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iA Financial Corporation Inc. Supplemental Information Package (unaudited) For the first quarter of 2025 As at March 31, 2025
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GENERAL INFORMATION 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 symbols IAG (common shares). iA Financial Group serves over five million four hundred thousand clients, employs more than 10,200 people and is backed by a network of more than 50,000 advisors. iA Financial Corporation Inc. (“iA Financial Corporation” or the “Company”) is the parent company of Industrial Alliance Insurance and Financial Services Inc. (“iA Insurance”). Head Office Shareholder Services iA Financial Group For questions regarding share accounts, dividends, changes of address 1080 Grande Allée West an ownership and other related matters, contact our transfer agent: PO Box 1907, Station Terminus Computershare Investor Services Inc. Quebec City, QC G1K 7M3 Telephone: 514-982-7555 Telephone: 418-684-5000 Toll-free: 1-877-684-5000 Toll-free: 1-800-463-6236 ia@computershare.com ia.ca Investor Relations Stock Exchange Listing For analysts, portfolio managers and investors requesting financial The common shares of iA Financial Corporation Inc. are listed information, contact our Investor Relations Department: on the Toronto Stock Exchange under the stock symbol IAG. Toll-free: 1-800-463-6236, ext. 105862 Fax: 418-684-5192 Dividend Reinvestment and Share Purchase Plan investors@ia.ca Computershare Trust Company of Canada Telephone: 514-982-7555 Next Reporting Dates Toll-free: 1-877-684-5000 2025 Second quarter – August 5, 2025 after market close ia@computershare.com 2025 Third quarter – November 4, 2025 after market close 2025 Fourth quarter – February 17, 2026 after market close Credit Ratings General Information iA Financial Corporation Inc. For information on upcoming earnings releases, investor Issuer credit rating conferences and disclosure documents consult our S&P: A website at ia.ca, under About iA, in the Investor Relations section. DBRS: A Industrial Alliance Insurance and Financial Services Inc. Financial strength rating S&P: AA- DBRS: AA (low) A.M. Best: A+ (Superior)
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NOTICE AND GENERAL INFORMATION NON-IFRS AND ADDITIONAL FINANCIAL MEASURES iA Financial Corporation (hereinafter referred to as the “Company”) reports its financial results and statements in accordance with IFRS® Accounting Standards (referred to as “IFRS” in this document”). 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 measure includes core earnings (losses). Non-IFRS financial 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; financial leverage ratio. Supplementary financial measures include return on common shareholder’s 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; premium equivalents and deposits. For relevant information about non-IFRS measures, including a reconciliation of non-IFRS financial measures to the most directly comparable IFRS measure used in this document, see the “Non-IFRS and Additional Financial Measures” section and the “Reconciliation of Select Non-IFRS Financial Measures” section in the Management’s Discussion and Analysis (MD&A) for the period ending March 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. In this document, items marked with the † symbol are non-IFRS financial measures and all items marked with the †† symbol are non-IFRS ratios. March 31, 2025 (First quarter) 3
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TABLE OF CONTENTS HIGHLIGHTS .................................................................................................................................................................................................................................................................................................. 5 PROFITABILITY ............................................................................................................................................................................................................................................................................................. 6 CONSOLIDATED INCOME STATEMENTS .............................................................................................................................................................................................................................................. 7 CONSOLIDATED COMPREHENSIVE INCOME ...................................................................................................................................................................................................................................... 8 DRIVERS OF EARNINGS – CORE ............................................................................................................................................................................................................................................................. 9 DRIVERS OF EARNINGS – CORE, BY BUSINESS SEGMENTS ........................................................................................................................................................................................................ 10 DRIVERS OF EARNINGS ............................................................................................................................................................................................................................................................................. 16 DRIVERS OF EARNINGS, BY BUSINESS SEGMENTS ........................................................................................................................................................................................................................ 17 RECONCILIATION OF EARNINGS ACCORDING TO THE DRIVERS OF EARNINGS ANALYSIS .............................................................................................................................................. 23 CORE EARNINGS ADJUSTMENTS ........................................................................................................................................................................................................................................................... 24 CSM MOVEMENT ANALYSIS – CONSOLIDATED ................................................................................................................................................................................................................................. 25 BUSINESS GROWTH .................................................................................................................................................................................................................................................................................... 26 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION .............................................................................................................................................................................................................. 30 INVESTED ASSETS ...................................................................................................................................................................................................................................................................................... 31 SOLVENCY AND CAPITALIZATION ......................................................................................................................................................................................................................................................... 39 MACROECONOMIC SENSITIVITY ............................................................................................................................................................................................................................................................. 41 SHARE INFORMATION ................................................................................................................................................................................................................................................................................ 45 SUPPLEMENTARY FINANCIAL MEASURES ......................................................................................................................................................................................................................................... 47 Basis of Presentation Amounts are expressed in millions of Canadian dollars unless otherwise indicated. Certain prior period amounts have been reclassified to conform to the current period's presentation. March 31, 2025 (First quarter) 4
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H IGHLIGHTS Three months ended March 31 Twelve months ended December 31 (In millions of dollars, unless otherwise indicated) 2025 2024 Variation 2024 PROFITABILITY Net income 195 234 (17%) 962 Dividends on preferred shares issued by a subsidiary and distributions on other equity instruments (9) (1) 800% (20) Net income attributed to common shareholders 186 233 (20%) 942 Earnings per common share Basic $1.99 $2.35 (15%) $9.81 Diluted1 $1.98 $2.34 (15%) $9.77 Diluted, core†† $2.91 $2.44 19% $11.16 Return on common shareholders' equity Trailing 12 months2 13.0% 10.9% 210 bps — Trailing 12 months, core†† 16.1% 14.6% 150 bps — Quarter annualized 10.8% 13.9% (310) bps — Quarter annualized, core†† 15.8% 14.5% 130 bps — BUSINESS GROWTH Sales1 by business segments Insurance, Canada Individual Insurance 99 89 11% 392 Group Insurance 178 136 31% 496 Dealer Services 163 148 10% 715 iA Auto and Home 129 114 13% 600 Wealth management Individual Wealth Management 3,053 2,345 30% 9,418 Group Savings and Retirement 841 918 (8%) 4,514 US Operations Individual Insurance 97 56 73% 311 Dealer Services 438 334 31% 1,488 Assets under management1 and assets under administration1 264,021 229,310 15% 259,366 FINANCIAL STRENGTH Solvency ratio3 132% 142% (7%) — Financial leverage ratio†† 14.8% 14.3% 50 bps — Organic capital generation2 125 130 (4%) 635 Capital available for deployment2 1,400 1,500 (7%) — BOOK VALUE PER OUTSTANDING COMMON SHARE $74.62 $68.93 8% $73.44 HUMAN RESSOURCES Number of employees 10,250 9,796 5% 10,101 1 Due to rounding, the sum of the quarterly figures may not equal the annual total. 2 Refer to the “Supplementary Financial Measures” section at the end of this document for more information on this measure. 3 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 according to the blanket order of the AMF No 2021-PDG-0065. †† This item is a non-IFRS ratio; see the “Non-IFRS and Additional Financial Measures” section in this document for relevant information about such measure. March 31, 2025 (First quarter) 5
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PROF ITABILITY 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Net income Net income 195 226 288 214 234 256 56 204 273 962 789 Dividends on preferred shares issued by a subsidiary and distributions on other equity instruments (9) (6) (5) (8) (1) (8) (1) (8) (3) (20) (20) Net income attributed to common shareholders 186 220 283 206 233 248 55 196 270 942 769 Earnings per common share Basic1 $1.99 $2.34 $3.00 $2.13 $2.35 $2.47 $0.55 $1.90 $2.59 $9.81 $7.51 Diluted1 $1.98 $2.33 $2.99 $2.12 $2.34 $2.46 $0.54 $1.89 $2.58 $9.77 $7.48 Diluted, core†† $2.91 $3.04 $2.93 $2.75 $2.44 $2.34 $2.50 $2.39 $2.08 $11.16 $9.31 Return on common shareholders' equity Trailing 12 months 13.0% 13.9% 14.5% 11.1% 10.9% 11.6% 10.6% 9.7% 9.0% — — Trailing 12 months, core†† 16.1% 15.9% 15.3% 15.0% 14.6% 14.4% 14.8% 14.5 % 14.6 % — — Quarter annualized 10.8% 12.9% 16.9% 12.3% 13.9% 14.9% 3.4% 11.7% 16.2% — — Quarter annualized, core†† 15.8% 16.9% 16.6% 15.9% 14.5% 14.2% 15.4% 14.7 % 13.0 % — — Net income attributed to common shareholders by business segments Insurance, Canada 87 41 95 97 83 43 79 83 69 316 274 Wealth Management 95 101 99 91 88 85 73 70 60 379 288 US Operations 19 (13) 21 8 12 (7) 24 20 10 28 47 Investment 35 163 114 63 100 181 (76) 75 178 440 358 Corporate (50) (72) (46) (53) (50) (54) (45) (52) (47) (221) (198) Total 186 220 283 206 233 248 55 196 270 942 769 Core earnings† by business segments Insurance, Canada 100 116 106 106 92 78 91 91 74 420 334 Wealth Management 106 112 106 98 95 91 82 76 65 411 314 US Operations 30 26 31 22 19 26 32 26 17 98 101 Investment 85 102 80 91 86 95 93 106 108 359 402 Corporate (48) (69) (46) (50) (49) (54) (42) (52) (47) (214) (195) Total 273 287 277 267 243 236 256 247 217 1,074 956 1 Due to rounding, the sum of the quarterly figures may not equal the annual total. † This item is a Non-IFRS financial measure; see the “Non-IFRS and Additional Financial Measures” section in this document for relevant information about such measure. †† This item is a non-IFRS ratio; see the “Non-IFRS and Additional Financial Measures” section in this document for relevant information about such measure. March 31, 2025 (First quarter) 6
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C ONSOLIDATED INCOME STATEMENTS 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Insurance service result Insurance revenue 1,826 1,822 1,741 1,644 1,595 1,547 1,458 1,376 1,359 6,802 5,740 Insurance service expenses (1,465) (1,509) (1,498) (1,297) (1,283) (1,465) (1,166) (1,143) (1,119) (5,587) (4,893) Net income (expenses) from reinsurance contracts (80) (77) 45 (80) (63) 95 (60) 5 (34) (175) 6 Total 281 236 288 267 249 177 232 238 206 1,040 853 Net investment result Net Investment income Interest and other investment income 540 656 549 547 577 545 456 512 433 2,329 1,946 Change in fair value of investments (77) (383) 1,621 (322) (1,127) 3,869 (3,029) 123 1,074 (211) 2,037 463 273 2,170 225 (550) 4,414 (2,573) 635 1,507 2,118 3,983 Finance income (expenses) from insurance contracts (366) (4) (1,922) (57) 793 (4,156) 2,593 (498) (1,246) (1,190) (3,307) Finance income (expenses) from reinsurance contracts 50 11 79 33 3 93 (23) 39 46 126 155 (Increase) decrease in investment contract liabilities and interest on deposits (41) (41) (85) (59) (50) (43) (41) (38) (29) (235) (151) 106 239 242 142 196 308 (44) 138 278 819 680 Investment income (expenses) from segregated funds net assets (116) 1,742 2,516 870 2,641 3,142 (950) 830 1,675 7,769 4,697 Finance income (expenses) related to segregated funds liabilities 116 (1,742) (2,516) (870) (2,641) (3,142) 950 (830) (1,675) (7,769) (4,697) — — — — — — — — — — — 106 239 242 142 196 308 (44) 138 278 819 680 Other revenues 487 471 437 432 404 386 387 388 376 1,744 1,537 Other operating expenses (615) (662) (560) (558) (527) (523) (487) (505) (488) (2,307) (2,003) Other financing charges (18) (15) (18) (17) (17) (15) (19) (14) (18) (67) (66) Income before 241 269 389 266 305 333 69 245 354 1,229 1,001 Income tax (expense) recovery (46) (43) (101) (52) (71) (77) (13) (41) (81) (267) (212) Net income 195 226 288 214 234 256 56 204 273 962 789 Distributions on other equity instruments and dividends on preferred shares issued by a subsidiary (9) (6) (5) (8) (1) (8) (1) (8) (3) (20) (20) Net income attributed to common shareholders 186 220 283 206 233 248 55 196 270 942 769 March 31, 2025 (First quarter) 7
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C ONSOLIDATED COMPREHENSIVE INCOME 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Comprehensive income statements Net income 195 226 288 214 234 256 56 204 273 962 789 Other comprehensive income (loss), net of Items that may be reclassified subsequently to net income: Net investment hedge Unrealized gains (losses) on currency translation in foreign operations 3 180 (32) 23 72 (74) 63 (64) (3) 243 (78) Hedges of net investment in foreign operations (1) (95) 16 (12) (44) 38 (40) 40 3 (135) 41 Total 2 85 (16) 11 28 (36) 23 (24) — 108 (37) Cash flow hedge Unrealized gains (losses) on cash flow hedges — — 1 1 3 (4) — — — 5 (4) Total — — 1 1 3 (4) — — — 5 (4) Items that will not be reclassified subsequently to net income Revaluation surplus related to transfers to investment properties — — — — — — 1 — 2 — 3 Remeasurement of post-employment benefits 16 (2) 10 16 46 75 10 (4) (5) 70 76 Total 16 (2) 10 16 46 75 11 (4) (3) 70 79 Total other comprehensive income (loss) 18 83 (5) 28 77 35 34 (28) (3) 183 38 Comprehensive income 213 309 283 242 311 291 90 176 270 1,145 827 DETAIL OF CONSOLIDATED ACCUMULATED OTHER COMPREHENSIVE INCOME 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Accumulated other comprehensive income (loss) Balance at beginning of period 74 (17) (17) (17) (17) 21 21 21 21 (17) 21 Transfer of post-employment benefits to retained earnings (16) (70) (72) (62) (46) (76) (1) 9 5 (70) (76) Total other comprehensive income 18 183 100 105 77 38 3 (31) (3) 183 38 Transfer of revaluation surplus related to investment properties — (22) — — — — — — — (22) — Balance at end of period 76 74 11 26 14 (17) 23 (1) 23 74 (17) Sources of accumulated other comprehensive income (loss) Balance at end of period Currency translation account 303 300 120 152 129 57 131 68 132 300 57 Hedge (230) (229) (134) (151) (140) (99) (133) (93) (133) (229) (99) Revaluation surplus related to transfers to investment properties 3 3 25 25 25 25 25 24 24 3 25 Total 76 74 11 26 14 (17) 23 (1) 23 74 (17) March 31, 2025 (First quarter) 8
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D RIVERS OF EARNINGS1 – CORE 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Core insurance service result Risk adjustment release 73 74 73 67 66 61 61 59 59 280 240 CSM recognized for services provided 195 191 184 170 164 157 152 153 147 709 609 Expected earnings on PAA insurance business 25 41 41 37 21 38 37 34 24 140 133 Expected insurance earnings 293 306 298 274 251 256 250 246 230 1,129 982 Impact of new insurance business (9) (15) (9) (13) (18) (28) (11) (15) (14) (55) (68) Core insurance experience gains (losses) 1 18 (1) 6 16 11 (4) 3 (10) 39 — Total – Core insurance service result 285 309 288 267 249 239 235 234 206 1,113 914 Expected investment earnings 123 127 113 113 110 136 130 135 141 463 542 Credit experience2 1 (7) (2) (5) (1) (2) — (2) (2) (15) (6) Core net investment result 124 120 111 108 109 134 130 133 139 448 536 Core non-insurance activities 86 90 84 87 75 70 80 73 70 336 293 Core other expenses (131) (154) (119) (123) (123) (129) (113) (128) (127) (519) (497) Core earnings† before taxes 364 365 364 339 310 314 332 312 288 1,378 1,246 Core income taxes (82) (72) (82) (64) (66) (70) (75) (57) (68) (284) (270) Dividends/distributions on equity instruments (post-tax) (9) (6) (5) (8) (1) (8) (1) (8) (3) (20) (20) Core earnings† 273 287 277 267 243 236 256 247 217 1,074 956 Core earnings adjustments (post-tax) Market-related impacts (63) 16 34 (27) 9 89 (169) (72) 70 32 (82) Assumption changes and management actions 5 (17) — (1) 5 (56) — 43 — (13) (13) Charges or proceeds related to acquisition, disposition or restructuring of a business, including acquisition, integration and restructuring costs (2) (4) (6) (12) (3) (4) (3) (2) (1) (25) (10) Amortization of acquisition-related finite life intangible assets (21) (19) (19) (17) (17) (17) (17) (16) (16) (72) (66) Non-core pension expense (4) (4) (3) (4) (4) (2) (2) (4) — (15) (8) Other specified unusual gains and losses (2) (39) — — — 2 (10) — — (39) (8) Total (87) (67) 6 (61) (10) 12 (201) (51) 53 (132) (187) Net income attributed to common shareholders 186 220 283 206 233 248 55 196 270 942 769 Core earnings adjustments (before taxes, where applicable) Market-related impacts (94) 3 62 (28) 20 129 (221) (98) 88 57 (102) Assumption changes and management actions 7 (22) — (1) 7 (75) — 60 — (16) (15) Charges or proceeds related to acquisition, disposition or restructuring of a business, including acquisition, integration and restructuring costs (3) (6) (8) (16) (3) (5) (4) (2) (1) (33) (12) Amortization of acquisition-related finite life intangible assets (26) (25) (25) (23) (23) (23) (21) (22) (21) (96) (87) Non-core pension expense (5) (5) (4) (5) (6) (2) (3) (5) — (20) (10) Other specified unusual gains and losses (2) (41) — — — (7) (14) — — (41) (21) Total (123) (96) 25 (73) (5) 17 (263) (67) 66 (149) (247) Core effective tax rate†† 22.5% 19.7% 22.5% 18.9% 21.3% 22.3% 22.6% 18.3% 23.6% 20.6% 21.7% 1 For more information on DOE and its components, refer to the “Non-IFRS and Additional Financial Measures” and the “Supplementary Financial Measures” sections of this document. 2 Credit experience that flows directly to core earnings† includes: 1) the impact of rating changes, including defaults, on fixed income assets measured at fair value through profit or loss of the investment portfolio, and 2) changes in the quarterly credit experience on car loans (which are all classified at amortized cost), including impacts on allowance for credit losses (ACL). † This item is a Non-IFRS financial measure; see the “Non-IFRS and Additional Financial Measures” section in this document for relevant information about such measure. †† This item is a non-IFRS ratio; see the “Non-IFRS and Additional Financial Measures” section in this document for relevant information about such measure. March 31, 2025 (First quarter) 9
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DRIVERS OF EARNINGS – CORE, BY BUSINESS SEGMENTS / INSURANCE, CANADA 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Core insurance service result Risk adjustment release 46 47 47 47 46 45 44 43 43 187 175 CSM recognized for services provided 82 77 78 77 74 73 75 76 71 306 295 Expected earnings on PAA insurance business 13 27 29 24 9 27 24 22 11 89 84 Expected insurance earnings 141 151 154 148 129 145 143 141 125 582 554 Impact of new insurance business (8) (13) (7) (9) (12) (26) (9) (14) (11) (41) (60) Core insurance experience gains (losses) 4 15 (6) 11 17 — (6) — (6) 37 (12) Total – Core insurance service result 137 153 141 150 134 119 128 127 108 578 482 Expected investment earnings — — — — — — — — — — — Credit experience — — — — — — — — — — — Core net investment result — — — — — — — — — — — Core non-insurance activities 15 14 14 12 8 5 11 9 10 48 35 Core other expenses (15) (16) (11) (17) (16) (17) (15) (14) (16) (60) (62) Core earnings† before taxes 137 151 144 145 126 107 124 122 102 566 455 Core income taxes (37) (35) (38) (39) (34) (29) (33) (31) (28) (146) (121) Dividends/distributions on equity instruments (post-tax) — — — — — — — — — — — Core earnings† 100 116 106 106 92 78 91 91 74 420 334 Core earnings adjustments (post-tax) Market-related impacts — — — — — — — — — — — Assumption changes and management actions — (37) — — — (31) — 1 — (37) (30) Charges or proceeds related to acquisition, disposition or restructuring of a business, including acquisition, integration and restructuring costs — (1) (4) (2) (2) (2) (2) (2) (1) (9) (7) Amortization of acquisition-related finite life intangible assets (5) (4) (5) (4) (4) (4) (4) (4) (4) (17) (16) Non-core pension expense (3) (3) (2) (3) (3) (1) (1) (3) — (11) (5) Other specified unusual gains and losses (5) (30) — — — 3 (5) — — (30) (2) Total (13) (75) (11) (9) (9) (35) (12) (8) (5) (104) (60) Net income attributed to common shareholders 87 41 95 97 83 43 79 83 69 316 274 Core earnings adjustments (before taxes, where applicable) Market-related impacts — — — — — — — — — — — Assumption changes and management actions — (51) — — — (44) — 2 — (51) (42) Charges or proceeds related to acquisition, disposition or restructuring of a business, including acquisition, integration and restructuring costs — (2) (4) (2) (2) (2) (2) (2) (1) (10) (7) Amortization of acquisition-related finite life intangible assets (6) (6) (6) (6) (6) (7) (5) (6) (5) (24) (23) Non-core pension expense (5) (4) (3) (4) (4) (1) (2) (4) — (15) (7) Other specified unusual gains and losses 2 (15) — — — 4 (6) — — (15) (2) Total (9) (78) (13) (12) (12) (50) (15) (10) (6) (115) (81) † This item is a Non-IFRS financial measure; see the “Non-IFRS and Additional Financial Measures” section in this document for relevant information about such measure. March 31, 2025 (First quarter) 10
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D RIVERS OF EARNINGS – CORE, BY BUSINESS SEGMENTS / WEALTH MANAGEMENT 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Core insurance service result Risk adjustment release 10 11 10 10 9 7 8 7 7 40 29 CSM recognized for services provided 88 90 81 76 74 66 59 59 59 321 243 Expected earnings on PAA insurance business — — — — — — — — — — — Expected insurance earnings 98 101 91 86 83 73 67 66 66 361 272 Impact of new insurance business — (1) — — (1) — — — — (2) — Core insurance experience gains (losses) (2) (1) 3 — — 8 3 3 (4) 2 10 Total – Core insurance service result 96 99 94 86 82 81 70 69 62 361 282 Expected investment earnings — — — — — — — — — — — Credit experience — — — — — — — — — — — Core net investment result — — — — — — — — — — — Core non-insurance activities 53 61 51 53 50 48 45 41 38 215 172 Core other expenses (2) (6) — (3) (1) (4) (2) (4) (5) (10) (15) Core earnings† before taxes 147 154 145 136 131 125 113 106 95 566 439 Core income taxes (41) (42) (39) (38) (36) (34) (31) (30) (30) (155) (125) Dividends/distributions on equity instruments (post-tax) — — — — — — — — — — — Core earnings† 106 112 106 98 95 91 82 76 65 411 314 Core earnings adjustments (post-tax) Market-related impacts — — — — — — — — — — — Assumption changes and management actions — — — — — — — — — — — Charges or proceeds related to acquisition, disposition or restructuring of a business, including acquisition, integration and restructuring costs — — — — — — (1) — — — (1) Amortization of acquisition-related finite life intangible assets (7) (7) (6) (6) (6) (5) (5) (5) (5) (25) (20) Non-core pension expense (1) (1) (1) (1) (1) (1) (1) (1) — (4) (3) Other specified unusual gains and losses (3) (3) — — — — (2) — — (3) (2) Total (11) (11) (7) (7) (7) (6) (9) (6) (5) (32) (26) Net income attributed to common shareholders 95 101 99 91 88 85 73 70 60 379 288 Core earnings adjustments (before taxes, where applicable) Market-related impacts — — — — — — — — — — — Assumption changes and management actions — — — — — — — — — — — Charges or proceeds related to acquisition, disposition or restructuring of a business, including acquisition, integration and restructuring costs — — — — — — (2) — — — (2) Amortization of acquisition-related finite life intangible assets (10) (9) (9) (8) (8) (7) (7) (7) (7) (34) (28) Non-core pension expense — (1) (1) (1) (2) (1) (1) (1) — (5) (3) Other specified unusual gains and losses (5) (5) — — — — (3) — — (5) (3) Total (15) (15) (10) (9) (10) (8) (13) (8) (7) (44) (36) † This item is a Non-IFRS financial measure; see the “Non-IFRS and Additional Financial Measures” section in this document for relevant information about such measure. March 31, 2025 (First quarter) 11
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DRIVERS OF EARNINGS – CORE, BY BUSINESS SEGMENTS / US OPERATIONS 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Core insurance service result Risk adjustment release 17 16 16 10 11 9 9 9 9 53 36 CSM recognized for services provided 25 24 25 17 16 18 18 18 17 82 71 Expected earnings on PAA insurance business 12 14 12 13 12 11 13 12 13 51 49 Expected insurance earnings 54 54 53 40 39 38 40 39 39 186 156 Impact of new insurance business (1) (1) (2) (4) (5) (2) (2) (1) (3) (12) (8) Core insurance experience gains (losses) (1) 4 2 (5) (1) 3 (1) — — — 2 Total – Core insurance service result 52 57 53 31 33 39 37 38 36 174 150 Expected investment earnings — — — — — — — — — — — Credit experience — — — — — — — — — — — Core net investment result — — — — — — — — — — — Core non-insurance activities 18 15 19 22 17 17 24 23 22 73 86 Core other expenses (32) (35) (34) (25) (26) (23) (22) (28) (33) (120) (106) Core earnings† before taxes 38 37 38 28 24 33 39 33 25 127 130 Core income taxes (8) (11) (7) (6) (5) (7) (7) (7) (8) (29) (29) Dividends/distributions on equity instruments (post-tax) — — — — — — — — — — — Core earnings† 30 26 31 22 19 26 32 26 17 98 101 Core earnings adjustments (post-tax) Market-related impacts — — — — — — — — — — — Assumption changes and management actions — (15) — — — (19) — 1 — (15) (18) Charges or proceeds related to acquisition, disposition or restructuring of a business, including acquisition, integration and restructuring costs — — (2) (7) — (2) — — — (9) (2) Amortization of acquisition-related finite life intangible assets (9) (8) (8) (7) (7) (8) (8) (7) (7) (30) (30) Non-core pension expense — — — — — — — — — — — Other specified unusual gains and losses (2) (16) — — — (4) — — — (16) (4) Total (11) (39) (10) (14) (7) (33) (8) (6) (7) (70) (54) Net income attributed to common shareholders 19 (13) 21 8 12 (7) 24 20 10 28 47 Core earnings adjustments (before taxes, where applicable) Market-related impacts — — — — — — — — — — — Assumption changes and management actions — (19) — — — (23) — 2 — (19) (21) Charges or proceeds related to acquisition, disposition or restructuring of a business, including acquisition, integration and restructuring costs (1) — (3) (10) — (3) — — — (13) (3) Amortization of acquisition-related finite life intangible assets (10) (10) (10) (9) (9) (9) (9) (9) (9) (38) (36) Non-core pension expense — — — — — — — — — — — Other specified unusual gains and losses (3) (21) — — — (6) — — — (21) (6) Total (14) (50) (13) (19) (9) (41) (9) (7) (9) (91) (66) † This item is a Non-IFRS financial measure; see the “Non-IFRS and Additional Financial Measures” section in this document for relevant information about such measure. March 31, 2025 (First quarter) 12
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DRIVERS OF EARNINGS – CORE, BY BUSINESS SEGMENTS / INVESTMENT 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Core insurance service result Risk adjustment release — — — — — — — — — — — CSM recognized for services provided — — — — — — — — — — — Expected earnings on PAA insurance business — — — — — — — — — — — Expected insurance earnings — — — — — — — — — — — Impact of new insurance business — — — — — — — — — — — Core insurance experience gains (losses) — — — — — — — — — — — Total – Core insurance service result — — — — — — — — — — — Expected investment earnings 123 127 113 113 110 136 130 135 141 463 542 Credit experience1 1 (7) (2) (5) (1) (2) — (2) (2) (15) (6) Core net investment result 124 120 111 108 109 134 130 133 139 448 536 Core non-insurance activities — — — — — — — — — — — Core other expenses2 (17) (15) (14) (14) (14) (13) (17) (12) (11) (57) (53) Core earnings† before taxes 107 105 97 94 95 121 113 121 128 391 483 Core income taxes (13) 3 (12) 5 (8) (18) (19) (7) (17) (12) (61) Dividends/distributions on equity instruments (post-tax) (9) (6) (5) (8) (1) (8) (1) (8) (3) (20) (20) Core earnings† 85 102 80 91 86 95 93 106 108 359 402 Core earnings adjustments (post-tax) Market-related impacts (63) 16 34 (27) 9 89 (169) (72) 70 32 (82) Assumption changes and management actions 5 35 — (1) 5 (6) — 41 — 39 35 Charges or proceeds related to acquisition, disposition or restructuring of a business, including acquisition, integration and restructuring costs — — — — — — — — — — — Amortization of acquisition-related finite life intangible assets — — — — — — — — — — — Non-core pension expense — — — — — — — — — — — Other specified unusual gains and losses 8 10 — — — 3 — — — 10 3 Total (50) 61 34 (28) 14 86 (169) (31) 70 81 (44) Net income attributed to common shareholders 35 163 114 63 100 181 (76) 75 178 440 358 Core earnings adjustments (before taxes, where applicable) Market-related impacts (94) 3 62 (28) 20 129 (221) (98) 88 57 (102) Assumption changes and management actions 7 48 — (1) 7 (8) — 56 — 54 48 Charges or proceeds related to acquisition, disposition or restructuring of a business, including acquisition, integration and restructuring costs — — — — — — — — — — — Amortization of acquisition-related finite life intangible assets — — — — — — — — — — — Non-core pension expense — — — — — — — — — — — Other specified unusual gains and losses 4 — — — — (5) — — — — (5) Total (83) 51 62 (29) 27 116 (221) (42) 88 111 (59) 1 Credit experience that flows directly to core earnings† includes: 1) the impact of rating changes, including defaults, on fixed income assets measured at fair value through profit or loss of the investment portfolio, and 2) changes in the quarterly credit experience on car loans (which are all classified at amortized cost), including impacts on allowance for credit losses (ACL). 2 For the Investment segment, “Core other expenses” represent financing charges on debentures. † This item is a Non-IFRS financial measure; see the “Non-IFRS and Additional Financial Measures” section in this document for relevant information about such measure. March 31, 2025 (First quarter) 13
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D RIVERS OF EARNINGS – CORE, BY BUSINESS SEGMENTS / CORPORATE 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Core insurance service result Risk adjustment release — — — — — — — — — — — CSM recognized for services provided — — — — — — — — — — — Expected earnings on PAA insurance business — — — — — — — — — — — Expected insurance earnings — — — — — — — — — — — Impact of new insurance business — — — — — — — — — — — Core insurance experience gains (losses) — — — — — — — — — — — Total – Core insurance service result — — — — — — — — — — — Expected investment earnings — — — — — — — — — — — Credit experience — — — — — — — — — — — Core net investment result — — — — — — — — — — — Core non-insurance activities — — — — — — — — — — — Core other expenses (65) (82) (60) (64) (66) (72) (57) (70) (62) (272) (261) Core earnings† before taxes (65) (82) (60) (64) (66) (72) (57) (70) (62) (272) (261) Core income taxes 17 13 14 14 17 18 15 18 15 58 66 Dividends/distributions on equity instruments (post-tax) — — — — — — — — — — — Core earnings† (48) (69) (46) (50) (49) (54) (42) (52) (47) (214) (195) Core earnings adjustments (post-tax) Market-related impacts — — — — — — — — — — — Assumption changes and management actions — — — — — — — — — — — Charges or proceeds related to acquisition, disposition or restructuring of a business, including acquisition, integration and restructuring costs (2) (3) — (3) (1) — — — — (7) — Amortization of acquisition-related finite life intangible assets — — — — — — — — — — — Non-core pension expense — — — — — — — — — — — Other specified unusual gains and losses — — — — — — (3) — — — (3) Total (2) (3) — (3) (1) — (3) — — (7) (3) Net income attributed to common shareholders (50) (72) (46) (53) (50) (54) (45) (52) (47) (221) (198) Core earnings adjustments (before taxes, where applicable) Market-related impacts — — — — — — — — — — — Assumption changes and management actions — — — — — — — — — — — Charges or proceeds related to acquisition, disposition or restructuring of a business, including acquisition, integration and restructuring costs (2) (4) (1) (4) (1) — — — — (10) — Amortization of acquisition-related finite life intangible assets — — — — — — — — — — — Non-core pension expense — — — — — — — — — — — Other specified unusual gains and losses — — — — — — (5) — — — (5) Total (2) (4) (1) (4) (1) — (5) — — (10) (5) † This item is a Non-IFRS financial measure; see the “Non-IFRS and Additional Financial Measures” section in this document for relevant information about such measure. March 31, 2025 (First quarter) 14
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DRIVERS OF EARNINGS – CORE, BY BUSINESS SEGMENTS Three months ended March 31 (In millions of dollars, unless otherwise indicated) Insurance, Canada Wealth Management US Operations Investment Corporate Total Core insurance service result Risk adjustment release 46 10 17 — — 73 CSM recognized for services provided 82 88 25 — — 195 Expected earnings on PAA insurance business 13 — 12 — — 25 Expected insurance earnings 141 98 54 — — 293 Impact of new insurance business (8) — (1) — — (9) Core insurance experience gains (losses) 4 (2) (1) — — 1 Total – Core insurance service result 137 96 52 — — 285 Expected investment earnings — — — 123 — 123 Credit experience — — — 1 — 1 Core net investment result — — — 124 — 124 Core non-insurance activities 15 53 18 — — 86 Core other expenses (15) (2) (32) (17) (65) (131) Core earnings† before taxes 137 147 38 107 (65) 364 Core income taxes (37) (41) (8) (13) 17 (82) Dividends/distributions on equity instruments (post-tax) — — — (9) — (9) Core earnings† 100 106 30 85 (48) 273 Core earnings adjustments (post-tax) Market-related impacts — — — (63) — (63) Assumption changes and management actions — — — 5 — 5 Charges or proceeds related to acquisition or disposition of a business, including acquisition, integration and restructuring costs — — — — (2) (2) Amortization of acquisition-related finite life intangible assets (5) (7) (9) — — (21) Non-core pension expense (3) (1) — — — (4) Other specified unusual gains and losses (5) (3) (2) 8 — (2) Total (13) (11) (11) (50) (2) (87) Net income attributed to common shareholders 87 95 19 35 (50) 186 † This item is a Non-IFRS financial measure; see the “Non-IFRS and Additional Financial Measures” section in this document for relevant information about such measure. March 31, 2025 (First quarter) 15
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D RIVERS OF EARNINGS 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Insurance service result Risk adjustment release 73 74 73 67 66 61 61 59 59 280 240 CSM recognized for services provided 195 191 184 170 164 157 152 153 147 709 609 Expected earnings on PAA insurance business 25 41 41 37 21 38 37 34 24 140 133 Expected insurance earnings 293 306 298 274 251 256 250 246 230 1,129 982 Impact of new insurance business (9) (15) (9) (13) (18) (28) (11) (15) (14) (55) (68) Experience gains (losses) (3) 15 (1) 6 16 16 (7) 3 (10) 36 2 Insurance assumption changes and management actions — (70) — — — (67) — 4 — (70) (63) Total – Insurance service result 281 236 288 267 249 177 232 238 206 1,040 853 Net investment result Expected investment earnings 123 127 113 113 110 136 130 135 141 463 542 Credit experience1 1 (7) (2) (5) (1) (2) — (2) (2) (15) (6) Market experience gains (losses) (90) 3 62 (28) 20 129 (221) (98) 88 57 (102) Financial assumption changes and other 7 48 — (1) 7 (13) — 56 — 54 43 Total – Net investment result 41 171 173 79 136 250 (91) 91 227 559 477 Non-insurance activities 80 80 82 85 75 70 76 73 70 322 289 Other expenses (161) (218) (154) (165) (155) (164) (148) (157) (149) (692) (618) Income before taxes 241 269 389 266 305 333 69 245 354 1,229 1,001 Income taxes (46) (43) (101) (52) (71) (77) (13) (41) (81) (267) (212) Dividends/distributions on equity instruments (post-tax) (9) (6) (5) (8) (1) (8) (1) (8) (3) (20) (20) Net income attributed to common shareholders 186 220 283 206 233 248 55 196 270 942 769 Core earnings adjustments (post-tax) Market-related impacts 63 (16) (34) 27 (9) (89) 169 72 (70) (32) 82 Assumption changes and management actions (5) 17 — 1 (5) 56 — (43) — 13 13 Charges or proceeds related to acquisition, disposition or restructuring of a business, including acquisition, integration and restructuring costs 2 4 6 12 3 4 3 2 1 25 10 Amortization of acquisition-related finite life intangible assets 21 19 19 17 17 17 17 16 16 72 66 Non-core pension expense 4 4 3 4 4 2 2 4 — 15 8 Other specified unusual gains and losses 2 39 — — — (2) 10 — — 39 8 Total 87 67 (6) 61 10 (12) 201 51 (53) 132 187 Core earnings† 273 287 277 267 243 236 256 247 217 1,074 956 Core earnings adjustments (before taxes, where applicable) Market-related impacts 94 (3) (62) 28 (20) (129) 221 98 (88) (57) 102 Assumption changes and management actions (7) 22 — 1 (7) 75 — (60) — 16 15 Charges or proceeds related to acquisition, disposition or restructuring of a business, including acquisition, integration and restructuring costs 3 6 8 16 3 5 4 2 1 33 12 Amortization of acquisition-related finite life intangible assets 26 25 25 23 23 23 21 22 21 96 87 Non-core pension expense 5 5 4 5 6 2 3 5 — 20 10 Other specified unusual gains and losses 2 41 — — — 7 14 — — 41 21 Total 123 96 (25) 73 5 (17) 263 67 (66) 149 247 1 Credit experience that flows directly to core earnings† includes: 1) the impact of rating changes, including defaults, on fixed income assets measured at fair value through profit or loss of the investment portfolio, and 2) changes in the quarterly credit experience on car loans (which are all classified at amortized cost), including impacts on allowance for credit losses (ACL). † This item is a Non-IFRS financial measure; see the “Non-IFRS and Additional Financial Measures” section in this document for relevant information about such measure. March 31, 2025 (First quarter) 16
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DRIVERS OF EARNINGS, BY BUSINESS SEGMENTS / INSURANCE, CANADA 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Insurance service result Risk adjustment release 46 47 47 47 46 45 44 43 43 187 175 CSM recognized for services provided 82 77 78 77 74 73 75 76 71 306 295 Expected earnings on PAA insurance business 13 27 29 24 9 27 24 22 11 89 84 Expected insurance earnings 141 151 154 148 129 145 143 141 125 582 554 Impact of new insurance business (8) (13) (7) (9) (12) (26) (9) (14) (11) (41) (60) Experience gains (losses) 3 14 (6) 11 17 5 (9) — (6) 36 (10) Insurance assumption changes and management actions — (51) — — — (44) — 2 — (51) (42) Total – Insurance service result 136 101 141 150 134 80 125 129 108 526 442 Net investment result Expected investment earnings — — — — — — — — — — — Credit experience — — — — — — — — — — — Market experience gains (losses) — — — — — — — — — — — Financial assumption changes and other — — — — — — — — — — — Total – Net investment result — — — — — — — — — — — Non-insurance activities 15 10 12 10 8 5 11 9 10 40 35 Other expenses (23) (38) (22) (27) (28) (26) (27) (26) (23) (115) (102) Income before taxes 128 73 131 133 114 59 109 112 95 451 375 Income taxes (41) (32) (36) (36) (31) (16) (30) (29) (26) (135) (101) Dividends/distributions on equity instruments (post-tax) — — — — — — — — — — — Net income attributed to common shareholders 87 41 95 97 83 43 79 83 69 316 274 Core earnings adjustments (post-tax) Market-related impacts — — — — — — — — — — — Assumption changes and management actions — 37 — — — 31 — (1) — 37 30 Charges or proceeds related to acquisition, disposition or restructuring of a business, including acquisition, integration and restructuring costs — 1 4 2 2 2 2 2 1 9 7 Amortization of acquisition-related finite life intangible assets 5 4 5 4 4 4 4 4 4 17 16 Non-core pension expense 3 3 2 3 3 1 1 3 — 11 5 Other specified unusual gains and losses 5 30 — — — (3) 5 — — 30 2 Total 13 75 11 9 9 35 12 8 5 104 60 Core earnings† 100 116 106 106 92 78 91 91 74 420 334 Core earnings adjustments (before taxes, where applicable) Market-related impacts — — — — — — — — — — — Assumption changes and management actions — 51 — — — 44 — (2) — 51 42 Charges or proceeds related to acquisition, disposition or restructuring of a business, including acquisition, integration and restructuring costs — 2 4 2 2 2 2 2 1 10 7 Amortization of acquisition-related finite life intangible assets 6 6 6 6 6 7 5 6 5 24 23 Non-core pension expense 5 4 3 4 4 1 2 4 — 15 7 Other specified unusual gains and losses (2) 15 — — — (4) 6 — — 15 2 Total 9 78 13 12 12 50 15 10 6 115 81 † This item is a Non-IFRS financial measure; see the “Non-IFRS and Additional Financial Measures” section in this document for relevant information about such measure. March 31, 2025 (First quarter) 17
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D RIVERS OF EARNINGS, BY BUSINESS SEGMENTS / WEALTH MANAGEMENT 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Insurance service result Risk adjustment release 10 11 10 10 9 7 8 7 7 40 29 CSM recognized for services provided 88 90 81 76 74 66 59 59 59 321 243 Expected earnings on PAA insurance business — — — — — — — — — — — Expected insurance earnings 98 101 91 86 83 73 67 66 66 361 272 Impact of new insurance business — (1) — — (1) — — — — (2) — Experience gains (losses) (2) (1) 3 — — 8 3 3 (4) 2 10 Insurance assumption changes and management actions — — — — — — — — — — — Total – Insurance service result 96 99 94 86 82 81 70 69 62 361 282 Net investment result Expected investment earnings — — — — — — — — — — — Credit experience — — — — — — — — — — — Market experience gains (losses) — — — — — — — — — — — Financial assumption changes and other — — — — — — — — — — — Total – Net investment result — — — — — — — — — — — Non-insurance activities 48 56 51 53 50 48 41 41 38 210 168 Other expenses (12) (16) (10) (12) (11) (12) (11) (12) (11) (49) (46) Income before taxes 132 139 135 127 121 117 100 98 89 522 404 Income taxes (37) (38) (36) (36) (33) (32) (27) (28) (29) (143) (116) Dividends/distributions on equity instruments (post-tax) — — — — — — — — — — — Net income attributed to common shareholders 95 101 99 91 88 85 73 70 60 379 288 Core earnings adjustments (post-tax) Market-related impacts — — — — — — — — — — — Assumption changes and management actions — — — — — — — — — — — Charges or proceeds related to acquisition, disposition or restructuring of a business, including acquisition, integration and restructuring costs — — — — — — 1 — — — 1 Amortization of acquisition-related finite life intangible assets 7 7 6 6 6 5 5 5 5 25 20 Non-core pension expense 1 1 1 1 1 1 1 1 — 4 3 Other specified unusual gains and losses 3 3 — — — — 2 — — 3 2 Total 11 11 7 7 7 6 9 6 5 32 26 Core earnings† 106 112 106 98 95 91 82 76 65 411 314 Core earnings adjustments (before taxes, where applicable) Market-related impacts — — — — — — — — — — — Assumption changes and management actions — — — — — — — — — — — Charges or proceeds related to acquisition, disposition or restructuring of a business, including acquisition, integration and restructuring costs — — — — — — 2 — — — 2 Amortization of acquisition-related finite life intangible assets 10 9 9 8 8 7 7 7 7 34 28 Non-core pension expense — 1 1 1 2 1 1 1 — 5 3 Other specified unusual gains and losses 5 5 — — — — 3 — — 5 3 Total 15 15 10 9 10 8 13 8 7 44 36 † This item is a Non-IFRS financial measure; see the “Non-IFRS and Additional Financial Measures” section in this document for relevant information about such measure. March 31, 2025 (First quarter) 18
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DRIVERS OF EARNINGS, BY BUSINESS SEGMENTS / US OPERATIONS 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Insurance service result Risk adjustment release 17 16 16 10 11 9 9 9 9 53 36 CSM recognized for services provided 25 24 25 17 16 18 18 18 17 82 71 Expected earnings on PAA insurance business 12 14 12 13 12 11 13 12 13 51 49 Expected insurance earnings 54 54 53 40 39 38 40 39 39 186 156 Impact of new insurance business (1) (1) (2) (4) (5) (2) (2) (1) (3) (12) (8) Experience gains (losses) (4) 2 2 (5) (1) 3 (1) — — (2) 2 Insurance assumption changes and management actions — (19) — — — (23) — 2 — (19) (21) Total – Insurance service result 49 36 53 31 33 16 37 40 36 153 129 Net investment result Expected investment earnings — — — — — — — — — — — Credit experience — — — — — — — — — — — Market experience gains (losses) — — — — — — — — — — — Financial assumption changes and other — — — — — — — — — — — Total – Net investment result — — — — — — — — — — — Non-insurance activities 17 14 19 22 17 17 24 23 22 72 86 Other expenses (42) (63) (47) (44) (35) (41) (31) (37) (42) (189) (151) Income before taxes 24 (13) 25 9 15 (8) 30 26 16 36 64 Income taxes (5) — (4) (1) (3) 1 (6) (6) (6) (8) (17) Dividends/distributions on equity instruments (post-tax) — — — — — — — — — — — Net income attributed to common shareholders 19 (13) 21 8 12 (7) 24 20 10 28 47 Core earnings adjustments (post-tax) Market-related impacts — — — — — — — — — — — Assumption changes and management actions — 15 — — — 19 — (1) — 15 18 Charges or proceeds related to acquisition, disposition or restructuring of a business, including acquisition, integration and restructuring costs — — 2 7 — 2 — — — 9 2 Amortization of acquisition-related finite life intangible assets 9 8 8 7 7 8 8 7 7 30 30 Non-core pension expense — — — — — — — — — — — Other specified unusual gains and losses 2 16 — — — 4 — — — 16 4 Total 11 39 10 14 7 33 8 6 7 70 54 Core earnings† 30 26 31 22 19 26 32 26 17 98 101 Core earnings adjustments (before taxes, where applicable) Market-related impacts — — — — — — — — — — — Assumption changes and management actions — 19 — — — 23 — (2) — 19 21 Charges or proceeds related to acquisition, disposition or restructuring of a business, including acquisition, integration and restructuring costs 1 — 3 10 — 3 — — — 13 3 Amortization of acquisition-related finite life intangible assets 10 10 10 9 9 9 9 9 9 38 36 Non-core pension expense — — — — — — — — — — — Other specified unusual gains and losses 3 21 — — — 6 — — — 21 6 Total 14 50 13 19 9 41 9 7 9 91 66 † This item is a Non-IFRS financial measure; see the “Non-IFRS and Additional Financial Measures” section in this document for relevant information about such measure. March 31, 2025 (First quarter) 19
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DRIVERS OF EARNINGS, BY BUSINESS SEGMENTS / INVESTMENT 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Insurance service result Risk adjustment release — — — — — — — — — — — CSM recognized for services provided — — — — — — — — — — — Expected earnings on PAA insurance business — — — — — — — — — — — Expected insurance earnings — — — — — — — — — — — Impact of new insurance business — — — — — — — — — — — Experience gains (losses) — — — — — — — — — — — Insurance assumption changes and management actions — — — — — — — — — — — Total – Insurance service result — — — — — — — — — — — Net investment result Expected investment earnings 123 127 113 113 110 136 130 135 141 463 542 Credit experience1 1 (7) (2) (5) (1) (2) — (2) (2) (15) (6) Market experience gains (losses) (90) 3 62 (28) 20 129 (221) (98) 88 57 (102) Financial assumption changes and other 7 48 — (1) 7 (13) — 56 — 54 43 Total – Net investment result 41 171 173 79 136 250 (91) 91 227 559 477 Non-insurance activities — — — — — — — — — — — Other expenses2 (17) (15) (14) (14) (14) (13) (17) (12) (11) (57) (53) Income before taxes 24 156 159 65 122 237 (108) 79 216 502 424 Income taxes 20 13 (40) 6 (21) (48) 33 4 (35) (42) (46) Dividends/distributions on equity instruments (post-tax) (9) (6) (5) (8) (1) (8) (1) (8) (3) (20) (20) Net income attributed to common shareholders 35 163 114 63 100 181 (76) 75 178 440 358 Core earnings adjustments (post-tax) Market-related impacts 63 (16) (34) 27 (9) (89) 169 72 (70) (32) 82 Assumption changes and management actions (5) (35) — 1 (5) 6 — (41) — (39) (35) Charges or proceeds related to acquisition, disposition or restructuring of a business, including acquisition, integration and restructuring costs — — — — — — — — — — — Amortization of acquisition-related finite life intangible assets — — — — — — — — — — — Non-core pension expense — — — — — — — — — — — Other specified unusual gains and losses (8) (10) — — — (3) — — — (10) (3) Total 50 (61) (34) 28 (14) (86) 169 31 (70) (81) 44 Core earnings† 85 102 80 91 86 95 93 106 108 359 402 Core earnings adjustments (before taxes, where applicable) Market-related impacts 94 (3) (62) 28 (20) (129) 221 98 (88) (57) 102 Assumption changes and management actions (7) (48) — 1 (7) 8 — (56) — (54) (48) Charges or proceeds related to acquisition, disposition or restructuring of a business, including acquisition, integration and restructuring costs — — — — — — — — — — — Amortization of acquisition-related finite life intangible assets — — — — — — — — — — — Non-core pension expense — — — — — — — — — — — Other specified unusual gains and losses (4) — — — — 5 — — — — 5 Total 83 (51) (62) 29 (27) (116) 221 42 (88) (111) 59 1 Credit experience that flows directly to core earnings† includes: 1) the impact of rating changes, including defaults, on fixed income assets measured at fair value through profit or loss of the investment portfolio, and 2) changes in the quarterly credit experience on car loans (which are all classified at amortized cost), including impacts on allowance for credit losses (ACL). 2 For the Investment segment, “Core other expenses” represent financing charges on debentures. † This item is a Non-IFRS financial measure; see the “Non-IFRS and Additional Financial Measures” section in this document for relevant information about such measure. March 31, 2025 (First quarter) 20
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DRIVERS OF EARNINGS, BY BUSINESS SEGMENTS / CORPORATE 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Insurance service result Risk adjustment release — — — — — — — — — — — CSM recognized for services provided — — — — — — — — — — — Expected earnings on PAA insurance business — — — — — — — — — — — Expected insurance earnings — — — — — — — — — — — Impact of new insurance business — — — — — — — — — — — Experience gains (losses) — — — — — — — — — — — Insurance assumption changes and management actions — — — — — — — — — — — Total – Insurance service result — — — — — — — — — — — Net investment result Expected investment earnings — — — — — — — — — — — Credit experience — — — — — — — — — — — Market experience gains (losses) — — — — — — — — — — — Financial assumption changes and other — — — — — — — — — — — Total – Net investment result — — — — — — — — — — — Non-insurance activities — — — — — — — — — — — Other expenses (67) (86) (61) (68) (67) (72) (62) (70) (62) (282) (266) Income before taxes (67) (86) (61) (68) (67) (72) (62) (70) (62) (282) (266) Income taxes 17 14 15 15 17 18 17 18 15 61 68 Dividends/distributions on equity instruments (post-tax) — — — — — — — — — — — Net income attributed to common shareholders (50) (72) (46) (53) (50) (54) (45) (52) (47) (221) (198) Core earnings adjustments (post-tax) Market-related impacts — — — — — — — — — — — Assumption changes and management actions — — — — — — — — — — — Charges or proceeds related to acquisition, disposition or restructuring of a business, including acquisition, integration and restructuring costs 2 3 — 3 1 — — — — 7 — Amortization of acquisition-related finite life intangible assets — — — — — — — — — — — Non-core pension expense — — — — — — — — — — — Other specified unusual gains and losses — — — — — — 3 — — — 3 Total 2 3 — 3 1 — 3 — — 7 3 Core earnings† (48) (69) (46) (50) (49) (54) (42) (52) (47) (214) (195) Core earnings adjustments (before taxes, where applicable) Market-related impacts — — — — — — — — — — — Assumption changes and management actions — — — — — — — — — — — Charges or proceeds related to acquisition, disposition or restructuring of a business, including acquisition, integration and restructuring costs 2 4 1 4 1 — — — — 10 — Amortization of acquisition-related finite life intangible assets — — — — — — — — — — — Non-core pension expense — — — — — — — — — — — Other specified unusual gains and losses — — — — — — 5 — — — 5 Total 2 4 1 4 1 — 5 — — 10 5 † This item is a Non-IFRS financial measure; see the “Non-IFRS and Additional Financial Measures” section in this document for relevant information about such measure. March 31, 2025 (First quarter) 21
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DRIVERS OF EARNINGS, BY BUSINESS SEGMENTS Three months ended March 31 (In millions of dollars, unless otherwise indicated) Insurance, Canada Wealth Management US Operations Investment Corporate Total Insurance service result Risk adjustment release 46 10 17 — — 73 CSM recognized for services provided 82 88 25 — — 195 Expected earnings on PAA insurance business 13 — 12 — — 25 Expected insurance earnings 141 98 54 — — 293 Impact of new insurance business (8) — (1) — — (9) Experience gains (losses) 3 (2) (4) — — (3) Insurance assumption changes and management actions — — — — — — Total – Insurance service result 136 96 49 — — 281 Net investment result Expected investment earnings — — — 123 — 123 Credit experience — — — 1 — 1 Market experience gains (losses) — — — (90) — (90) Financial assumption changes and other — — — 7 — 7 Total – Net investment result — — — 41 — 41 Non-insurance activities 15 48 17 — — 80 Other expenses (23) (12) (42) (17) (67) (161) Income before taxes 128 132 24 24 (67) 241 Income taxes (41) (37) (5) 20 17 (46) Dividends/distributions on equity instruments (post-tax) — — — (9) — (9) Net income attributed to common shareholders 87 95 19 35 (50) 186 Core earnings adjustments (post-tax) Market-related impacts — — — 63 — 63 Assumption changes and management actions — — — (5) — (5) Charges or proceeds related to acquisition or disposition of a business, including acquisition, integration and restructuring costs — — — — 2 2 Amortization of acquisition-related finite life intangible assets 5 7 9 — — 21 Non-core pension expense 3 1 — — — 4 Other specified unusual gains and losses 5 3 2 (8) — 2 Total 13 11 11 50 2 87 Core earnings† 100 106 30 85 (48) 273 † This item is a Non-IFRS financial measure; see the “Non-IFRS and Additional Financial Measures” section in this document for relevant information about such measure. March 31, 2025 (First quarter) 22
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RECONCILIATION OF EARNINGS ACCORDING TO THE DRIVERS OF EARNINGS ANALYSIS Three months ended March 31 Core earnings1, † Core earnings adjustments1 Reclassification Income per financial statements (In millions of dollars, unless otherwise indicated) Net investment result2 Others2 2025 2024 Variation 2025 2025 2025 2025 2024 Variation Insurance service result 285 249 14% (4) — — 281 249 13% Net investment result 124 109 14% (83) 65 — 106 196 (46%) Non-insurance activities or other revenues per financial statements 86 75 15% (6) (25) 432 487 404 21% Other expenses (131) (123) 7% (30) (40) (432) (633) (544) 16% Core earnings† or income per financial statements, before taxes 364 310 17% (123) — — 241 305 (21%) Income taxes or income tax (expense) recovery (82) (66) nm4 36 — — (46) (71) nm4 Dividends/distribution on other equity instruments (post-tax)3 (9) (1) nm4 N/A N/A N/A (9) (1) nm4 Core earnings† or net income attributed to shareholders per financial statements 273 243 12% (87) — — 186 233 (20%) 1 For a breakdown and an analysis of core earnings adjustments applied to reconcile to net income attributed to common shareholders, refer to section “Analysis of Earnings by Business Segment” of the Q1/2025 MD&A. 2 These reclassifications reflect items subject to a different classification treatment between the financial statements and the drivers of earnings† (DOE). 3 Dividends on preferred shares and distributions on other equity instruments. 4 Not meaningful. † This item is a Non-IFRS financial measure; see the “Non-IFRS and Additional Financial Measures” section in this document for relevant information about such measure. March 31, 2025 (First quarter) 23
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C ORE EARNINGS ADJUSTMENTS 2025 2024 2023 2024 2023 (Post-tax, in millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Core earnings† remove from net income the impacts of the following items: Market-related impacts 63 (16) (34) 27 (9) (89) 169 72 (70) (32) 82 Assumption changes and management actions (5) 17 — 1 (5) 56 — (43) — 13 13 Charges or proceeds related to acquisition, disposition or restructuring of a business, including acquisition, integration and restructuring costs 2 4 6 12 3 4 3 2 1 25 10 Amortization of acquisition-related finite life intangible assets 21 19 19 17 17 17 17 16 16 72 66 Non-core pension expense 4 4 3 4 4 2 2 4 — 15 8 Other specific unusual items 2 39 — — — (2) 10 — — 39 8 Total 87 67 (6) 61 10 (12) 201 51 (53) 132 187 Charges or proceeds related to acquisition or disposition of a business, including acquisition, integration and restructuring costs Acquisition of a business and/or integration costs 2 3 3 6 1 2 — — — 13 2 Disposition of a business and/or restructuring costs — 1 1 4 — — 1 — — 6 1 Increase in value of Surex minor shareholders' put option — — 2 2 2 2 2 2 1 6 7 Total 2 4 6 12 3 4 3 2 1 25 10 Other specific unusual items Impact of business agreements and settlement of litigious cases 1 4 — — — 4 4 — — 4 8 Operational efficiency initiatives and writedown — 25 — — — 1 6 — — 25 7 Impact of accounting interpretation — 2 — — — — — — — 2 — Unusual income tax gains and losses 1 8 — — — (7) — — — 8 (7) Total 2 39 — — — (2) 10 — — 39 8 † This item is a Non-IFRS financial measure; see the “Non-IFRS and Additional Financial Measures” section in this document for relevant information about such measure. March 31, 2025 (First quarter) 24
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C SM MOVEMENT ANALYSIS1 – CONSOLIDATED 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual CSM – Beginning of period 6,899 6,675 6,471 6,159 5,925 5,781 5,740 5,756 5,574 5,925 5,574 Organic CSM movement Impact of new insurance business 191 194 187 167 158 148 134 147 168 706 597 Organic financial growth2 92 89 83 76 75 63 59 60 71 323 253 Insurance experience gains (losses) 44 20 14 35 (18) 18 (3) 21 (18) 51 18 CSM recognized for services provided (195) (191) (184) (170) (164) (157) (152) (153) (147) (709) (609) Sub-total – Organic CSM movement 132 112 100 108 51 72 38 75 74 371 259 Non-organic CSM movement Impact of changes in assumptions and management actions (3) (11) — — 2 (34) — (76) 60 (9) (50) Impact of markets (99) 79 80 33 168 119 (9) (3) 49 360 156 Currency impact — 44 (12) 7 13 (13) 12 (12) (1) 52 (14) Acquisition or disposition of a business 3 — 36 164 — — — — — 200 — Sub-total – Non-organic CSM movement (99) 112 104 204 183 72 3 (91) 108 603 92 Total – CSM movement 33 224 204 312 234 144 41 (16) 182 974 351 CSM – End of period 6,932 6,899 6,675 6,471 6,159 5,925 5,781 5,740 5,756 6,899 5,925 CSM – Net insurance contract liabilities at end 6,509 6,485 6,391 6,200 5,863 5,640 5,500 5,456 5,466 6,485 5,640 CSM – Net reinsurance contract liabilities at end 423 414 284 271 296 285 281 284 290 414 285 CSM – End of period 6,932 6,899 6,675 6,471 6,159 5,925 5,781 5,740 5,756 6,899 5,925 1 For more information on the CSM Movement analysis and its components, refer to the “Non-IFRS and Additional Financial Measures” and the “Supplementary Financial Measures” sections of this document. 2 Organic financial growth is the expected financial movement of the CSM from expected asset returns and from interest accreted based on locked-in discount rates at initial recognition. March 31, 2025 (First quarter) 25
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B USINESS GROWTH1 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Insurance, Canada Individual Insurance S ales Minimum premiums 86 91 89 87 80 83 84 79 82 347 328 Excess premiums 13 11 14 11 9 12 12 10 7 45 41 Total 99 102 103 98 89 95 96 89 89 392 369 Gross premiums 703 712 675 659 635 649 621 616 593 2,681 2,479 Net premiums 581 569 543 532 516 511 497 494 483 2,160 1,985 Number of policies issued Life insurance only 38,301 39,477 39,583 37,682 37,164 36,667 39,369 37,961 37,968 153,906 151,965 Life, critical illness, disability 58,846 61,252 60,997 58,459 56,821 56,383 59,222 57,058 56,186 237,529 228,849 Group Insurance E mployee plans Sales – New business during the year 70 11 18 25 30 6 10 13 21 84 50 Net premiums 360 355 358 351 339 331 330 326 325 1,403 1,312 Premium equivalents and deposits 71 68 62 67 69 59 56 60 60 266 235 Special Markets Sales – Gross premiums 108 109 97 100 106 105 85 86 91 412 367 Net premiums 100 101 88 92 98 97 77 78 83 379 335 Dealer Services S ales – Creditor Insurance 35 45 54 55 39 50 61 58 42 193 211 Sales – P&C 128 131 143 139 109 110 132 132 101 522 475 Total – Sales 163 176 197 194 148 160 193 190 143 715 686 Net premiums – Creditor Insurance 26 35 43 44 29 38 50 46 31 151 165 Net premiums – P&C 97 100 110 107 84 82 102 106 82 401 372 Total – Net premiums 123 135 153 151 113 120 152 152 113 552 537 Premium equivalents – P&C 16 19 18 20 15 16 16 12 3 72 47 Total Net premiums and premium equivalents 139 154 171 171 128 136 168 164 116 624 584 iA Auto & Home S ales – Direct written premiums 129 134 164 188 114 115 143 163 98 600 519 Net premiums 124 135 160 184 111 112 138 158 93 590 501 1 Premiums, Net premiums as well as Premium equivalents and deposits are supplementary financial measures. Refer to the “Supplementary Financial Measures” section at the end of this document for more information on these measures. March 31, 2025 (First quarter) 26
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B USINESS GROWTH (continued) 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Wealth management Individual Wealth Management S ales – Gross sales Segregated funds 1,939 1,562 1,333 1,270 1,278 837 882 829 1,033 5,443 3,581 Mutual funds 647 597 385 468 486 393 289 370 479 1,936 1,531 Other savings products 467 434 483 541 581 702 618 646 716 2,039 2,682 Total 3,053 2,593 2,201 2,279 2,345 1,932 1,789 1,845 2,228 9,418 7,794 Sales – Net sales Segregated funds 1,173 991 781 608 557 (21) 216 188 371 2,937 754 Mutual funds (62) (33) (163) (194) (143) (219) (222) (139) (88) (533) (668) Total 1,111 958 618 414 414 (240) (6) 49 283 2,404 86 Assets under management Segregated funds 34,929 34,294 32,186 30,061 28,981 26,650 24,860 25,328 24,703 34,294 26,650 Mutual funds 13,101 13,290 13,079 12,643 12,741 12,204 11,366 12,008 11,963 13,290 12,204 Other savings products (general fund)1 4,535 4,603 4,743 4,758 4,715 4,513 3,972 3,585 3,154 4,603 4,513 Total 52,565 52,187 50,008 47,462 46,437 43,367 40,198 40,921 39,820 52,187 43,367 Assets under administration2 133,277 130,539 125,595 117,157 115,586 108,265 102,119 104,140 102,816 130,539 108,265 Total 185,842 182,726 175,603 164,619 162,023 151,632 142,317 145,061 142,636 182,726 151,632 1 Represent the inforce business sold by the business segments Wealth management, but assets are actually managed by the business segments Investment. 2 Includes assets related to distribution affiliates. March 31, 2025 (First quarter) 27
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B USINESS GROWTH (continued) 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Group Savings and Retirement S ales – Gross sales Accumulation contracts Segregated funds 739 661 559 524 774 482 430 407 528 2,518 1,847 Other accumulation contracts 63 40 30 54 29 23 23 19 18 153 83 Total 802 701 589 578 803 505 453 426 546 2,671 1,930 Insured annuities (general fund) 39 1,137 311 280 115 105 101 386 233 1,843 825 Total – Gross sales 841 1,838 900 858 918 610 554 812 779 4,514 2,755 Net premiums 835 1,297 894 853 911 605 548 805 772 3,955 2,730 Sales – Net sales Segregated funds 311 261 242 186 367 (171) 90 (117) 188 1,056 (10) Assets under management Accumulation contracts Segregated funds 18,711 18,281 17,670 16,521 16,211 15,187 14,262 14,688 14,640 18,281 15,187 Other accumulation contracts (general fund)1 358 338 347 348 363 364 332 317 307 338 364 Total 19,069 18,619 18,017 16,869 16,574 15,551 14,594 15,005 14,947 18,619 15,551 Insured annuities (general fund)1 6,869 7,437 6,274 5,853 5,637 5,685 5,118 5,383 5,056 7,437 5,685 Total – Assets under management 25,938 26,056 24,291 22,722 22,211 21,236 19,712 20,388 20,003 26,056 21,236 US Operations Individual Insurance S ales ($US) 68 68 68 49 42 44 44 43 41 227 172 Sales ($CAN) 97 95 92 68 56 60 58 57 56 311 231 Net premiums ($CAN) 255 248 266 179 173 169 161 158 154 866 642 Dealer Services S ales ($US) 306 274 286 279 248 227 248 246 230 1,087 951 Sales ($CAN) 438 382 389 383 334 309 333 330 311 1,488 1,283 Net premiums ($CAN) 152 136 144 142 110 109 128 119 120 532 476 Premium equivalents ($CAN) 100 81 74 67 66 72 66 60 56 288 254 Total net premiums and premium equivalents ($CAN) 252 217 218 209 176 181 194 179 176 820 730 1 Represent the inforce business sold by the business segments Wealth management, but assets are actually managed by the business segments Investment. March 31, 2025 (First quarter) 28
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B USINESS GROWTH (continued) 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Net premiums, premium equivalents and deposits by business segments Insurance, Canada Individual Insurance 581 569 543 532 516 511 497 494 483 2,160 1,985 Group Insurance 531 524 508 510 506 487 463 464 468 2,048 1,882 Dealer Services 139 154 171 171 128 136 168 164 116 624 584 iA Auto and Home 124 135 160 184 111 112 138 158 93 590 501 Consolidation adjustments 17 10 (25) (55) 13 10 (21) (46) 13 (57) (44) Wealth management Individual Wealth Management 3,053 2,593 2,201 2,279 2,345 1,932 1,789 1,845 2,228 9,418 7,794 Group Savings and Retirement 835 1,297 894 853 911 605 548 805 772 3,955 2,730 US Operations Individual Insurance 255 248 266 179 173 169 161 158 154 866 642 Dealer Services 252 217 218 209 176 181 194 179 176 820 730 Total 5,787 5,747 4,936 4,862 4,879 4,143 3,937 4,221 4,503 20,424 16,804 Distribution of net premiums, premium equivalents and deposits by region Atlantic provinces 3% 3% 4% 4% 3% 3% 2% 3% 3% 4% 3% Quebec 41% 43% 39% 45% 43% 42% 43% 45% 41% 43% 43% Ontario 23% 25% 26% 19% 27% 25% 29% 22% 26% 24% 25% Western provinces 24% 21% 21% 24% 20% 21% 17% 22% 23% 21% 21% Outside of Canada 9% 8% 10% 8% 7% 9% 9 % 8 % 7 % 8% 8% Total 100% 100% 100% 100% 100% 100% 100 % 100 % 100 % 100% 100% Assets under management and assets under administration Assets under management General funds1 58,036 57,286 55,864 53,879 52,213 52,009 48,079 49,848 48,988 57,286 52,009 Segregated funds 53,640 52,575 49,856 46,582 45,192 41,837 39,122 40,016 39,343 52,575 41,837 Mutual funds 13,101 13,290 13,079 12,643 12,741 12,204 11,366 12,008 11,963 13,290 12,204 Other2 5,876 5,579 5,251 5,030 4,679 4,485 4,194 4,095 3,942 5,579 4,485 Total 130,653 128,730 124,050 118,134 114,825 110,535 102,761 105,967 104,236 128,730 110,535 Assets under administration 133,368 130,636 125,682 117,243 114,485 108,349 102,196 104,216 102,891 130,636 108,349 Total 264,021 259,366 249,732 235,377 229,310 218,884 204,957 210,183 207,127 259,366 218,884 1 All general fund assets, including among other things: insured annuities, other savings products and other accumulation contracts. 2 Mainly assets managed for third parties. March 31, 2025 (First quarter) 29
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CONSOLIDATED STATEMENTS OF FINANCIAL POSITION 2025 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Assets Investments Cash and short-term investments 1,794 1,566 2,097 1,990 1,462 1,379 1,190 1,513 1,589 Bonds 32,177 32,690 31,289 29,716 29,496 29,940 26,476 28,288 27,429 Stocks 5,601 5,130 4,810 4,569 4,320 4,069 3,912 3,884 3,868 Loans 3,425 3,444 3,548 3,589 3,569 3,660 3,717 3,717 3,747 Derivative financial instruments 995 1,066 1,117 1,039 975 1,787 1,359 1,265 985 Other investments 167 165 162 165 165 172 534 544 555 Investment properties 1,517 1,519 1,578 1,576 1,599 1,611 1,668 1,750 1,772 Total 45,676 45,580 44,601 42,644 41,586 42,618 38,856 40,961 39,945 Other assets 4,458 3,989 4,238 4,397 4,285 3,157 3,039 2,886 3,144 Insurance contract assets 79 105 142 145 153 167 199 195 210 Reinsurance contract assets 3,451 3,382 2,781 2,622 2,399 2,312 2,286 2,216 2,115 Fixed assets 323 317 315 318 322 320 325 323 330 Deferred income tax assets 530 459 419 398 275 270 196 113 118 Intangible assets 1,994 1,964 1,945 1,921 1,857 1,847 1,843 1,831 1,808 Goodwill 1,525 1,490 1,423 1,434 1,336 1,318 1,335 1,323 1,318 General fund assets 58,036 57,286 55,864 53,879 52,213 52,009 48,079 49,848 48,988 Segregated funds net assets 53,640 52,575 49,856 46,582 45,192 41,837 39,122 40,016 39,343 Total assets 111,676 109,861 105,720 100,461 97,405 93,846 87,201 89,864 88,331 Liabilities Insurance contract liabilities 37,157 36,894 35,609 33,514 32,715 33,630 29,383 31,837 30,872 Reinsurance contract liabilities — — 4 23 15 8 191 169 211 Investment contract liabilities and deposits 6,501 6,352 6,375 6,376 6,164 6,050 5,479 5,119 4,869 Derivative financial instruments 1,021 1,060 906 815 892 787 1,550 832 1,250 Other liabilities 3,960 3,292 3,836 3,982 3,452 2,678 2,647 2,578 2,845 Deferred income tax liabilities 340 327 312 299 317 319 326 331 364 Debentures 1,495 1,894 1,496 1,496 1,500 1,499 1,499 1,898 1,500 General fund liabilities 50,474 49,819 48,538 46,505 45,055 44,971 41,075 42,764 41,911 Insurance contract liabilities related to segregated funds 38,822 38,149 35,990 33,685 32,586 30,201 28,188 28,852 28,265 Investment contract liabilities related to segregated funds 14,818 14,426 13,866 12,897 12,606 11,636 10,934 11,164 11,078 Total liabilities 104,114 102,394 98,394 93,087 90,247 86,808 80,197 82,780 81,254 Equity Share capital and contributed surplus 1,542 1,540 1,541 1,555 1,601 1,620 1,649 1,665 1,678 Preferred shares issued by a subsidiary and other equity instruments 600 600 600 725 375 375 375 375 375 Retained earnings and accumulated other comprehensive income 5,420 5,327 5,185 5,094 5,182 5,043 4,980 5,044 5,024 Total equity 7,562 7,467 7,326 7,374 7,158 7,038 7,004 7,084 7,077 Total liabilities and equity 111,676 109,861 105,720 100,461 97,405 93,846 87,201 89,864 88,331 March 31, 2025 (First quarter) 30
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INVESTED ASSETS 2025 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Value and distribution of investments Book value of investment portfolio 45,676 45,580 44,601 42,644 41,586 42,618 38,856 40,961 39,945 Distribution of investments by financial instrument category Fair value through profit or loss (FVTPL) 40,523 40,628 39,509 37,705 36,541 37,640 33,617 35,561 34,324 Amortized cost 3,512 3,310 3,388 3,239 3,322 3,243 3,089 3,165 3,360 Investment properties 1,517 1,519 1,578 1,576 1,599 1,611 1,668 1,750 1,772 Other 124 123 126 124 124 124 482 485 489 Total 45,676 45,580 44,601 42,644 41,586 42,618 38,856 40,961 39,945 Distribution of investments by asset category Bonds 32,177 32,690 31,289 29,716 29,496 29,940 26,476 28,288 27,429 Stocks 5,601 5,130 4,810 4,569 4,320 4,069 3,912 3,884 3,868 Loans (including mortgages) 3,425 3,444 3,548 3,589 3,569 3,660 3,717 3,717 3,747 Investment properties 1,517 1,519 1,578 1,576 1,599 1,611 1,668 1,750 1,772 Cash and short-term investments 1,794 1,566 2,097 1,990 1,462 1,379 1,190 1,513 1,589 Other 1,162 1,231 1,279 1,204 1,140 1,959 1,893 1,809 1,540 Total 45,676 45,580 44,601 42,644 41,586 42,618 38,856 40,961 39,945 Distribution of investments by detailed asset category/class Debt securities – Public issues 26,059 26,601 25,518 24,148 23,961 24,261 21,308 22,950 21,948 Debt securities – Private issues 6,118 6,089 5,771 5,568 5,535 5,679 5,168 5,338 5,481 Public equities 2,911 2,641 2,590 2,429 2,221 2,002 1,843 1,891 1,898 Loans (including mortgages) 3,425 3,444 3,548 3,589 3,569 3,660 3,717 3,717 3,747 Investments properties 1,517 1,519 1,578 1,576 1,599 1,611 1,668 1,750 1,772 Private equity and Infrastructures 2,690 2,489 2,220 2,140 2,099 2,067 2,069 1,993 1,970 Cash and short-term investments 1,794 1,566 2,097 1,990 1,462 1,379 1,190 1,513 1,589 Other 1,162 1,231 1,279 1,204 1,140 1,959 1,893 1,809 1,540 Total 45,676 45,580 44,601 42,644 41,586 42,618 38,856 40,961 39,945 Distribution of investments by region Canada1 28,745 28,715 27,853 26,819 26,795 28,107 25,954 27,249 26,290 United States 11,955 12,209 11,792 11,153 10,709 9,712 8,966 9,545 9,340 Other 2,187 2,024 1,742 1,643 1,645 1,633 1,386 1,404 1,384 Total1, 2 42,887 42,948 41,387 39,615 39,149 39,452 36,306 38,198 37,014 1 Adjusments were made in Q4-2024 for Q4-2023. 2 Excluding cash and short-term investments, and Derivative financial instrument. March 31, 2025 (First quarter) 31
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INVESTED ASSETS (continued) 2025 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Bonds Book value of the bond portfolio 32,177 32,690 31,289 29,716 29,496 29,940 26,476 28,288 27,429 Distribution of bonds by financial instrument category Fair value through profit or loss (FVTPL) 32,177 32,690 31,289 29,716 29,496 29,940 26,476 28,288 27,429 Total 32,177 32,690 31,289 29,716 29,496 29,940 26,476 28,288 27,429 Distribution by credit rating1 Rating – AAA 1,932 1,942 1,762 1,747 1,806 1,975 1,713 1,739 1,628 Rating – AA 8,128 8,794 8,448 8,004 8,084 8,691 7,435 8,503 8,287 Rating – A 11,555 11,513 11,918 11,201 10,855 11,292 10,509 11,471 10,799 Rating – BBB 10,351 10,221 8,983 8,596 8,578 7,806 6,637 6,387 6,492 Rating – BB and lower 211 220 178 168 173 176 182 188 223 Total 32,177 32,690 31,289 29,716 29,496 29,940 26,476 28,288 27,429 Distribution by category of issuer Governments 8,396 9,096 8,476 8,232 8,282 8,957 7,667 8,727 8,405 Municipalities 1,093 1,077 1,099 1,029 934 946 796 838 831 Corporates – Public issues 16,570 16,428 15,943 14,887 14,745 14,358 12,845 13,386 12,712 Corporates – Private issues 6,118 6,089 5,771 5,568 5,535 5,679 5,168 5,337 5,481 Total 32,177 32,690 31,289 29,716 29,496 29,940 26,476 28,288 27,429 Distribution by industry sector (Corporate bonds) Financials services 4,740 4,703 4,222 3,942 3,906 4,069 3,732 3,730 3,892 Utilities 5,687 5,775 5,629 5,216 5,571 5,640 5,654 6,166 5,828 Consumer cyclical and non-cyclical 3,636 3,468 3,572 3,441 3,383 3,244 2,567 2,614 2,539 Energy 3,167 2,946 2,874 2,479 2,364 2,179 1,943 2,033 1,842 Industrial 1,825 1,787 1,638 1,764 1,612 1,613 1,400 1,418 1,364 Communications 2,340 2,528 2,530 2,358 2,290 2,134 1,675 1,649 1,577 Other 1,293 1,310 1,249 1,255 1,154 1,158 1,042 1,113 1,151 Total 22,688 22,517 21,714 20,455 20,280 20,037 18,013 18,723 18,193 1 As at December 2024, the Company updated its risk rating methodology and included an additional rating agency, impacting the portfolio risk ratings. March 31, 2025 (First quarter) 32
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INVESTED ASSETS (continued) 2025 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Loans Book value of loans portfolio 3,425 3,444 3,548 3,589 3,569 3,660 3,717 3,717 3,747 Book value of mortgages 1,168 1,193 1,275 1,342 1,339 1,426 1,470 1,502 1,574 Book value of car loans and other loans 2,257 2,251 2,273 2,247 2,230 2,234 2,247 2,215 2,173 Distribution by financial instrument category Fair value through profit or loss (FVTPL) 1,168 1,193 1,275 1,342 1,339 1,426 1,470 1,502 1,574 Amortized cost 2,257 2,251 2,273 2,247 2,230 2,234 2,247 2,215 2,173 Total 3,425 3,444 3,548 3,589 3,569 3,660 3,717 3,717 3,747 Distribution by type of mortgage Multi residential 923 959 1,021 1,071 1,100 1,180 1,231 1,262 1,313 Industrial 89 72 80 93 85 86 92 102 118 Retail 102 102 106 106 90 93 90 93 96 Office 51 57 65 69 61 62 52 40 41 Other 3 3 3 3 3 5 5 5 6 Total 1,168 1,193 1,275 1,342 1,339 1,426 1,470 1,502 1,574 Distribution by type of mortgage Securitized and insured1 95 118 171 181 222 245 291 340 357 Insured 645 658 675 707 672 727 732 714 740 Uninsured 428 417 429 454 445 454 447 448 477 Total 1,168 1,193 1,275 1,342 1,339 1,426 1,470 1,502 1,574 Distribution of mortgage by region Canada 1,009 1,017 1,092 1,136 1,179 1,265 1,307 1,341 1,394 United States 159 176 183 206 160 161 163 161 180 Total 1,168 1,193 1,275 1,342 1,339 1,426 1,470 1,502 1,574 Quality measures Car loans – Net impaired loans as a percentage of gross loans2 0.44% 0.49% 0.44% 0.43% 0.48% 0.41% 0.40% 0.33 % 0.33 % Car loans – Total allowance for credit losses (ACL) as a percentage of gross loans3 5.63% 5.61% 5.38% 5.20% 5.16% 5.21% 4.56% 4.75% 4.89% 1 A marginal portion of the “Securitized and insured” loans may be uninsured at the end of the quarter. 2 Net impaired loans as a percentage of gross loans is a ratio of impaired loans net of allowance for credit losses expressed as a percentage of gross loans. It is an indicator of quality of the loan portfolio. 3 Total allowance for credit losses (ACL) as a percentage of gross loans is defined as the ratio of ACL expressed as a percentage of gross loans. Provides a measure of the expected credit experience of the loan portfolio. March 31, 2025 (First quarter) 33
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INVESTED ASSETS (continued) 2025 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Stocks Book value of the stock portfolio 5,601 5,130 4,810 4,569 4,320 4,069 3,912 3,884 3,868 Distribution by financial instrument category Fair value through profit or loss (FVTPL) 5,601 5,130 4,810 4,569 4,320 4,069 3,912 3,884 3,868 Total 5,601 5,130 4,810 4,569 4,320 4,069 3,912 3,884 3,868 Distribution by category Common 3,341 2,916 2,782 2,635 2,428 2,384 2,341 2,282 2,271 Preferred 531 515 495 523 528 455 442 447 452 Market indices 319 319 414 381 330 297 276 316 317 Investment fund units and other 1,410 1,380 1,119 1,030 1,034 933 853 839 828 Total 5,601 5,130 4,810 4,569 4,320 4,069 3,912 3,884 3,868 Distribution by use of stocks Backing UL accounts 2,142 2,085 1,957 1,822 1,778 1,650 1,536 1,574 1,563 Total Portfolio Management (TPM) 3,459 3,045 2,853 2,747 2,542 2,419 2,376 2,310 2,305 Total 5,601 5,130 4,810 4,569 4,320 4,069 3,912 3,884 3,868 Investment properties and Linearization of rents Investment properties 1,517 1,519 1,578 1,576 1,599 1,611 1,668 1,750 1,772 Linearization of rents 34 33 34 33 33 33 33 32 32 Total fair value 1,551 1,552 1,612 1,609 1,632 1,644 1,701 1,782 1,804 Distribution of investment properties by type Office 1,269 1,271 1,331 1,329 1,352 1,365 1,434 1,496 1,518 Retail 111 110 109 104 104 103 98 101 101 Industrial 67 68 68 68 68 68 68 68 68 Land 70 70 70 75 75 75 68 85 85 Total 1,517 1,519 1,578 1,576 1,599 1,611 1,668 1,750 1,772 Distribution of investment properties by region Canada 1,513 1,515 1,574 1,572 1,595 1,607 1,664 1,750 1,772 United States 4 4 4 4 4 4 4 — — Total 1,517 1,519 1,578 1,576 1,599 1,611 1,668 1,750 1,772 Occupancy rate on investment properties1 85.8% 85.5% 85.9% 86.0% 86.4% 86.7% 85.9% 85.8 % 85.7 % 1 Occupancy rate on investment properties is calculated by dividing the total number of square feet rented by the total number of square feet in the Company’s real estate portfolio. Land and real estate properties intended for redevelopment are excluded from the calculation. March 31, 2025 (First quarter) 34
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INVESTED ASSETS (continued) 2025 2024 2023 (in percentage) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Value and distribution of investments Book value of investment portfolio 45,676 45,580 44,601 42,644 41,586 42,618 38,856 40,961 39,945 Distribution of investments by financial instrument category Fair value through profit or loss (FVTPL) 88.7% 89.1% 88.6% 88.4% 87.9% 88.3% 86.6% 86.8 % 86.0 % Amortized cost 7.7% 7.3% 7.6% 7.6% 8.0% 7.6% 7.9% 7.7 % 8.4 % Investment properties 3.3% 3.3% 3.5% 3.7% 3.8% 3.8% 4.3% 4.3 % 4.4 % Other 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 1.2% 1.2 % 1.2 % Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0 % 100.0 % Distribution of investments by asset category Bonds 70.5% 71.7% 70.1% 69.7% 71.0% 70.3% 68.0% 69.0 % 68.6 % Stocks 12.3% 11.3% 10.8% 10.7% 10.4% 9.5% 10.1% 9.5 % 9.7 % Loans (including mortgages) 7.5% 7.6% 8.0% 8.4% 8.6% 8.6% 9.6% 9.1 % 9.4 % Investment properties 3.3% 3.3% 3.5% 3.7% 3.8% 3.8% 4.3% 4.3 % 4.4 % Cash and short-term investments 3.9% 3.4% 4.7% 4.7% 3.5% 3.2% 3.1% 3.7 % 4.0 % Other 2.5% 2.7% 2.9% 2.8% 2.7% 4.6% 4.9% 4.4 % 3.9 % Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0 % 100.0 % Distribution of investments by detailed asset category/class Debt securities – Public issues 57.1% 58.3% 57.2% 56.6% 57.8% 56.9% 54.8% 56.0 % 54.9 % Debt securities – Private issues 13.4% 13.4% 12.9% 13.1% 13.3% 13.3% 13.3% 13.0 % 13.7 % Public equities 6.4% 5.8% 5.8% 5.7% 5.3% 4.7% 4.7% 4.6 % 4.8 % Loans (including mortgages) 7.5% 7.6% 8.0% 8.4% 8.6% 8.6% 9.6% 9.1 % 9.4 % Investments properties 3.3% 3.3% 3.5% 3.7% 3.8% 3.8% 4.3% 4.3 % 4.4 % Private equity and Infrastructures 5.9% 5.5% 5.0% 5.0% 5.0% 4.9% 5.3% 4.9 % 4.9 % Cash and short-term investments 3.9% 3.4% 4.7% 4.7% 3.5% 3.2% 3.1% 3.7 % 4.0 % Other 2.5% 2.7% 2.9% 2.8% 2.7% 4.6% 4.9% 4.4 % 3.9 % Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0 % 100.0 % Distribution of investments by region Canada1 67.0% 66.9% 67.3% 67.7% 68.4% 71.3% 71.5% 71.3 % 71.1 % United States 27.9% 28.4% 28.5% 28.2% 27.4% 24.6% 24.7% 25.0 % 25.2 % Other 5.1% 4.7% 4.2% 4.1% 4.2% 4.1% 3.8% 3.7 % 3.7 % Total1, 2 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0 % 100.0 % 1 Adjusments were made in Q4-2024 for Q4-2023. 2 Excluding cash and short-term investments, and Derivative financial instruments. March 31, 2025 (First quarter) 35
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INVESTED ASSETS (continued) 2025 2024 2023 (in percentage) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Bonds Book value of the bond portfolio 32,177 32,690 31,289 29,716 29,496 29,940 26,476 28,288 27,429 Distribution of bonds by financial instrument category Fair value through profit or loss (FVTPL) 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0 % 100.0 % Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0 % 100.0 % Distribution by credit rating1 Rating – AAA 6.0% 5.9% 5.6% 5.9% 6.1% 6.6% 6.5% 6.1 % 5.9 % Rating – AA 25.3% 26.9% 27.0% 26.9% 27.4% 29.0% 28.1% 30.1 % 30.2 % Rating – A 35.8% 35.2% 38.1% 37.7% 36.8% 37.7% 39.6% 40.5 % 39.4 % Rating – BBB 32.2% 31.3% 28.7% 28.9% 29.1% 26.1% 25.1% 22.6 % 23.7 % Rating – BB and lower 0.7% 0.7% 0.6% 0.6% 0.6% 0.6% 0.7% 0.7 % 0.8 % Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0 % 100.0 % Distribution by category of issuer Governments 26.1% 27.8% 27.1% 27.7% 28.1% 29.9% 29.0% 30.9 % 30.6 % Municipalities 3.4% 3.3% 3.5% 3.5% 3.2% 3.2% 3.0% 3.0 % 3.0 % Corporates – Public issues 51.5% 50.3% 51.0% 50.1% 49.9% 47.9% 48.5% 47.2 % 46.4 % Corporates – Private issues 19.0% 18.6% 18.4% 18.7% 18.8% 19.0% 19.5% 18.9 % 20.0 % Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0 % 100.0 % Distribution by industry sector (Corporate bonds) Financials services 20.9% 20.9% 19.4% 19.3% 19.3% 20.3% 20.7% 19.9 % 21.4 % Utilities 25.1% 25.7% 25.9% 25.6% 27.4% 28.0% 31.3% 32.9 % 32.0 % Consumer cyclical and non-cyclical 16.0% 15.4% 16.5% 16.8% 16.7% 16.2% 14.3% 14.0 % 14.0 % Energy 14.0% 13.1% 13.2% 12.1% 11.7% 10.9% 10.8% 10.9 % 10.1 % Industrial 8.0% 7.9% 7.5% 8.6% 7.9% 8.1% 7.8% 7.6 % 7.5 % Communications 10.3% 11.2% 11.7% 11.5% 11.3% 10.7% 9.3% 8.8 % 8.7 % Other 5.7% 5.8% 5.8% 6.1% 5.7% 5.8% 5.8% 5.9 % 6.3 % Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0 % 100.0 % 1 As at December 2024, the Company updated its risk rating methodology and included an additional rating agency, impacting the portfolio risk ratings. March 31, 2025 (First quarter) 36
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INVESTED ASSETS (continued) 2025 2024 2023 (in percentage) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Loans Book value of loans portfolio 3,425 3,444 3,548 3,589 3,569 3,660 3,717 3,717 3,747 Book value of mortgages 1,168 1,193 1,275 1,342 1,339 1,426 1,470 1,502 1,574 Book value of car loans and other loans 2,257 2,251 2,273 2,247 2,230 2,234 2,247 2,215 2,173 Distribution by financial instrument category Fair value through profit or loss (FVTPL) 34.1% 34.6% 35.9% 37.4% 37.5% 39.0% 39.5% 40.4 % 42.0 % Amortized cost 65.9% 65.4% 64.1% 62.6% 62.5% 61.0% 60.5% 59.6 % 58.0 % Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0 % 100.0 % Distribution by type of mortgage Multi residential 79.0% 80.4% 80.1% 79.8% 82.2% 82.8% 83.8% 84.0 % 83.4 % Industrial 7.6% 6.0% 6.3% 6.9% 6.4% 6.0% 6.3% 6.8 % 7.5 % Retail 8.7% 8.5% 8.3% 7.9% 6.7% 6.5% 6.1% 6.2 % 6.1 % Office 4.4% 4.8% 5.1% 5.1% 4.5% 4.3% 3.5% 2.7 % 2.6 % Other 0.3% 0.3% 0.2% 0.3% 0.2% 0.4% 0.3% 0.3 % 0.4 % Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0 % 100.0 % Distribution by type of mortgage Securitized and insured1 8.1% 9.9% 13.4% 13.5% 16.6% 17.2% 19.8% 22.6 % 22.7 % Insured 55.3% 55.1% 53.0% 52.7% 50.2% 51.0% 49.8% 47.6 % 47.0 % Uninsured 36.6% 35.0% 33.6% 33.8% 33.2% 31.8% 30.4% 29.8 % 30.3 % Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0 % 100.0 % Distribution of mortgage by region Canada 86.4% 85.2% 85.7% 84.7% 88.1% 88.7% 88.9% 89.3 % 88.6 % United States 13.6% 14.8% 14.3% 15.3% 11.9% 11.3% 11.1% 10.7 % 11.4 % Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0 % 100.0 % Quality measures Car loans – Net impaired loans as a percentage of gross loans2 0.44% 0.49% 0.44% 0.43% 0.48% 0.41% 0.40% 0.33 % 0.33 % Car loans – Total allowance for credit losses (ACL) as a percentage of gross loans3 5.63% 5.61% 5.38% 5.20% 5.16% 5.21% 4.56% 4.75% 4.89% 1 A marginal portion of the “Securitized and insured” loans may be uninsured at the end of the quarter. 2 Net impaired loans as a percentage of gross loans is a ratio of impaired loans net of allowance for credit losses expressed as a percentage of gross loans. It is an indicator of quality of the loan portfolio. 3 Total allowance for credit losses (ACL) as a percentage of gross loans is defined as the ratio of ACL expressed as a percentage of gross loans. Provides a measure of the expected credit experience of the loan portfolio. March 31, 2025 (First quarter) 37
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INVESTED ASSETS (continued) 2025 2024 2023 (in percentage) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Stocks Book value of the stock portfolio 5,601 5,130 4,810 4,569 4,320 4,069 3,912 3,884 3,868 Distribution by financial instrument category Fair value through profit or loss (FVTPL) 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0 % 100.0 % Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0 % 100.0 % Distribution by category Common 59.6% 56.9% 57.8% 57.8% 56.3% 58.6% 59.9% 58.8 % 58.7 % Preferred 9.5% 10.0% 10.3% 11.4% 12.2% 11.2% 11.3% 11.5 % 11.7 % Market indices 5.7% 6.2% 8.6% 8.3% 7.6% 7.3% 7.0% 8.1 % 8.2 % Investment fund units and other 25.2% 26.9% 23.3% 22.5% 23.9% 22.9% 21.8% 21.6 % 21.4 % Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0 % 100.0 % Distribution by use of stocks Backing UL accounts 38.2% 40.6% 40.7% 39.9% 41.2% 40.5% 39.3% 40.5 % 40.4 % Total Portfolio Management (TPM) 61.8% 59.4% 59.3% 60.1% 58.8% 59.5% 60.7% 59.5 % 59.6 % Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0 % 100.0 % Investment properties and Linearization of rents Investment properties 1,517 1,519 1,578 1,576 1,599 1,611 1,668 1,750 1,772 Linearization of rents 34 33 34 33 33 33 33 32 32 Total fair value 1,551 1,552 1,612 1,609 1,632 1,644 1,701 1,782 1,804 Distribution of investment properties by type Office 83.7% 83.6% 84.4% 84.3% 84.6% 84.7% 85.9% 85.4 % 85.7 % Retail 7.3% 7.3% 6.9% 6.6% 6.5% 6.4% 5.9% 5.8 % 5.7 % Industrial 4.4% 4.5% 4.3% 4.3% 4.2% 4.2% 4.1% 3.9 % 3.8 % Land 4.6% 4.6% 4.4% 4.8% 4.7% 4.7% 4.1% 4.9 % 4.8 % Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0 % 100.0 % Distribution of investment properties by region Canada 99.7% 99.7% 99.8% 99.8% 99.8% 99.8% 99.8% 100.0 % 100.0 % United States 0.3% 0.3% 0.2% 0.2 0.2 0.2 0.2 — — Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0 % 100.0 % Occupancy rate on investment properties1 85.8% 85.5% 85.9% 86.0% 86.4% 86.7% 85.9% 85.8 % 85.7 % 1 Occupancy rate on investment properties is calculated by dividing the total number of square feet rented by the total number of square feet in the Company’s real estate portfolio. Land and real estate properties intended for redevelopment are excluded from the calculation. March 31, 2025 (First quarter) 38
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SOLVENCY AND CAPITALIZATION 2025 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 iA Financial Corporation Inc. Solvency ratio CARLI Available capital Tier 1 capital Share capital and contributed surplus 1,542 1,540 1,541 1,555 1,601 1,620 1,649 1,665 1,678 Preferred shares issued by a subsidiary and other equity instruments 600 600 600 725 375 375 375 375 375 Adjusted retained earnings including contractual service margin2 9,565 9,429 9,350 9,199 9,043 8,897 8,786 8,833 8,812 Other 159 154 64 69 24 5 25 6 49 Gross tier 1 11,866 11,723 11,555 11,548 11,043 10,897 10,835 10,879 10,914 Deductions for goodwill and other intangibles assets (3,093) (3,059) (2,992) (3,008) (2,829) (2,797) (2,802) (2,755) (2,721) Other tier 1 deductions (4,145) (3,922) (3,697) (3,530) (3,187) (3,269) (3,203) (3,046) (3,084) Tier 1 4,628 4,742 4,866 5,010 5,027 4,831 4,830 5,078 5,109 Tier 2 capital Subordinated debt 1,495 1,894 1,496 1,496 1,496 1,495 1,495 1,894 1,496 Other 2,908 2,755 2,601 2,440 2,208 2,200 2,233 2,098 2,120 Gross tier 2 4,403 4,649 4,097 3,936 3,704 3,695 3,728 3,992 3,616 Tier 2 deductions (585) (568) (514) (515) (504) (290) (277) (268) (279) Tier 2 3,818 4,081 3,583 3,421 3,200 3,405 3,451 3,724 3,337 Available capital 8,446 8,823 8,449 8,431 8,227 8,236 8,281 8,802 8,446 Surplus Allowance and Eligible Deposits 2,785 2,758 2,683 2,538 2,431 2,448 2,157 2,358 2,379 Base Solvency Buffer Credit Risk 1,475 1,455 1,442 1,389 1,381 1,342 1,234 1,261 1,277 Market Risk 2,713 2,637 2,410 2,389 2,421 2,305 2,252 2,310 2,384 Insurance Risk 5,515 5,379 5,129 5,011 4,698 4,607 4,525 4,471 4,366 Segregated Fund Guarantees Risk — — — 25 49 73 83 94 106 Operational Risk 817 798 762 735 708 687 666 671 661 Diversification and Other Credits (2,020) (1,932) (1,809) (1,783) (1,730) (1,659) (1,563) (1,551) (1,515) Base Solvency Buffer 8,500 8,337 7,934 7,766 7,527 7,355 7,197 7,256 7,219 Total solvency ratio 132% 139% 140% 141% 142% 145% 145% 154% 149% Other capital metrics Capital available for deployment 1,400 1,400 1,000 1,100 1,500 1,600 1,600 1,800 1,800 Organic capital generation 125 150 180 175 130 160 165 150 125 Industrial Alliance Insurance and Financial Services Inc. Solvency ratio CARLI Available capital, surplus allowance and eligible deposits 10,723 10,483 10,737 10,357 10,311 10,245 10,021 10,532 10,569 Base Solvency Buffer 8,473 8,298 7,906 7,788 7,484 7,371 7,168 7,219 7,289 Total solvency ratio 127% 126% 136% 133% 138% 139% 140% 146% 145% March 31, 2025 (First quarter) 39
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SOLVENCY, CAPITALIZATION AND CREDIT RATINGS 2025 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Capital structure1 Debentures 1,495 1,894 1,496 1,496 1,500 1,499 1,499 1,898 1,500 Equity Share capital and contributed surplus 1,542 1,540 1,541 1,555 1,601 1,620 1,649 1,665 1,678 Preferred shares issued by a subsidiary and other equity instruments 600 600 600 725 375 375 375 375 375 Retained earnings and accumulated other comprehensive income 5,420 5,327 5,185 5,094 5,182 5,043 4,980 5,044 5,024 Total shareholders' equity 7,562 7,467 7,326 7,374 7,158 7,038 7,004 7,084 7,077 Total – Capital structure 9,057 9,361 8,822 8,870 8,658 8,537 8,503 8,982 8,577 Financial leverage ratios Debentures, preferred shares issued by a subsidiary and other equity instruments / (capital structure + post-tax CSM)†† 14.8% 17.3% 15.3% 16.4% 14.3% 14.6% 14.7% 17.3 % 14.7 % Debentures / (capital structure + post-tax CSM)†† 10.6% 13.2% 10.9% 11.0% 11.4% 11.7% 11.8% 14.4 % 11.7 % Debentures / capital structure 16.5% 20.2% 17.0% 16.9% 17.3% 17.6% 17.6% 21.1 % 17.5 % Debentures, preferred shares issued by a subsidiary and other equity instruments / capital structure 23.1% 26.6% 23.8% 25.0% 21.7% 22.0% 22.0% 25.3% 21.9% Credit ratings Standard & Poor's DBRS A.M. Best iA FinancialCorporation Inc. Issuer credit rating A A Subordinated debentures A- A (Low) Limited recourse capital notes BBB+ BBB (Ligh) Industrial Alliance Insurance and Financial Services Inc. Financial strength rating AA- AA (Low) A+ (Superior) Issuer credit rating AA- AA (Low) aa- (Superior) Subordinated debentures A+ A (High) a (Excellent) Preferred shares2 A Pfd-1 (Low) a- (Excellent) IA American Life Group Entities Financial strength A (Excellence) Issuer credit rating a (Excellent) Industrial Alliance Pacific General Insurance Corporation Financial strength A (Excellence) Issuer credit rating a+ (Excellent) Dealers Assurance Company Financial strength A (Excellence) Issuer credit rating a (Excellent) 1 Capital structure is defined as the total of the Company’s shareholder equity and debentures. 2 For preferred shares: A is the rating on global scale and P-1 (Low) is the rating on Canadian scale. †† This item is a non-IFRS ratio; see the “Non-IFRS and Additional Financial Measures” section in this document for relevant information about such measure. March 31, 2025 (First quarter) 40
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M ACROECONOMIC SENSITIVITY – IMMEDIATE SENSITIVITIES1 2025 2024 2023 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Public equity Immediate impact on net income (non-core) of an immediate change in market values (in $M)2 Post-tax 25% increase 175 150 150 150 150 200 175 200 200 10% increase 100 100 100 100 100 100 75 75 100 10% decrease (100) (100) (100) (100) (75) (75) (75) (75) (75) 25% decrease (175) (150) (175) (150) (150) (150) (125) (125) (150) Immediate impact on equity of an immediate change in market values (in $M)2, 3 Post-tax 25% increase 250 225 250 225 225 275 175 200 200 10% increase 125 125 125 125 125 125 75 75 100 10% decrease (125) (125) (125) (125) (125) (100) (75) (75) (75) 25% decrease (250) (250) (250) (225) (225) (225) (125) (125) (150) Immediate impact on contractual service margin of an immediate change in market values (in $M)2 Pre-tax 25% increase 625 600 525 500 500 450 400 400 400 10% increase 250 250 200 200 200 175 150 150 200 10% decrease (275) (275) (250) (225) (225) (200) (200) (200) (200) 25% decrease (700) (675) (575) (550) (525) (500) (450) (450) (475) Immediate impact on solvency ratio (CARLI) of an immediate change in market values (Percentage point)4 25% increase (1.0%) (1.0%) (1.0%) (1.0%) (1.0%) (2.0%) (1.5%) (2.0%) (2.0%) 10% increase (0.5%) (1.0%) (0.5%) (1.0%) (1.0%) (1.0%) (1.0%) (1.0%) (0.5%) 10% decrease 0.5% 1.0% 1.0% 1.0% 1.0% 0.5% 0.5% 1.0% 1.0% 25% decrease 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 2.5% Private non-fixed income (NFI) assets (private equity, investment properties and infrastructure) Immediate impact on net income (non-core) of an immediate change in market values (in $M)2 Post-tax 10% increase 300 275 275 275 250 275 300 300 300 10% decrease (300) (275) (275) (275) (250) (275) (300) (300) (300) Immediate impact on equity of an immediate change in market values (in $M)2, 3 Post-tax 10% increase 325 300 300 300 275 300 300 300 300 10% decrease (325) (300) (300) (300) (275) (300) (300) (300) (300) Immediate impact on contractual service margin of an immediate change in market values (in $M)2 Pre-tax 10% increase — — — — — — — — — 10% decrease — — — — — — — — — Immediate impact on solvency ratio (CARLI) of an immediate change in market values (Percentage point)4 10% increase 1.5% 1.0% 1.0% 1.0% 1.0% 1.5 % 1.5 % 1.0 % 1.5 % 10% decrease (1.5%) (1.0%) (1.5%) (1.0%) (1.0%) (1.5%) (1.5%) (1.5%) (1.5%) 1 Immediate impacts refer to the instantaneous effects on asset values, liability values and components of the solvency ratio (CARLI), ignoring any effects on future revenues and expenses. They should be used with caution to estimate financial impacts from market variations for a quarter. Actual results can differ significantly from the estimates presented in this page for a variety of reasons. For additional information, please refer to the “Risk Management and Sensitivities” section of the Management’s Discussion and Analysis. 2 Sensitivities are rounded to the nearest 25 million of dollars. 3 Impact on equity includes the impact on net income and the remeasurement impact of post-employment benefits. 4 Sensitivities are rounded to the nearest 0.5 percentage point. March 31, 2025 (First quarter) 41
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M ACROECONOMIC SENSITIVITY – IMMEDIATE SENSITIVITIES1 (continued) 2025 2024 2023 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Interest rates Immediate impact on net income (non-core) of an immediate parallel shift of all rates (in $M)2 Post-tax 50 bps increase (25) (25) (25) (50) (50) (25) (75) (75) (75) 50 bps decrease — — 25 25 50 — 75 75 50 Immediate impact on equity of an immediate parallel shift of all rates (in $M)2, 3 Post-tax 50 bps increase — 25 — (25) (25) 25 (75) (75) (75) 50 bps decrease (25) (25) — — — (50) 75 75 50 Immediate impact on contractual service margin of an immediate parallel shift of all rates (in $M)2 Pre-tax 50 bps increase 25 25 25 25 25 25 25 25 25 50 bps decrease (25) (25) (25) (25) (25) (25) (25) (25) (25) Immediate impact on solvency ratio (CARLI) of an immediate parallel shift of all rates (Percentage point)4 50 bps increase (0.5%) (0.5) % (1.0%) (0.5%) (1.0) % 1.0 % (1.5%) (1.0%) — % 50 bps decrease 0.5% 0.5% 1.0% 0.5% 1.0% (1.5) % 1.5% 1.0% (0.5%) Corporate spreads Immediate impact on net income (non-core) of an immediate parallel shift of corporate spreads (in $M)2 Post-tax 50 bps increase (25) — (25) (25) (50) (25) (50) (25) (25) 50 bps decrease — — 25 25 25 — 50 25 25 Immediate impact on equity of an immediate parallel shift of corporate bonds credit spreads (in $M)2, 3, Post-tax 50 bps increase 50 50 50 25 25 50 (50) (25) (25) 50 bps decrease (75) (75) (50) (50) (25) (75) 50 25 — Immediate impact on contractual service margin of an immediate parallel shift of corporate spreads (in $M)2 Pre-tax 50 bps increase — — — — — — — — — 50 bps decrease — — — — — — — — — Immediate impact on solvency ratio (CARLI) of an immediate parallel shift of corporate spreads (Percentage point) 4 50 bps increase 0.5% 0.5% 0.5% 0.5% 0.5% 1.5 % 0.5 % 0.5 % 1.5 % 50 bps decrease (0.5%) (1.0%) (0.5%) (0.5%) (0.5%) (1.5%) (0.5%) (1.0%) (2.0%) 1 Immediate impacts refer to the instantaneous effects on asset values, liability values and components of the solvency ratio (CARLI), ignoring any effects on future revenues and expenses. They should be used with caution to estimate financial impacts from market variations for a quarter. Actual results can differ significantly from the estimates presented in this page for a variety of reasons. For additional information, please refer to the “Risk Management and Sensitivities” section of the Management’s Discussion and Analysis. 2 Sensitivities are rounded to the nearest 25 million of dollars. 3 Impact on equity includes the impact on net income and the remeasurement impact of post-employment benefits. 4 Sensitivities are rounded to the nearest 0.5 percentage point. March 31, 2025 (First quarter) 42
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M ACROECONOMIC SENSITIVITY – IMMEDIATE SENSITIVITIES1 (continued) 2025 2024 2023 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Provincial government bond spreads Immediate impact on net income (non-core) of an immediate parallel shift of provincial government bond spreads (in $M)2 Post-tax 50 bps increase 25 25 25 — — 25 — — — 50 bps decrease (25) (25) (25) (25) (25) (25) — — (25) Immediate impact on equity of an immediate parallel shift of provincial government bonds credit spreads (in $M) 2, 3 Post-tax 50 bps increase (25) — (25) (25) (25) — — — — 50 bps decrease 25 — 25 25 25 — — — (25) Immediate impact on contractual service margin of an immediate parallel shift of provincial government bond spreads (in $M)2 Pre-tax 50 bps increase 75 75 75 75 75 75 75 75 75 50 bps decrease (100) (100) (100) (75) (100) (100) (75) (100) (100) Immediate impact on solvency ratio (CARLI) of an immediate parallel shift of provincial government bond spreads (Pourcentage point)4 50 bps increase (0.5%) (0.5%) (0.5%) (0.5%) (0.5%) (0.5%) (0.5%) (0.5%) (0.5%) 50 bps decrease 0.5% 0.5% 0.5% 0.5% 0.5% 0.5 % 0.5 % 0.5 % 0.5 % Ultimate discount rate assumption used for the valuation of insurance contract liabilities (assets) Immediate impact on net income (non-core) of an immediate change in liability URFR (Ulitmate risk free rate) assumption (in $M)5 Post-tax 10 bps increase 50 50 50 50 50 50 50 50 50 10 bps decrease (50) (50) (50) (50) (50) (50) (50) (60) (60) Immediate impact on equity of an immediate change in ultimate discount rate assumption (in $M)5 Post-tax 10 bps increase 50 50 50 50 50 50 50 50 50 10 bps decrease (50) (50) (50) (50) (50) (50) (50) (60) (60) Immediate impact on contractual service margin of an immediate change in ultimate discount rate assumption (in $M)5 Pre-tax 10 bps increase — — — — — — — — — 10 bps decrease — — — — — — — — — 1 Immediate impacts refer to the instantaneous effects on asset values, liability values and components of the solvency ratio (CARLI), ignoring any effects on future revenues and expenses. They should be used with caution to estimate financial impacts from market variations for a quarter. Actual results can differ significantly from the estimates presented in this page for a variety of reasons. For additional information, please refer to the “Risk Management and Sensitivities” section of the Management’s Discussion and Analysis. 2 Sensitivities are rounded to the nearest 25 million of dollars. 3 Impact on equity includes the impact on net income and the remeasurement impact of post-employment benefits. 4 Sensitivities are rounded to the nearest 0.5 percentage point. 5 Sensitivities are rounded to the nearest 10 million of dollars. March 31, 2025 (First quarter) 43
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M ACROECONOMIC SENSITIVITY – CORE EARNINGS† SENSITIVITIES1, 2 2025 2024 2023 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Impact3 on future quarters core earnings† Impact on Investment segment future quarters core earnings† of an immediate change in public equity market values (in $M)4 Post-tax 5% increase 0.3 0.4 0.5 0.4 0.4 0.4 0.3 0.3 0.3 5% decrease (0.3) (0.4) (0.5) (0.4) (0.4) (0.4) (0.3) (0.3) (0.3) Impact on Wealth Management segment future quarters core earnings† of an immediate change in public equity market values (in $M)4 Post-tax 5% increase 4.0 4.0 4.1 4.0 3.9 3.8 3.4 3.4 3.9 5% decrease (4.4) (4.3) (4.4) (4.3) (4.2) (4.1) (3.6) (3.6) (3.8) Impact on future quarters core earnings† of an immediate change in private non-fixed income asset market values (in $M)5 Post-tax 5% increase 3.2 3.1 3.0 2.9 2.9 3.0 3.0 3.2 3.3 5% decrease (3.2) (3.1) (3.0) (2.9) (2.9) (3.0) (3.0) (3.2) (3.3) Impact on Investment segment future quarters core earnings† of an immediate parallel shift of all interest rates (in $M)4 Post-tax 10 bps increase 0.5 0.4 0.6 0.7 0.9 1.9 1.4 1.1 1.3 10 bps decrease (0.5) (0.5) (0.7) (0.8) (1.1) (2.0) (1.5) (1.7) (1.3) Impact on Wealth Management segment future quarters core earnings† of an immediate parallel shift of all interest rates (in $M)4 Post-tax 10 bps increase 0.4 0.4 0.4 0.4 0.3 0.3 0.3 0.3 0.2 10 bps decrease (0.4) (0.4) (0.4) (0.4) (0.3) (0.3) (0.3) (0.3) (0.2) Impact on future quarters core earnings† of an immediate parallel shift of all credit and swap spreads (in $M)6 Post-tax 10 bps increase 0.2 0.1 0.3 0.4 0.5 1.9 1.1 1.3 1.4 10 bps decrease (0.1) — (0.3) (0.4) (0.6) (1.9) (1.3) (1.5) (1.6) 1 Core earnings† sensitivities represent impacts on core earnings for the next quarter. impacts on the level of core earnings will be similar for future quarters if future equity market returns are as expected and if interest rates are stable. 2 Core earnings† sensitivities disclosed from time to time, when judged necessary. 3 Immediate impacts refer to the instantaneous effects on asset values, liability values and components of the solvency ratio (CARLI), ignoring any effects on future revenues and expenses. They should be used with caution to estimate financial impacts from market variations for a quarter. Actual results can differ significantly from the estimates presented in this page for a variety of reasons. For additional information, please refer to the “Risk Management and Sensitivities” section of the Management’s Discussion and Analysis. 4 Impact on future quarters core earnings of an immediate change in public equity market values and Impact on future quarters core earnings of an immediate parallel shift of all interest rates have been split in ordre to show separately the impact on the Investment segment and the impact on the Wealth Management segment. 5 Non-fixed income assets include private equity, investment properties and infrastructure. 6 Credit spreads include corporate bond credit spreads and provincial government bond credit spreads. † This item is a Non-IFRS financial measure; see the “Non-IFRS and Additional Financial Measures” section in this document for relevant information about such measure. March 31, 2025 (First quarter) 44
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S HARE INFORMATION 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Common shares Share price1 High $141.88 $138.01 $112.72 $94.25 $93.84 $93.47 $93.90 $93.86 $93.15 $138.01 $93.90 Low $121.12 $111.18 $84.44 $80.95 $83.40 $77.61 $82.30 $81.78 $79.27 $80.95 $77.61 Close $136.66 $133.32 $112.10 $85.91 $84.15 $90.33 $85.20 $90.25 $85.66 $133.32 $90.33 Average share price $131.52 $129.15 $98.04 $87.33 $87.63 $86.62 $87.55 $87.89 $84.17 $102.51 $86.41 Number of common shares outstanding (in millions) At beginning of period 93.5 93.9 95.1 98.4 99.6 101.6 102.6 103.6 104.8 99.6 104.8 Common shares issued 0.1 0.2 0.2 — 0.1 — 0.1 — 0.1 0.5 0.2 Common shares repurchased and cancelled2 (0.3) (0.6) (1.4) (3.3) (1.3) (2.0) (1.1) (1.0) (1.3) (6.6) (5.4) At end of period 93.3 93.5 93.9 95.1 98.4 99.6 101.6 102.6 103.6 93.5 99.6 Weighted average number of common shares (in millions) Basic 93.3 93.8 94.2 96.8 99.1 100.6 102.2 103.1 104.1 96.0 102.5 Diluted 93.9 94.4 94.6 97.1 99.5 100.9 102.6 103.5 104.5 96.4 102.9 Normal Course Issuer Bid (NCIB) Number of common shares repurchased and cancelled (million of units)2 0.3 0.6 1.4 3.3 1.3 2.0 1.1 1.0 1.3 6.6 5.4 Repurchase and cancellation of common shares (in million of dollars)2 35.6 76.9 123.4 286.8 114.8 171.2 92.8 86.2 111.2 601.9 461.4 Dividends Common dividends paid in the period 84 85 77 79 81 77 78 79 70 322 304 Dividend paid per common share in the period $0.9000 $0.9000 $0.8200 $0.8200 $0.8200 $0.7650 $0.7650 $0.7650 $0.6750 $3.3600 $2.9700 Dividend payout ratio3 45% 38% 27% 38% 35% 31% 139% 40% 26% 34% 40% Core dividend payout ratio†† 31% 30% 28% 30% 34% 33% 31% 32% 32% 30% 32% Dividend yield (annualized)4 2.6% 2.7% 2.9% 3.8% 3.9% 3.4% 3.6% 3.4% 3.2% 2.5% 3.3% Stock options Number of stock options outstanding (in millions) At beginning of period 1 1 2 2 1 2 2 2 2 1 2 Options granted — — — — 1 — — — — 1 — Options exercised, cancelled or expired — — (1) — — (1) — — — (1) (1) At end of period 1 1 1 2 2 1 2 2 2 1 1 1 Price of the Company’s common shares, as traded on the Toronto Stock Exchange under the ticker symbol IAG. 2 As at December 31, 2024, 52 700 shares were repurchased but not cancelled, for a total of $7 million. Those shares were cancelled on January 3, 2025 and were therefore presented as repurchased and cancelled in Q1 2025. 3 Refer to the “Supplementary Financial Measures” section at the end of this document for more information on this measure. 4 Dividend yield: annualized dividend per common share paid in the period divided by the closing price of the common share at the end of the period. †† This item is a non-IFRS ratio; see the “Non-IFRS and Additional Financial Measures” section in this document for relevant information about such measure. March 31, 2025 (First quarter) 45
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S HARE INFORMATION (continued) 2025 2024 2023 2024 2023 (In millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Valuation Price-to-earnings multiple (trailing 12 months)1,2 (in number of times) 14.5 13.7 11.3 11.5 11.6 12.0 13.8 14.6 15.0 13.7 12.0 Market capitalization at end of period 12,745 12,460 10,526 8,174 8,276 9,001 8,654 9,262 8,872 12,460 9,001 Book value per common share $74.62 $73.44 $71.63 $69.92 $68.93 $66.90 $65.25 $65.39 $64.69 $73.44 $66.90 Market value to book value ratio (in number of times) 1.8 1.8 1.6 1.2 1.2 1.4 1.3 1.4 1.3 1.8 1.4 Total payout ratio (trailing 12 months)3 36% 34% 32% 42% 42% 39% 42% 44% 46% 34% 39% Preferred shares issued by a subsidiary and other equity instruments Number of preferred shares outstanding and other equity instruments (in thousands) Preferred shares – Series B — — — 5,000 5,000 5,000 5,000 5,000 5,000 — 5,000 Preferred shares – Series I — — — — — — — — — — — Limited Recourse Capital Notes Series 2022-1 250 250 250 250 250 250 250 250 250 250 250 Limited Recourse Capital Notes Series 2024-1 350 350 350 350 — — — — — 350 — Value of preferred shares and other equity instruments Preferred shares – Series B — — — 125 125 125 125 125 125 — 125 Preferred shares – Series I — — — — — — — — — — — Limited Recourse Capital Notes Series 2022-1 250 250 250 250 250 250 250 250 250 250 250 Limited Recourse Capital Notes Series 2024-1 350 350 350 350 — — — — — 350 — Dividends paid per preferred share Preferred shares – Series B $— $— $0.0906 $0.2875 $0.2875 $0.2875 $0.2875 $0.2875 $0.2875 $0.6656 $1.1500 Preferred shares – Series I $— $— $— $— $— $— $— $— $0.3000 $— $0.3000 1 Price-to-earnings multiple: closing price of the common share at the end of the period divided by the diluted earnings per common share for the last twelve months. 2 Adjusments were made in Q4-2024 for Q3-2024. 3 Refer to the “Supplementary Financial Measures” section at the end of this document for more information on this measure. March 31, 2025 (First quarter) 46
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SUPPLEMENTARY FINANCIAL MEASURES Assets under administration (AUA) – Assets under administration (AUA) is a supplementary financial measure defined as all assets with respect to which the Company acts only as an intermediary between a client and an external fund manager. This measure is used to assess the Company’s ability to generate fees, particularly for investment funds and funds under administration. Assets under management (AUM) – Assets under management (AUM) is a supplementary financial measure defined as all assets with respect to which the Company establishes a contract with a client and makes investment decisions for amounts deposited in this contract. This measure is used to assess the Company’s ability to generate fees, particularly for investment funds and funds under management. Refer to the “Business Growth – Assets under Management and Assets under Administration” section of the Management’s Discussion and Analysis for the period ending March 31, 2025 for a presentation of the components of assets under management. Capital available for deployment – Capital available for deployment is a supplementary financial measure defined as the amount of capital the Company can deploy in an acquisition-type transaction, assuming the most restrictive transaction parameters with respect to regulatory capital (e.g., a transaction involving only intangible assets such as goodwill). The calculation considers the amount of capital over and above the Company’s operating capital target ratios, calculated under the Capital Adequacy Requirements Guideline – Life and Health Insurance (CARLI), in addition to potential debt capital and other regulatory capital instruments other than common shares, considering all limits and constraints of the regulatory capital guideline and the Company’s own internal targets. This measure provides a measure of the Company’s capacity to deploy capital for transactions. Drivers of earnings (DOE) – Components of the DOE analysis constitute additional financial measures. The analysis according to the DOE presents net income attributed to common shareholders and core earnings broken down by the following key drivers: a) Insurance service result, or correspondingly the Core insurance service result when taking into account the related core earnings adjustments, as the sum of the following components (on a net-of-reinsurance basis when applicable): i. Expected insurance earnings, which represent the recurring insurance-related earnings on business in force during the reporting period. It is the sum of the following components: ▪ Risk adjustment release, which is the change in risk adjustment for non-financial risk for risk expired. ▪ Contractual service margin (CSM) recognized for services provided, which is the CSM recognized in net income for services provided during the period. ▪ Expected earnings on PAA insurance business, which is the insurance service result (insurance revenue, net of insurance service expenses) for insurance contracts measured under the premium allocation approach, excluding estimated experience gains (losses). ii. Impact of new insurance business, which is point-of-sale loss of writing new insurance business identified as onerous as per IFRS 17 during the period. The expected profit realized in the years after a contract is issued should cover the loss incurred at the time of issue. The gain of writing new insurance business identified as non-onerous as per IFRS 17 is recorded in the contractual service margin (not in net income). iii. Insurance experience gains (losses), or correspondingly Core insurance experience gains (losses) when taking into account the related core earnings adjustments, which are differences between expected and actual insurance claims and expenses as measured by IFRS 17. Also included are: 1) estimated experience gains (losses) on insurance claims and expenses for contracts measured under the premium allocation approach, 2) adjustments related to current and past services, 3) insurance experience that relates to future services for onerous contracts, and 4) market experience for onerous contracts measured under the variable-fee approach. Insurance experience gains (losses) correspond to experience gains (losses), excluding market experience for onerous contracts measured under the variable-fee approach. iv. Insurance assumption changes and management actions, which is the impact on pre-tax net income resulting from changes, on onerous contracts, in non-financial methods and assumptions that relate to future services or other management actions. Changes in non-financial assumptions result from the Company ensuring the adequacy of its liabilities given the Company’s own experience in terms of mortality, morbidity, lapse rates, expenses, and other factors. Management actions represent the impact of actions apart from the normal operation of the business, including but not limited to changes in methodology, model refinement and impacts of acquisitions, mergers and divestitures. b) Net investment result, or correspondingly the Core net investment result when taking into account the related core earnings adjustments, which is the sum of the following components (on a net-of-reinsurance basis when applicable): i) Expected investment earnings, which is the net investment income, net of finance expenses from contract liabilities and net of investment-related expenses that are part of core earnings. It excludes the credit-related experience impacts and financing charges on debentures. ii) Credit experience, which includes 1) the impact of rating changes, including defaults, on fixed income assets measured at fair value through profit or loss of the investment portfolio, and 2) changes in the quarterly credit experience on car loans (which are all classified at amortized cost), including impacts on allowance for credit losses (ACL). iii) Market experience gains (losses), which are impacts on net investment income and on finance expenses from contract liabilities of actual market variations (e.g., equity markets, interest rates and exchanges rates) that differ from expectations. iv) Financial assumption changes and other, which is the impact on pre-tax net income resulting from changes in financial methods and assumptions. Changes in financial assumptions result from the Company ensuring the adequacy of its liabilities. c) Non-insurance activities, or correspondingly Core non-insurance activities when taking into account the related core earnings adjustments, which are revenues net of expenses for non-insurance activities such as, but not limited to, mutual funds, wealth distribution, insurance distribution, group insurance administrative services only (ASO) business and non-insurance dealer services activities. d) Other expenses, or correspondingly Core other expenses when taking into account the related core earnings adjustments, which are expenses not attributable to either insurance contracts or non-insurance activities, such as, but not limited to, corporate expenses, amortization of acquisition-related intangible assets, financing charges on debentures and intangible asset and goodwill writedowns. e) Income taxes, or correspondingly Core income taxes when taking into account the related core earnings adjustments, which represent the value of amounts payable under the tax laws and include tax payable and deferred income taxes. A life insurer’s investment income taxes and premium taxes are not included in these amounts. f) Dividends/distributions on equity instruments, which are dividends on preferred shares issued by a subsidiary and distributions on other equity instruments. Purpose: The drivers of earnings provide additional information for evaluating the Company’s financial performance and is an additional tool to help investors better understand the drivers of shareholder value creation. Reconciliation: For a reconciliation of core earnings to net income attributed to common shareholders in accordance with the DOE analysis, refer to the “Reconciliation of Select non-IFRS Financial Measures” section of the Management’s Discussion and Analysis for the period ending March 31, 2025. CSM movement analysis – Components of the CSM movement analysis constitute supplementary financial measures. CSM movement analysis presents the movement of the contractual service margin (CSM) on a net-of-reinsurance basis, broken down as follows: a) Organic CSM movement, which excludes the impacts of items that create undue volatility or are non-representative of the underlying business performance from period to period and helps in better understanding the ongoing CSM value creation. It is the sum of the following components: i. Impact of new insurance business, which is the CSM established from non-onerous insurance contracts initially recognized in the period. It includes the impacts related to policy cancellations and acquisition expenses, and it excludes the impacts of unusual new reinsurance contracts on in-force business that are categorized as management actions. ii. Organic financial growth, which is the movement of the CSM from 1) expected asset returns on underlying items (for insurance contracts measured under the variable-fee approach); and 2) interest accreted based on locked-in discount rates at initial recognition (for insurance contracts measured under the general measurement model). iii. Insurance experience gains (losses), which is non-financial experience that relates to future services (e.g., policyholder behaviour that differs from expectations) on non-onerous contracts. iv. CSM recognized for services provided, which is the CSM recognized in net income for services provided during the period. b) Non-organic CSM movement, which is the sum of the following components: i. Impact of changes in assumptions and management actions, which is the impact on non-onerous contracts of changes in methods and assumptions that relate to future services or other management actions. Changes in assumptions result from the Company ensuring the adequacy of its liabilities. Management actions represent the impact of actions apart from the normal operation of the business, including but not limited to changes in methodology, model refinement and impacts of acquisitions, mergers and divestitures. ii. Impact of markets, which represents the market experience for non-onerous contracts measured under the variable-fee approach. It is the impact on fulfilment cash flows of actual market variations (e.g., equity markets and interest rates) that differ from expectations. iii. Currency impact, which is the impact of variations in exchange rates on the CSM, presented in Canadian dollars. iv. Acquisition or disposition of a business, which represents the impact on the CSM from contracts acquired as part of the acquisition of a business, or the impact on the CSM as part of the disposition of a business, presented in Canadian dollars. The total CSM movement equals the sum of the variation of the CSM for insurance contracts and the variation of the CSM for reinsurance contracts disclosed in the note titled “Insurance Contracts and Reinsurance Contracts” in the Company’s financial statements. The CSM movement analysis provides additional information to better understand the drivers of the changes in contractual service margin from one period to another. March 31, 2025 (First quarter) 47
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SUPPLEMENTARY FINANCIAL MEASURES (continued) Dividend payout ratio – Dividend payout ratio is a supplementary financial measure defined as the percentage of net income attributed to common shareholders that is distributed to common shareholders in the form of dividends during the period. It indicates the percentage of the Company’s net income attributed to shareholders that shareholders received in the form of dividends. Net premiums – Net premiums is a supplementary financial measure defined as follows: a) Individual Insurance net premiums, Group Insurance Employee Plans net premiums and US Operations Individual Insurance net premiums are defined as premiums reduced by premiums ceded to reinsurers and include both fund entries on new business written during the period and on in-force contracts. b) Dealer Services P&C net premiums, US Operations Dealer Services net premiums and iA Auto & Home net premiums are defined as direct written premiums less amounts ceded to a reinsurer. c) Group Insurance Special Markets net premiums and Dealer Services Creditor Insurance net premiums refer to gross premiums less amounts ceded to a reinsurer. d) Group Savings and Retirement net premiums refer to net premium after reinsurance and exclude premium equivalents. Premiums are one of many measures used to assess the Company’s ability to generate income from in-force and new business. Organic capital generation – Organic capital generation is a supplementary financial measure defined as the amount of capital generated during a period, in excess of the Company’s operating solvency target ratio, through activities representative of the Company’s earnings performance and potential over the medium and long term, consistent with the core earnings definition. The calculation considers core earnings net of dividends paid to common shareholders in addition to organic contractual service margin (CSM) and risk adjustment (RA) movements, less the organic increase of regulatory capital requirements calculated under the CARLI guideline. It provides a measure of the Company’s capacity to generate excess capital in the normal course of business. In addition, organic capital generation is used for management planning and strategic priority setting. This measure is an additional financial indicator to evaluate the Company’s financial performance. Premium equivalents and deposits a) Premium equivalents is a supplementary financial measure and refers to amounts related to service contracts (such as Administrative Services Only (ASO) contracts) or related to services where the Company is primarily an administrator. For some business units, they also include the amount of premiums kept externally for insurance contracts where the Company will compensate the counterparty for losses that exceed a specific threshold, or failure to pay. These amounts are not accounted for in “Net premiums”. b) Deposits refer to amounts received from clients under a mutual fund contract or an investment contract. Deposits are not reflected in the Company’s income statements. Premium equivalents and deposits are one of many measures used to assess the Company’s ability to generate income from in-force and new business. Return on common shareholders’ equity (ROE) – Return on common shareholders’ equity is a supplementary financial measure, expressed as a percentage, obtained by dividing the consolidated net income attributed to common shareholders by the average common shareholders’ equity for the period. This measure provides a general measure of the Company’s efficiency in using equity. Sales – Sales are defined as fund entries on new business written during the period. Sales assess the Company’s ability to generate new business. a) Insurance, Canada • Individual Insurance: In the Individual Insurance sector, sales are defined as first-year annualized premiums. Gross sales are defined as premiums before reinsurance and cancellations. Net premiums include both fund entries on new business written during the period and on in-force contracts and are reduced by premiums ceded to reinsurers. • Group Insurance: Employee Plans: Sales are defined as annualized premiums of contracts for new groups becoming effective during the quarter. Net premiums are net of reinsurance and include both fund entries on new business written during the period and on in-force contracts. Special Markets: Sales are defined as premiums before reinsurance. • Dealer Services: Creditor Insurance: Creditor insurance sales are defined as premiums before reinsurance and cancellations. P&C: P&C sales are defined as direct written premiums before reinsurance and cancellations. • iA Auto & Home: In iA Auto & Home, sales are defined as direct written premiums before reinsurance and cancellations. b) Wealth Management • Individual Wealth Management Total Sales: In the Individual Wealth Management sector, total sales (or gross sales) for general fund and segregated fund products correspond to the net premiums. Sales for mutual funds are defined as deposits and include primary market sales of ETFs. Net Sales: In the Individual Wealth Management sector, net sales are a useful measure because they provide a more detailed understanding of the source of AUM growth. The change in AUM is important because it determines the level of management fees. Sales for segregated funds and mutual funds correspond to net fund entries (gross sales less withdrawals and transfers). • Group Savings and Retirement: In the Group Savings and Retirement sector, sales of accumulation contracts and insured annuities include gross premiums (before reinsurance) and premium equivalents, or deposits. Net premiums are after reinsurance and exclude premium equivalents. c) US Operations • Individual Insurance: Sales are defined as first-year annualized premiums. • Dealer Services: P&C sales are defined as direct written premiums (before reinsurance) and premium equivalents. Total payout ratio (trailing 12 months) – Total payout ratio (trailing 12 months) is a supplementary financial measure defined as the sum of common dividends paid and common shares repurchased (buybacks) over the last twelve months divided by the net income attributed to common shareholders over the last twelve months. This measure indicates the percentage of the Company’s net income attributed to common shareholders that shareholders received in the form of dividends and share repurchases over a trailing twelve-month period. March 31, 2025 (First quarter) 48