Dividends on preferred shares and distributions on other equity instruments

—

)

—

)

Net income attributed to common shareholders

101

(13

)

163

(72

)

—

220

Twelve months ended December 31, 2025

(in millions of Canadian dollars)

Insurance, Canada

Wealth Management

US Operations

Investment

Corporate

Consolidation adjustments

Total

Insurance service result

Insurance revenue

4,310

1,357

2,123

—

7,790

Insurance service expenses and net expenses from reinsurance contracts

(3,756

)

(930

)

(1,948

)

—

(6,634

)

554

427

175

—

1,156

Net investment result

Net investment income

—

114

—

1,242

—

1,370

Finance income (expenses) from insurance and reinsurance contracts and change in investment contract liabilities and interest on deposits

—

)

—

(548

)

—

(552

)

—

110

—

694

—

818

Other revenues

225

1,688

215

(76

)

2,092

Other expenses

(283

)

(1,633

)

(296

)

(240

)

(362

)

(2,738

)

Income before income taxes

496

592

490

(344

)

—

1,328

Income tax (expense) recovery

(141

)

(164

)

(26

)

—

(232

)

Net income

355

428

102

464

(253

)

—

1,096

Dividends on preferred shares and distributions on other equity instruments

—

(43

)

—

(43

)

Net income attributed to common shareholders

355

428

102

421

(253

)

—

1,053

Twelve months ended December 31, 2024

(in millions of Canadian dollars)

Insurance, Canada

Wealth Management

US Operations

Investment

Corporate

Consolidation adjustments

Total

Insurance service result

Insurance revenue

3,975

1,137

1,690

—

6,802

Insurance service expenses and net expenses from reinsurance contracts

(3,449

)

(776

)

(1,537

)

—

(5,762

)

526

361

153

—

1,040

Net investment result

Net investment income

—

127

—

1,979

—

2,118

Finance income (expenses) from insurance and reinsurance contracts and change in investment contract liabilities and interest on deposits

—

)

—

(1,297

)

—

(1,299

)

—

125

—

682

—

819

Other revenues

189

1,407

174

(65

)

1,744

Other expenses

(264

)

(1,371

)

(291

)

(213

)

(300

)

(2,374

)

Income before income taxes

451

522

502

(282

)

—

1,229

Income tax (expense) recovery

(135

)

(143

)

(42

)

—

(267

)

Net income

316

379

460

(221

)

—

962

Dividends on preferred shares issued by a subsidiary and distributions on other equity instruments

—

(20

)

—

(20

)

Net income attributed to common shareholders

316

379

440

(221

)

—

942

†

This item is a non-IFRS financial measure; see the “Non-IFRS and Additional Financial Measures” section and the “Reconciliation of Select Non-IFRS Financial Measures” section in this document and in the 2025 Management’s Discussion and Analysis for relevant information about such measures and a reconciliation to the most directly comparable IFRS measure.

††

This item is a non-IFRS ratio; see the “Non-IFRS and Additional Financial Measures” section in this document and in the 2025 Management’s Discussion and Analysis.

Within the meaning of applicable securities laws, such financial targets constitute “financial outlook” and “forward-looking information”. The purpose of these financial targets is to provide a description of management’s expectations regarding iA Financial Group’s annual and medium-term financial performance and may not be appropriate for other purposes. Actual results could vary materially as a result of numerous factors, including the risk factors referenced herein. Certain material assumptions relating to financial targets provided herein and other related financial and operating targets are described in this document. They are also described in the Investor Event 2025 presentation material available on iA Financial Group’s website at ia.ca, under About iA, in the Investor Relations section and in other documents made available by the Company. See “Forward-Looking Statements”.

The Company’s dividend and distribution policy is subject to change, and dividends and distributions are declared or made at the discretion of the Board of Directors.

Impact of the tax-exempt investment income (above or below expected long-term tax impacts) from the Company’s multinational insurer status.

This item is a component of the drivers of earnings (DOE). Refer to the “Non-IFRS and Additional Financial Measures” section in this document for more information on presentation according to the DOE. For a reconciliation of core earnings † to net income attributed to common shareholders through the drivers of earnings (DOE), refer to the “Reconciliation of Select Non-IFRS Financial Measures” section of this document.

Impact of the tax-exempt investment income (above or below expected long-term tax impacts) from the Company’s multinational insurer status.

Components of the CSM movement analysis constitute supplementary financial measures. Refer to the “Non-IFRS and Additional Financial Measures” section of this document and the “CSM Movement Analysis” section of the 2025 Management’s Discussion and Analysis for more information on the CSM movement analysis.

According to the latest Canadian data published by LIMRA.

According to the latest industry data from Investor Economics.

Net premiums and premium equivalents and deposits are supplementary financial measures. Refer to the “Non-IFRS and Additional Financial Measures” section of this document for more information.

According to the latest industry data from Investor Economics.

Source: annual and quarterly reports, press releases and public corporate websites.

The RF Capital Group acquisition price was estimated at $693 million at November 4, 2025. This amount was revised to $691 million once the final advisor retention costs were determined.

Impact of the tax-exempt investment income (above or below expected long-term tax impacts) from the Company’s multinational insurer status.

Refer to the “Reconciliation of Select Non-IFRS Financial Measures” section of the 2025 Management’s Discussion and Analysis for details about these two reclassifications. These reclassifications reflect items subject to a different classification treatment between the financial statements and the drivers of earnings (DOE).

For a breakdown of core earnings adjustments applied to reconcile core earnings† and net income attributed to common shareholders, see “Reconciliation of Net Income Attributed to Common Shareholders and Core Earnings” † above.

Since Q2/2025, Financing charges on debentures previously presented in other expenses are shown as a separate line item in the DOE and do not imply any change in the compilation methodology. See the “Non-IFRS and Additional Financial Measures” section in this document for more information on the Financing charges on debentures line item.

Dividends on preferred shares and distributions on other equity instruments.