Canada's iA Financial rises after Q4 profit beats expectations

iA Financial

19/02/2025 15:51

** Shares of Canadian insurer iA Financial  IAG.TO  rise as
much as 6.8%; last up 4.5% at C$138.87
    ** IAG on Tuesday reported Q4 core earnings of C$287 million
($202.03 million), or C$3.04/shr, beating analysts' expectations
of C$2.80/shr, according to estimates compiled by LSEG
    ** Q4 premiums and deposits jumped 39% to C$5.7 billion,
driven by strong sales momentum in both Canada and the U.S.
    ** Core earnings from IAG's domestic insurance business
soared 49%, while the wealth management arm saw a 23% jump
    ** Scotiabank analyst Meny Grauman says IAG's earnings beat
was "lower quality" as it was largely driven by
better-than-expected insurance results and lower-than-expected
tax rate
    ** Still, IAG stock continues to show strong momentum
heading into the upcoming investor day as sales trends remain
impressive, Grauman says
    ** IAG stock jumped 47.6% in 2024

($1 = 1.4206 Canadian dollars)

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))