Manitoba helping to pay for repairs at Brandon housing co-op
On Thursday, Housing, Addictions and Homelessness Minister Bernadette Smith announced the province is giving $500,000 to the Spruce Woods Housing Co-op—a facility that provides affordable housing to low-income families and seniors.
According to Smith, the provincial funds will be used for repairs and maintenance at the 81-unit facility, located at 30 Braecrest Dr.
She added this money will also help to keep rent affordable at the co-op.
'We've put a lot of focus on moving people from encampments into housing, but that's just one part of our housing plan,' she said.
'We're also protecting the affordable housing that we already have, investing in places like right here, Spruce Woods Housing Co-op.'
The Spruce Woods Housing Co-op also receives over $14,000 a month through the province's non-profit housing funding model.
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Dream Impact Trust Reports Second Quarter 2025 Results
Article content This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release. All dollar amounts in our tables are presented in thousands of Canadian dollars, except unit and per unit amounts, unless otherwise stated. Article content TORONTO — DREAM IMPACT TRUST (TSX: ('Dream Impact', 'we', 'our' or the 'Trust') today reported its financial results for the three and six months ended June 30, 2025 ('second quarter'). Article content Five years ago, the Trust focused its strategy on creating much needed multi-family rental housing. Since then, we completed three buildings in the National Capital Region and two in downtown Toronto at the West Don Lands for a total of 501 units and acquired 527 well located value-add apartments across the GTA. NOI from the Trust's multi-family portfolio has increased 60% year over year and continued growth is expected as most of the purpose-built rentals are currently in lease-up. Article content In addition, the Trust has 213 units that will be ready for occupancy in early 2026 and a further 202 units available in 2027. Within the next 24 months the Trust's multi-family portfolio will comprise a total of 1,452 units (at share). We are also working towards commencing construction of 49 Ontario St. in 2025 and Quayside in 2026, which will add another 1,330 units (at share), and create a portfolio of almost 2,800 units for the Trust in the next few years. Article content 'While the multi-family segment of our business is progressing well, other segments are facing stressful headwinds,' said Michael Cooper, Portfolio Manager. 'The value of our secondary commercial assets have consistently declined as the market for use and investment are currently unfavorable. We sold some assets over the last two years and are also reducing the IFRS value which has created losses for the Trust. In addition, the Toronto condo market has completely shut down with a reduction of sales by over 80% from the peak. The time to ready land for purpose-built rentals has been extended and the returns are challenging. Although we had great success working with the federal government and the city, the delays have increased our losses as we carry land for longer. Between losses in commercial properties and extended carrying costs on land, the Trust has struggled. Management and Dream Unlimited, as the asset manager, have been working on creating liquidity solutions in this very challenging market and will provide continuous updates. All of our finished multi-family are attractive and desirable buildings. As we address the issues with the commercial properties and holding land, we are making great progress on growing our multi-family assets and repositioning the business.' Article content During the second quarter, the Trust reported a net loss of $16.5 million compared to $4.8 million in the prior year. The fluctuation in earnings was primarily a result of fair value adjustments across the Trust's portfolio, a lower deferred tax recovery, timing of condo occupancies, slower leasing from commercial properties and incidental income from sales of legacy investments in the prior year. Partially offsetting this was higher income contribution from the Trust's growing multi-family portfolio. Article content Recurring Income Article content Multi-family rental properties Article content In the second quarter, same property NOI (1) was $1.9 million compared to $1.5 million in the prior year. The increase was primarily attributable to higher rents achieved on tenant turnover and non-recurring operating expenses in the prior year. Same property occupancy as of period end was 94.5%, up slightly from March 31, 2025 due to a modest increase in occupancy across the GTA portfolio and ongoing leasing at Aalto Suites. Article content As of June 30, 2025, our multi-family portfolio comprised 2,973 units (at 100% or 1,037 units at share) across the GTA and Ottawa/Gatineau region and were 85.8% leased. This includes over 1,300 units in the lease-up phase, comprised of Maple House, Voda, Aalto II and Birch House. In the second quarter, Birch House was transferred to the recurring income segment as substantial construction completion was achieved. Article content Debt from the Trust's multi-family portfolio presented within this segment carries a weighted average term of 4.1 years at a weighted average interest rate of 2.8%. Article content Commercial Article content In the second quarter, NOI from commercial properties (1) was $1.8 million compared to $4.3 million in the prior year. The decrease in NOI was due to asset sales, general leasing softness and tenant support measures for a specific co-working tenant at Zibi. This was partially offset by the occupancy of the anchor tenant at 68-70 Claremont in the prior year. Article content During and subsequent to the second quarter, 7,200 sf of retail and commercial leasing was completed at Zibi, which will be complimentary to the nearly 500 multi-family units and 0.4 million sf of GLA space completed in the waterfront community. Article content In aggregate, the recurring income segment generated a net loss of $11.8 million compared to $5.2 million in the prior year. The change in earnings was attributable to fluctuations in fair value adjustments in each period, and higher interest expense as additional multi-family buildings are added to the segment, partially offset by NOI growth. Article content Included in current period results were $10.4 million of fair value losses. During the second quarter, the Trust entered into an agreement to sell a 25,000 sf boutique commercial property in downtown Toronto. The Trust recognized a $5.3 million fair value loss to align with the purchase price. As well, the Trust recognized $1.4 million of fair value losses from slower commercial leasing, $2.5 million from modest cap rate expansion and capital spend across our multi-family portfolio, and $1.4 million from additional costs on a recently completed commercial block at Zibi. Article content Development Article content In the second quarter, the development segment reported a net loss of $1.9 million compared to $2.5 million in the prior year. The improvement in earnings was primarily driven by the composition of fair value adjustments in each period and timing of interest expensed for recently completed development projects which were previously capitalized. This was partially offset by the timing of increased condo occupancies at Brightwater in the prior year. Article content The Trust's investment in Brightwater, the 72-acre waterfront development in Port Credit, continues to make progress on active blocks available for occupancy. As of June 30, 2025, substantially all of the 311 units between Brightwater I and II have closed, and over 90% of the 264 units between the Towns and the Mason have occupied. Final closings on these two buildings are anticipated at the end of the year. Article content We continue to make steady progress on construction at Odenak in Ottawa (608 multi-family units) and Cherry House at Canary Landing in downtown Toronto (855 multi-family units). During the second quarter, the first 47 units at Cherry House were completed (referred to as Block 7) and pre-leased in bulk to a third-party. The remaining units at Cherry House are on track for leasing in 2026. Article content Income from this segment will fluctuate period-to-period and not contribute meaningfully to earnings until development milestones are achieved and/or project inventory is available for occupancy. While mindful of our capital spend and liquidity needs, on a strategic basis we continue to make advancements for select assets in the pre-development stage. Article content Other Article content In the second quarter, the other segment recognized a net loss of $2.8 million compared to net income of $3.0 million in the prior year. The fluctuation in earnings was driven by the deferred income tax recovery position and proceeds from the sale of non-core investments in the prior year. Article content During the second quarter, the Trust, alongside the Dream group of companies, released its annual Sustainability and Impact reports. For access to the reports, refer to the Trust's website at Article content Liquidity Update Article content At June 30, 2025, the Trust had total cash on hand of $13.1 million and a debt-to-asset value (2) of 41.3% an increase from 40.4% at March 31, 2025, primarily driven by unfavorable fair value adjustments across the portfolio. The Trust's debt profile was comprised of $274.6 million of consolidated debt and $900.7 million of debt at its proportionate share from equity accounted investments. Included in the above was $268.1 million of debt within equity accounted investments, at the Trust's share, which is due in 2025. We are near completion of $84.0 million of infrastructure debt renewals and are in discussions with our partners and lenders for the remaining $149.8 million of land loans. The remaining balance relates primarily to construction loans at Brightwater, which are anticipated to be repaid in normal course from condo closing proceeds by the end of the year. Article content For further details refer to the 'Capital Resources and Liquidity' section of the Trust's management's discussion and analysis ('MD&A') for the three and six months ended June 30, 2025. Article content Footnotes (1) Net income (loss) per unit, total unitholders' equity per unit, NOI – recurring income, NOI – multi-family rental, NOI – commercial properties, same property NOI – multi-family rental, are supplementary financial measures. Please refer to the cautionary statements under the heading 'Specified Financial Measures and Other Measures' in this press release and the 'Specified Financial Measures and Other Disclosures' section of the Trust's MD&A for the three and six months ended June 30, 2025. (2) Debt-to-asset value is a non-GAAP ratio, which is calculated as total debt payable, a non-GAAP financial measure, divided by the total asset value of the Trust as at the applicable reporting date. The most directly comparable financial measure to total debt payable is total debt. Article content About Dream Impact Article content Dream Impact is an open-ended trust dedicated to impact investing. Dream Impact's underlying portfolio is comprised of exceptional real estate assets reported under two operating segments: development and recurring income, that would not be otherwise available in a public and fully transparent vehicle, managed by an experienced team with a successful track record in these areas. The objectives of Dream Impact are to create positive and lasting impacts for our stakeholders through our three impact verticals: environmental sustainability and resilience, attainable and affordable housing, and inclusive communities, while generating attractive returns for investors. For more information, please visit: Specified Financial Measures and Other Measures The Trust's condensed consolidated financial statements are prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ('IFRS Accounting Standards'). In this press release, as a complement to results provided in accordance with IFRS Accounting Standards, the Trust discloses and discusses certain specified financial measures, including total liquidity, total debt payable, net income (loss) per unit, NOI – commercial properties, Same Property NOI – multi-family rental, NOI – multi-family rental, NOI – recurring income, total unitholders' equity per unit, and debt-to-total asset value, as well as other measures discussed elsewhere in this release. These specified financial measures are not defined by or recognized measures under IFRS Accounting Standards, do not have a standardized meaning and may not be comparable with similar measures presented by other issuers. The Trust has presented such specified financial measures as management believes they are relevant measures of our underlying operating performance. Specified financial measures should not be considered as alternatives to unitholders' equity, net income, total comprehensive income or cash flows generated from operating activities, or comparable metrics determined in accordance with IFRS Accounting Standards as indicators of the Trust's performance, liquidity, cash flow and profitability. Certain additional disclosures such as the composition, usefulness and changes as applicable are expressly incorporated by reference from the Trust's MD&A for the three and six months ended June 30, 2025, dated August 5, 2025 in the section titled 'Specified Financial Measures and Other Disclosures', subsection 'Non-GAAP Ratios', heading 'Debt-to-asset value', subsection 'Supplementary Financial Measures and Other Measures', headings 'Net income (loss) per unit', 'NOI — commercial properties', 'NOI – multi-family rental', 'NOI – recurring income', 'total unitholders' equity per unit' and 'Same Property NOI – multi-family rental' and subsection 'Non-GAAP Financial Measures', heading 'Total debt payable', which has been filed and is available on SEDAR+ under the Trust's profile. 'Total debt payable' is defined by the Trust as the balance due at maturity for its debt instruments. Total debt payable is a non-GAAP measure and is included as part of the definition of debt-to-asset value, a non-GAAP ratio. Total debt payable is an important measure used by the Trust in evaluating the amount of debt leverage; however, it is not defined by IFRS Accounting Standards, does not have a standardized meaning and may not be comparable with similar measures presented by other issuers. Total debt payable is reconciled to total debt, the most directly comparable financial measure, below. Article content Forward-Looking Information Article content This press release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information generally can be identified by the use of forward-looking terminology such as 'outlook', 'objective', 'may', 'will', 'would', 'could', 'expect', 'intend', 'estimate', 'anticipate', 'timeline', 'potential', 'strategy', 'targets', 'believe', 'should', 'plans', or 'continue', or similar expressions suggesting future outcomes or events. Article content Some of the specific forward-looking information in this press release may include, among other things, statements relating to the Trust's objectives and strategies to achieve those objectives; the Trust's leasing activities and the expected timing and results thereof; expectations regarding the Trust's multi-family portfolio including segment growth, continued margin growth, and number of units available for occupancy and lease-up and timelines thereof; expectations regarding 49 Ontario St. and Quayside, including timelines, units delivered upon completion and, construction commencement; the Trust's ability to reduce IFRS value; the Trust's ability to create liquidity and advance developments in the current market; the Trust's ability to grow multi-family assets and reposition the business; the Trust's ability to secure construction financing and partnership opportunities for certain developments; the Trust's ability to consummate the sale of a boutique commercial property in downtown Toronto; the expectation regarding completion and lease-up of rental units at Birch House at Canary Landing, Maple House at Canary Landing, Odenak, Voda and Aalto II, including number of units and timing; the Trust's advancements for select assets in the pre-development stage; the Trust's expectations regarding upcoming debt maturities and the expectations of repayment, extension and/or renewal of debt and timing thereof; the Trust's ability to realize unit closings including at Brightwater I and II, the Towns and the Mason, and timing, expected proceeds and uses thereof; the Trust's expectations regarding upcoming debt maturities and the expectation of repayment, extension and/or renewal of debt; the status of the Trust's ongoing active development projects and the projected construction start and completion dates; the Trust's expectations regarding the impacts of advancing construction at certain developments and the related impact on debt exposure and project risk; the Trust's ability to reduce overall exposure to land loans; and the Trust's plans and proposals for current and future development and redevelopment projects, including construction initiation, completion and occupancy/stabilization dates/timing and number of units. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust's control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to: adverse changes in general economic and market conditions; liquidity risk; financing and risks relating to access to capital; interest rate risks; public health risks; risks associated with unexpected or ongoing geopolitical events, including disputes between nations, terrorism or other acts of violence, and international sanctions; inflation; risks related to the imposition of duties, tariffs and other trade restrictions and their impacts; the disruption of free movement of goods and services across jurisdictions; the risk of adverse global market, economic and political conditions and health crises; risks inherent in the real estate industry; risks relating to investment in development projects; impact investing strategy risk; risks relating to geographic concentration; risks inherent in investments in real estate, mortgages and other loans and development and investment holdings; credit risk and counterparty risk; competition risks; environmental and climate change risks; risks relating to access to capital; interest rate risk; the risk of changes in governmental laws and regulations; tax risks; foreign exchange risk; the risk that corporate activities and reviews will not have the desired impact; acquisitions risk; and leasing risks. Our objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable; the gradual recovery and growth of the general economy in 2025; that no unforeseen changes in the legislative and operating framework for our business will occur; that there will be no material change to environmental regulations that may adversely impact our business; that we will meet our future objectives, priorities and growth targets; that we receive the licenses, permits or approvals necessary in connection with our projects; that we will have access to adequate capital to fund our future projects, plans and any potential acquisitions; that we are able to identify high-quality investment opportunities and find suitable partners with which to enter into joint ventures or partnerships; that we do not incur any material environmental liabilities; there will not be a material change in foreign exchange rates; that the impact of the current economic climate and global financial conditions on our operations will remain consistent with our current expectations and that inflation and interest rates will not materially increase beyond current market expectations; that no duties, tariffs or other trade restrictions will negatively impact us; our expectations regarding the availability and competition for acquisitions remains consistent with the current climate. Article content All forward-looking information in this press release speaks as of August 5, 2025, unless otherwise noted. The Trust does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and risks and uncertainties is disclosed in the Trust's filings with securities regulators filed on the System for Electronic Document Analysis and Retrieval+ ( including its latest annual information form and MD&A. These filings are also available at the Trust's website at Article content Article content Article content Article content Article content Contacts Article content Meaghan Peloso Article content Article content Chief Financial Officer Article content Article content 416 365-6322 Article content Article content
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iA Financial Group Reports Second Quarter Results and a 10% Increase in Its Common Dividend
Article content Very strong profitability driven by experience gains and a high level of sales Article content This news release presents financial information in accordance with IFRS ® Accounting Standards (referred to as 'IFRS' in this document) and certain non-IFRS and additional financial measures used by the Company when evaluating its results and measuring its performance. For relevant information about non-IFRS financial measures and other specified financial measures used in this document, see the 'Non-IFRS and Additional Financial Measures' section in this document and in the Management's Discussion and Analysis for the period ended June 30, 2025, which is hereby incorporated by reference and is available for review at or on iA Financial Group's website at The results presented below are for iA Financial Corporation Inc. ('iA Financial Group' or the 'Company'). Article content SECOND QUARTER HIGHLIGHTS Article content Core EPS †† of $3.49 (+27% YoY), and trailing-12-month core ROE †† of 17.0%, in line with the 2027 core ROE target of 17%+ EPS of $3.43 (+62% YoY) and trailing-12-month ROE 1 of 14.7% Strong sales 2 momentum in Canada and the U.S. with total AUM 2 and AUA 2 of $274 billion 3 at June 30, 2025 (+16% in the last 12 months) Organic capital generation 2 of $200 million, on track to reach the 2025 target of $650+ million, 4 supporting robust capital position Book value per common share 5 reaching $76.02 at June 30, 2025, up 2% over 3 months and 9% over 12 months Quarterly dividend to common shareholders increased by 10% to $0.9900, payable during the third quarter Announcement on July 28, 2025 of iA's intent to acquire RF Capital Group Inc. to drive scalable growth in wealth distribution Article content QUEBEC CITY — For the second quarter ended June 30, 2025, iA Financial Group (TSX: IAG) recorded core diluted earnings per common share (EPS) †† of $3.49, which is 27% higher than the same period in 2024 and well above the medium-term annual average growth target of 10%+. 4 Core return on common shareholders' equity (ROE) †† for the trailing 12 months was 17.0%, in line with the 2027 target of 17%+. 4 Second quarter net income attributed to common shareholders was $321 million, diluted EPS was $3.43 and ROE for the trailing 12 months was 14.7%. The solvency ratio 6 was 138% 3 at June 30, 2025, highlighting a strong capital position. Article content 'We are proud of our very strong second-quarter results, which reflect the effectiveness of our diversified business model and the disciplined execution of our growth strategy across all of our operating segments,' commented Denis Ricard, President and CEO of iA Financial Group. 'We remain focused on strategic capital deployment, including our intention to acquire RF Capital Group, an active share buyback program, and a 10% increase in our common share dividend, all aligned with our commitment to delivering long-term value to our shareholders.' Article content 'Our financial results reflect strong profitability, driven by significant experience gains across several business units, leading to a year-over-year increase of 27% in core EPS †† and a core ROE †† of 17.0%, which is already in line with our 2027 target,' added Éric Jobin, Executive Vice-President, CFO, and Chief Actuary. 'The strong earnings we delivered this quarter translated into record quarterly organic capital generation of $200 million, further strengthening our capital position and giving us the flexibility to pursue strategic growth opportunities.' Article content Other Financial Highlights June 30, 2025 March 31, 2024 December 31, 2024 June 30, 2024 Return on common shareholders' equity(trailing 12 months) 14.7 % 13.0 % 13.9 % 11.1 % Core return on common shareholders' equity †† (trailing 12 months) 17.0 % 16.1 % 15.9 % 15.0 % Solvency ratio 138% 132% 139% 141 % Book value per common share $76.02 $74.62 $73.44 $69.92 Assets under management and assets under administration (in billions) 7 $273.8 $264.0 $261.3 $236.9 Please refer to page 2 for footnotes. Article content Footnotes for page 1: 1 Consolidated net income attributed to common shareholders divided by the average common shareholders' equity for the period. 2 Sales, assets under management (AUM), assets under administration (AUA), capital available for deployment and organic capital generation represent supplementary financial measures. Refer to the 'Non-IFRS and Additional Financial Measures' section in this document and in the Q2/2025 Management's Discussion and Analysis for more information. 3 As at June 30, 2025, on a pro forma basis taking account the impact of the proposed RF Capital acquisition on July 28, 2025, total AUA and AUM are estimated at more than $314 billion, the solvency ratio is estimated at 132% and capital available for deployment is estimated at $0.9 billion. See the 'Non-IFRS and Additional Financial Measures' and 'Forward-Looking Statements' sections of this news release. 4 See the 'Financial Targets' and 'Forward-Looking Statements' sections of this news release. 5 Book value per common share is calculated by dividing the common shareholders' equity, which represents the total equity less other equity instruments, by the number of common shares outstanding at the end of the period. 6 The solvency ratio is calculated in accordance with the Capital Adequacy Requirements Guideline – Life and Health Insurance (CARLI) mandated by the Autorité des marchés financiers du Québec (AMF). This financial measure is exempt from certain requirements of Regulation 52-112 respecting Non-GAAP and Other Financial Measures Disclosure according to AMF Blanket Order No. 2021-PDG-0065. 7 In Q2/2025, the 2024 assets under administration figures were adjusted to reflect refinements in consolidation adjustments between the Company and one of its subsidiaries. Article content Unless otherwise indicated, the results presented in this document are in Canadian dollars and are compared with those from the corresponding period last year. Article content The following table sets out the core earnings † and net income attributed to common shareholders by business segment. An analysis of the performance by business segment and a reconciliation between the net income attributed to common shareholders and core earnings † for each business segment is provided in the following pages. Article content Core earnings † Q2/2025 Quarter-over-quarter Year-over-year (In millions of dollars, unless otherwise indicated) Q1/2025 Variation Q2/2024 Variation Insurance, Canada 133 100 33% 106 25% Wealth Management 113 106 7% 98 15% US Operations 36 30 20% 22 64% Investment 102 85 20% 91 12% Corporate (57) (48) (19%) (50) (14%) Total 327 273 20% 267 22% Net income (loss) attributed to common shareholders Insurance, Canada 130 87 49% 97 34% Wealth Management 105 95 11% 91 15% US Operations 55 19 189% 8 588% Investment 103 35 194% 63 63% Corporate (72) (50) (44%) (53) (36%) Total 321 186 73% 206 56% Article content Insurance, Canada Article content Net income attributed to common shareholders for the Insurance, Canada segment was $130 million, which is higher than $97 million for the same period in 2024. Net income attributed to common shareholders is composed of core earnings † as well as core earnings adjustments. Core earnings adjustments to net income totalled $3 million. These include acquisition-related items ($5 million), impact of non-core pension expenses ($3 million) and a reallocation for reporting consistency, which sums to zero on a consolidated basis ($1 million). These items were partly offset by a gain resulting from assumption changes and management actions ($6 million). Core earnings † for this business segment were $133 million, higher than $106 million for the same period in 2024. This 25% increase in core earnings † over the same period in 2024 is the net result of several items. Expected insurance earnings 8 were 8% higher, mainly reflecting an increase in expected earnings on Premium Allocation Approach (PAA) 8 business from iA Auto and Home and an increase in the combined risk adjustment (RA) release 8 and CSM recognized for services provided. 8 Additionally, core insurance experience gains 8 of $31 million were recorded during the quarter, mainly due to favourable morbidity experience in Employee Plans, favourable mortality experience in Individual Insurance and lower claims at iA Auto and Home. Core non-insurance activities 8 were also higher than the same period a year earlier, mainly driven by good earnings growth from Dealer Services. In addition, lower core other expenses 8 were recorded for the quarter. Lastly, these favourable items were partially offset by the impact of new insurance business 8 from Employee Plans due to higher confirmed sales compared to a year ago. Article content Wealth Management Article content Net income attributed to common shareholders for the Wealth Management segment was $105 million, which is higher than $91 million for the same period in 2024. Net income attributed to common shareholders is composed of core earnings † as well as core earnings adjustments. Core earnings adjustments to net income totalled $8 million from acquisition-related items ($7 million) and the impact of non-core pension expenses ($1 million). Core earnings † for this business segment were $113 million for the second quarter compared with $98 million a year ago. The 15% increase in core earnings † over the same period in 2024 is mainly the result of an increase in the combined RA release and CSM recognized for service provided due to strong net segregated fund sales and the impact of favourable financial market performance over the last 12 months. Also, core non-insurance activities were slightly higher, mainly reflecting higher net revenue on assets in Group Savings and Retirement and at iA Clarington (mutual funds). Article content US Operations Article content Net income attributed to common shareholders for the US Operations segment was $55 million, which is higher than $8 million for the same period in 2024. Net income attributed to common shareholders is composed of core earnings † as well as core earnings adjustments. Core earnings adjustments to net income totalled a net gain of $19 million from a favourable adjustment to Vericity's deferred tax assets related to tax losses incurred prior to the acquisition ($30 million), partly offset by acquisition-related items ($10 million) and a small unfavourable tax-related item dating back prior to 2025 ($1 million). Core earnings † for this business segment were $36 million, compared to $22 million for the same period in 2024. The 64% increase in core earnings † over the same period in 2024 is driven by the following: A strong $28 million 9 increase in the core insurance service result, 10 which is the result of an increase in the combined RA release and CSM recognized for service provided, mainly due to the addition of Vericity and Prosperity; the lower impact of new insurance business; and core insurance experience gains of $6 million from favourable mortality experience in Individual Insurance; A $1 million 9 increase in core non-insurance activities, driven by higher earnings from Dealer Services; and An increase in core other expenses, as expected following the addition of Vericity expenses. Article content Note that the impact of the Vericity and Prosperity acquisitions for the second quarter is slightly positive on core earnings † and in line with expectations set at the time of their acquisition. Article content Investment Article content Net income attributed to common shareholders for the Investment segment was $103 million, which is higher than $63 million for the same period in 2024. Net income attributed to common shareholders is composed of core earnings † as well as core earnings adjustments. Core earnings adjustments to net income totalled a net gain of $1 million, as a result of the following items: the market-related impacts that differ from management's expectations, totalling a net loss of $1 million as the favourable impacts from equity variations of $74 million, primarily from the good performance of public equity, were more than offset by the unfavourable impacts of interest rate and credit spread variations of $45 million, CIF adjustments of $5 million, and $25 million from investment properties, mostly driven by unfavourable market value adjustments; and favourable other adjustments totalling $2 million consisting of a tax-related item and a reallocation for reporting consistency which sum to zero on a consolidated basis. Core earnings † for this business segment were $102 million, which is higher than $91 million in 2024. Prior to taxes, financing charges on debentures and dividends, core earnings † were driven by a core net investment result 10 of $127 million. This result compares favourably with $108 million recorded a year ago, reflecting, among other factors, the favourable impact of interest rate variations in recent quarters. In addition, favourable credit experience 10 resulted in a $4 million gain due to higher impacts from upgrades than downgrades in the fixed income portfolio ($2 million) and positive credit experience in the car loans portfolio of iA Auto Finance ($2 million). Article content Corporate Article content The net loss attributed to common shareholders for the Corporate segment was $72 million compared to $53 million for the same period in 2024. The net loss attributed to common shareholders is composed of core losses † as well as core loss adjustments. Core loss adjustments to net loss for this business segment totalled $15 million. These include integration charges related to the acquisitions of Vericity and Global Warranty ($1 million) and a charge related to the pension plan ($14 million). The latter was the result of a management action to allocate a portion of the pension plan surplus in the form of a one-time increase in benefits to current retirees and a temporary reduction in contributions for active members. This initiative stems from the favourable surplus position of our pension plan. The one-time increase in benefits to current retirees had an impact of $14 million on second quarter earnings, while the charge resulting from the temporary reduction in contributions had no impact on second quarter earnings and is expected to have an impact of about $4 million in each of the next four quarters. This segment recorded core losses † from after-tax expenses of $57 million, which compares with $50 million in the second quarter of 2024. Before taxes, Corporate core other expenses were $79 million. This amount is composed of $68 million in core other expenses before taxes, which reflects ongoing strong emphasis on operational efficiency leading to positive operating leverage, 11 and a higher provision of $11 million before taxes for variable compensation related to the Company's performance since the beginning of 2025. Article content The following table presents net income attributed to common shareholders and the adjustments that account for the difference between net income attributed to common shareholders and core earnings. † Core earnings † of $327 million in the second quarter are derived from net income attributed to common shareholders of $321 million and a total adjustment of $6 million (post tax) from: Article content the market-related impacts that differ from management's expectations, totalling a net loss of $1 million. This adjustment is explained by the favourable impacts from equity variations of $74 million, primarily from the good performance of public equity. However, these gains were more than offset by the sum of the unfavourable impacts of interest rate and credit spread variations of $45 million, CIF adjustments of $5 million, and $25 million from investment properties, mostly driven by unfavourable market value adjustments; the net favourable impact of assumption changes and management actions of $22 million as a net result of the following items: 1) a favourable adjustment of $30 million to Vericity's deferred tax assets related to tax losses incurred prior to the acquisition; 2) assumption changes and management actions in the Insurance, Canada segment that resulted in a net gain of $6 million; and 3) a management action related to the pension plan, which unfavourably impacted the Corporate segment by $14 million (refer to the 'Corporate' subsection above for more details); a total charge of $3 million mainly related to the integration of Vericity and Global Warranty; expenses associated with acquisition-related intangible assets of $20 million; and the impact of non-core pension expenses of $4 million. Article content Net Income Attributed to Common Shareholders and Core Earnings † Reconciliation – Consolidated (In millions of dollars, unless otherwise indicated) Second quarter Year-to-date at June 30 2025 2024 Variation 2025 2024 Variation Net income attributed to common shareholders 321 206 56% 507 439 15% Core earnings adjustments (post tax) Market-related impacts 1 27 64 18 Interest rates and credit spreads 45 15 29 12 Equity (74) (21) (15) (53) Investment properties 25 31 41 54 CIF 12 5 2 9 5 Currency — — — — Assumption changes and management actions (22) 1 (27) (4) Charges or proceeds related to acquisition or disposition of a business, including acquisition, integration and restructuring costs 3 12 5 15 Amortization of acquisition-related finite life intangible assets 20 17 41 34 Non-core pension expense 4 4 8 8 Other specified unusual gains and losses — — 2 — Total 6 61 93 71 Core earnings † 327 267 22% 600 510 18% Article content Contractual Service Margin (CSM) Article content 13 Article content Article content – During the second quarter, the CSM increased organically by $140 million. This increase is due to the positive impact of new insurance business of $195 million, organic financial growth of $93 million and net insurance experience gains of $52 million, partly offset by the CSM recognized for service provided in earnings of $200 million, up 18% from a year earlier. Non-organic items led to an increase in the CSM of $68 million during the second quarter, mostly due to the favourable impact of market variations. As a result, the total CSM increased by $208 million (+3%) during the quarter to stand at $7,140 million at June 30, 2025, an increase of 10% over the last 12 months. Article content Business growth – Article content During the second quarter of 2025, almost all business units recorded good sales growth compared to the same period last year. Sales growth was particularly high for Individual Insurance in both Canada and the U.S., as well as in Dealer Services in Canada, iA Auto and Home and segregated funds. In Canada, Individual Insurance sales were strong at $103 million, and the Company maintained a leading position for the number of policies sold. Article content 14 Article content In the Wealth Management segment, the Company continued to rank first for both gross and net segregated fund sales, Article content 15 Article content with net inflows totalling $670 million. Sales results in both US Operations units were solid. Good sales contributed to the 4% increase in net premiums, Article content 16 Article content premium equivalents Article content Article content and deposits, Article content 16 Article content totalling nearly $5.1 billion, compared to the same period last year. Also, total assets under management and total assets under administration Article content Article content amounted to approximately $274 billion, an increase of 16% over the last 12 months. Article content INSURANCE, CANADA Article content In Individual Insurance, second quarter sales totalled $103 million, a 5% increase over a strong quarter a year earlier. This very good result reflects the strength of all our distribution networks, the excellent performance of our digital tools, as well as our comprehensive and distinctive range of products. Sales were notably strong for participating insurance. The Company maintained its leading position in the Canadian market for the number of policies issued. 17 In Group Insurance, second quarter sales in Employee Plans totalled $8 million compared to $25 million in the same quarter last year. This result is largely attributed to a lower volume of quoting activities in the prior months. Note that sales in this business unit vary considerably from one quarter to another based on the size of the contracts sold. On a year-to-date basis, Employee Plans sales were 42% higher than last year. Net premiums, premium equivalents and deposits increased by 9% year over year, benefiting from premium increases on renewals. Special Markets sales reached $99 million, a result similar to the previous year. For Dealer Services, total sales ended the second quarter at $225 million, 16% higher than the same period in 2024. This growth was supported by P&C Insurance sales growth of 26% year over year, notably from the addition of sales from the acquisition of the Global Warranty business completed in the first quarter. At iA Auto and Home, direct written premiums reached $206 million in the second quarter, a strong increase of 10% compared to the same period last year. This good business growth is the result of an increased number of policies as well as recent price adjustments. Article content WEALTH MANAGEMENT Article content In Individual Wealth Management, sales of segregated funds were strong during the second quarter, with gross sales totalling $1.4 billion, an 8% year-over-year increase, and net sales of $670 million. The Company continued to rank first in Canada in gross and net segregated fund sales. 18 This robust performance was notably driven by the strength of our distribution networks and our competitive and comprehensive product lineup. Additionally, clients continued to favour asset classes with higher return potential over guaranteed investments. In this context, sales of other savings products reached $428 million in the second quarter, compared to a strong quarter of $541 million a year earlier. Gross sales of mutual funds totalled $442 million for the quarter, compared to $468 million in the same quarter last year. Net outflows of $165 million were recorded, compared to outflows of $194 million in the second quarter of 2024. Group Savings and Retirement sales for the second quarter totalled $821 million and were 4% lower than a year earlier, as growth in accumulation product sales was offset by the decrease in insured annuities sales. Total assets under management at the end of the quarter were 18% higher than a year earlier. Article content US OPERATIONS Article content In Individual Insurance, quarterly sales reached a record US$78 million, 59% higher than a year earlier. This solid result is driven by good growth in the final expense and middle/family markets and the addition of sales from the Vericity acquisition. These results underscore our potential for strong growth in the U.S. life insurance market, both organically and through acquisitions. In Dealer Services, second quarter sales of US$296 million were up 6% over the same period last year. This good result reflects the quality of our products and services as well as the effectiveness and diversity of our distribution channels. Article content Assets under management and administration totalled nearly $274 billion at the end of the second quarter, up 16% over the last 12 months and up 4% during the quarter. This growth was mainly driven by the performance of financial markets and high net segregated fund inflows. Article content NET PREMIUMS, PREMIUM EQUIVALENTS AND DEPOSITS Article content Net premiums, premium equivalents and deposits amounted to nearly $5.1 billion in the second quarter, a 4% increase over the same period last year, driven by all business units in the Insurance, Canada and U.S. Operations segments. Article content FINANCIAL POSITION Article content The Company's solvency ratio was 138% 19 at June 30, 2025, compared with 132% at the end of the previous quarter and 141% a year earlier. This result is well above the regulatory minimum ratio of 90%. The six-percentage-point increase during the quarter was mainly driven by the favourable impact of organic capital generation and the preferred share issuance completed on June 23, 2025, as outlined below in this section. The Company's financial leverage ratio †† of 16.9% at June 30, 2025 compares to 14.8% at the end of the previous quarter. Article content Organic capital generation and capital available for deployment Article content – The Company organically generated $200 million in additional capital during the second quarter. After six months, $325 million has been generated organically, which is in line with projections to reach the annual target of $650M+ in 2025. At June 30, 2025, the capital available for deployment was assessed at $1.5 billion. Article content 19 Article content Book value Article content – The book value per common share was $76.02 at June 30, 2025, up 2% during the quarter and 9% during the last 12 months. Article content Capital issuance Article content – On June 23, 2025, the Company closed its offering of 6.435% Non-Cumulative 5-Year Rate Reset Class A Preferred Shares Series C by way of a prospectus supplement to the short form base shelf prospectus dated April 25, 2024. The shares were issued for aggregate gross proceeds of $400 million and will pay fixed dividends at a rate of 6.435% per annum, payable semi-annually, as and when declared by the Board of Directors of the Company, for the initial period ending on, but excluding, June 30, 2030. Thereafter, the dividend rate of the shares will reset every five years at a rate per annum equal to the prevailing 5‑year Government of Canada Yield, plus 3.40%. Article content Normal Course Issuer Bid (NCIB) Article content – During the second quarter of 2025, the Company repurchased and cancelled 535,400 outstanding common shares for a total value of $73 million under the NCIB program. Under the current NCIB in force from November 14, 2024 to November 13, 2025, the Company can repurchase up to 4,694,894 common shares, representing approximately 5% of the issued and outstanding common shares as at October 31, 2024. Since November 14, 2024, 1,358,000 shares, or 1.4% of the outstanding common shares, have been repurchased and cancelled. Therefore, the Company may repurchase up to 3,336,894 outstanding common shares between June 30, 2025 and November 13, 2025. Article content Dividend Article content – The Company paid a quarterly dividend of $0.9000 per share to common shareholders in the second quarter of 2025. The Board of Directors approved a quarterly dividend of $0.9900 per share payable during the third quarter of 2025, representing an increase of $0.09 per share or 10% compared to the dividend paid in the previous quarter. This dividend is payable on September 15, 2025 to the shareholders of record at August 22, 2025. Article content Dividend Reinvestment Article content – Article content Registered shareholders wishing to enroll in iA Financial Group's Dividend Reinvestment and Share Purchase Plan (DRIP) so as to be eligible to reinvest the next dividend payable on September 15, 2025 must ensure that the duly completed form is delivered to Computershare no later than 4:00 p.m. on August 15, 2025. Enrolment information is provided on iA Financial Group's website at Article content Article content , under Article content About iA, Article content in the Article content Investor Relations/Dividends Article content section. Common shares issued under iA Financial Group's DRIP will be purchased on the secondary market and no discount will be applicable. Article content Annual Meetings Article content – Article content The Annual Shareholder Meeting of the Company and the Annual Meeting of the Sole Common Shareholder and of the Participating Policyholders of Industrial Alliance Insurance and Financial Services Inc. were held on Thursday, May 8, 2025. At the Annual Meeting of the Company, all thirteen nominated directors were elected by the shareholders. Article content Awards: Article content iA Financial Group was recognized by Forbes magazine as Canada's best auto insurance provider in its 2025 'World's Best Auto Insurance Companies' list. The ranking is based on a global survey of over 45,000 consumers, evaluating, among other things, satisfaction, loyalty, advice, transparency and claims handling. This recognition reflects the trust clients place in iA Auto and Home. On June 30, 2025, iA Financial Group was named one of Canada's 50 Best Corporate Citizens by Corporate Knights, marking its second consecutive year on the list. The prestigious ranking highlights the Company's leadership in sustainability, with notable achievements in sustainable revenue, gender diversity on its Board and wellbeing and personal development initiatives. iA Auto Finance secured second place for the fifth consecutive year in the non-captive non-prime segment of the J.D. Power 2025 Canada Dealer Financing Satisfaction Study, reflecting strong performance in areas like sales representative relationships, responsiveness and funding efficiency. Article content Unsolicited mini-tender offer Article content – On May 7, 2025, iA Financial Group issued a press release warning about an unsolicited mini-tender offer made by Ocehan LLC to purchase up to 50,000 of its common shares at a price of $93.30 per share, which represented a discount of approximately 29.84% to the closing price of iA Financial Group's common shares on the TSX as of May 6, 2025. The press release noted, among other things, that iA Financial Group was not associated with Ocehan LLC and did not recommend or endorse acceptance of this restricted tender offer in any way. For additional information, please refer to the press release, which can be found on our website at Article content . Article content Philanthropy Article content – Article content iA Financial Group donated $50,000 in June to the Canadian Red Cross in support of the 2025 Manitoba Wildfires Appeal. This contribution aims to provide immediate and ongoing relief to those affected, including financial assistance, support for evacuees and risk reduction for future all-hazard disaster events in these regions. Article content Acquisition of RF Capital Group Inc. – On July 28, 2025, iA Financial Group announced that it had entered into a definitive agreement with RF Capital Group Inc. (RF Capital), pursuant to which iA Financial Group will acquire all of the issued and outstanding common shares of RF Capital for $20.00 per share in cash, for a total purchase price of $597 million. Upon completion, this acquisition is expected to add over $40 billion in assets under administration and significantly expand iA's presence in the high-net-worth segment. RF Capital advisors will continue operating independently under the Richardson Wealth brand, 20 supported by iA Financial Group's financial strength and digital platforms. The transaction is expected to be neutral to core earnings † in the first year and accretive to core EPS †† by at least $0.15 in the second year and to have the following impacts: Solvency ratio: -6 percentage points Capital available for deployment: -$0.6 billion Financial leverage ratio ††: no impact Article content See the 'Non-IFRS and Additional Financial Measures' and 'Forward-Looking Statements' sections of this news release. For additional information, please refer to the press release, which can be found on our website at Article content AMF Capital Adequacy Requirements Guideline – A revised Capital Adequacy Requirements for Life and Health Insurance (CARLI) Guideline became effective on January 1, 2025. The new CARLI guideline includes, among other things, revisions related to the regulatory capital requirements for segregated fund guarantees. As allowed by the AMF for insurers, the Company applied the previous version of the guideline during the first half of 2025. As of July 1, 2025, the revised guideline allows for the explicit recognition of the CSM related to segregated funds, the impact of which is expected to be slightly positive on the capital available for deployment and increase the solvency ratio sensitivity to public market variations, while remaining within our risk tolerance. Philanthropy – iA Financial Group and its U.S. subsidiaries donated $75,000 to the Community Foundation of the Texas Hill Country to support those affected by flash flooding in Texas. The funds will provide immediate and ongoing relief, including financial aid and support for evacuees and the communities hosting them. Article content The table below presents the progress towards achieving the Company's annual and medium-term targets. Article content Financial targets 21 Q2/2025 results 2025 YTD Core earnings per common share (core EPS) †† 10%+ annual average growth Medium-term 27% year-over-year growth 23% year-over-year growth Core return on common shareholders' equity (Core ROE) †† 17%+ in 2027 17.0% (trailing 12 months at June 30, 2025) Organic capital generation $650M+ in 2025 $200M $325M Core dividend payout ratio †† 25% to 35% of core earnings †,22 26% 28% Article content NON-IFRS AND ADDITIONAL FINANCIAL MEASURES Article content iA Financial Corporation reports its financial results and statements in accordance with IFRS ® Accounting Standards. The Company also publishes certain financial measures or ratios that are not presented in accordance with IFRS. The Company uses non-IFRS and other financial measures when evaluating its results and measuring its performance. The Company believes that such measures provide additional information to better understand its financial results and assess its growth and earnings potential, and that they facilitate comparison of the quarterly and full year results of the Company's ongoing operations. Since such non-IFRS and other financial measures do not have standardized definitions and meaning, they may differ from similar measures used by other institutions and should not be viewed as an alternative to measures of financial performance, financial position or cash flow determined in accordance with IFRS. The Company strongly encourages investors to review its financial statements and other publicly filed reports in their entirety and not to rely on any single financial measure. Article content Non-IFRS financial measures Article content include core earnings (losses). Article content Non-IFRS ratios Article content include core earnings per common share (core EPS); core return on common shareholders' equity (core ROE); core effective tax rate; core dividend payout ratio; and financial leverage ratio. Article content Supplementary financial measures Article content include return on common shareholders' equity (ROE); components of the CSM movement analysis (organic CSM movement, impact of new insurance business, organic financial growth, insurance experience gains (losses), impact of changes in assumptions and management actions, impact of markets, currency impact); components of the drivers of earnings (in respect of both net income attributed to common shareholders and core earnings); assets under management; assets under administration; capital available for deployment; dividend payout ratio; total payout ratio (trailing 12 months); organic capital generation; sales; net premiums; and premium equivalents and deposits. Article content For relevant information about non-IFRS measures, see the 'Non-IFRS and Additional Financial Measures' section in the Management's Discussion and Analysis (MD&A) for the period ending June 30, 2025, which is hereby incorporated by reference and is available for review on SEDAR+ at or on iA Financial Group's website at Article content A reconciliation of net income attributed to common shareholders to core earnings by business segment is included below. For a reconciliation on a consolidated basis, see the 'Reconciliation of Net Income Attributed to Common Shareholders and Core Earnings' section above. Article content This document also makes reference to certain pro forma financial information, including pro forma supplementary financial measures giving effect to the proposed acquisition of RF Capital, including total AUA and AUM, solvency ratio and capital available for deployment. These measures do not have standardized definitions and meaning; they may differ from similar measures used by other institutions and should not be viewed as an alternative to measures determined in accordance with IFRS. Pro forma information as regards RF Capital is based upon information made publicly available by RF Capital and upon non-public information made available by RF Capital to the Company. Such information has not been verified independently by the Company. Accordingly, an unavoidable level of risk remains regarding the accuracy and completeness of such information, including with respect to facts or circumstances that would affect the completeness or accuracy of such information and which are unknown to the Company. See 'Forward-Looking Statements'. Article content Net Income and Core Earnings † Reconciliation – Insurance, Canada (In millions of dollars, unless otherwise indicated) Second quarter Year-to-date at June 30 2025 2024 Variation 2025 2024 Variation Net income attributed to common shareholders 130 97 34% 217 180 21% Core earnings adjustments (post tax) Market-related impacts — — — — Assumption changes and management actions (6) — (6) — Charges or proceeds related to acquisition or disposition of a business, including acquisition, integration and restructuring costs — 2 — 4 Amortization of acquisition-related finite life intangible assets 5 4 10 8 Non-core pension expense 3 3 6 6 Other specified unusual gains and losses 1 — 6 — Total 3 9 16 18 Core earnings † 133 106 25% 233 198 18% Article content Net Income and Core Earnings † Reconciliation – Wealth Management (In millions of dollars, unless otherwise indicated) Second quarter Year-to-date at June 30 2025 2024 Variation 2025 2024 Variation Net income attributed to common shareholders 105 91 15% 200 179 12% Core earnings adjustments (post tax) Market-related impacts — — — — Assumption changes and management actions — — — — Charges or proceeds related to acquisition or disposition of a business, including acquisition, integration and restructuring costs — — — — Amortization of acquisition-related finite life intangible assets 7 6 14 12 Non-core pension expense 1 1 2 2 Other specified unusual gains and losses — — 3 — Total 8 7 19 14 Core earnings † 113 98 15% 219 193 13% Article content Net Income and Core Earnings † Reconciliation – US Operations (In millions of dollars, unless otherwise indicated) Second quarter Year-to-date at June 30 2025 2024 Variation 2025 2024 Variation Net income attributed to common shareholders 55 8 588% 74 20 270% Core earnings adjustments (post tax) Market-related impacts — — — — Assumption changes and management actions (30) — (30) — Charges or proceeds related to acquisition or disposition of a business, including acquisition, integration and restructuring costs 2 7 2 7 Amortization of acquisition-related finite life intangible assets 8 7 17 14 Non-core pension expense — — — — Other specified unusual gains and losses 1 — 3 — Total (19) 14 (8) 21 Core earnings † 36 22 64% 66 41 61% Article content Net Income and Core Earnings † Reconciliation – Investment (In millions of dollars, unless otherwise indicated) Second quarter Year-to-date at June 30 2025 2024 Variation 2025 2024 Variation Net income attributed to common shareholders 103 63 63% 138 163 (15%) Core earnings adjustments (post tax) Market-related impacts 1 27 64 18 Interest rates and credit spreads 45 15 29 12 Equity (74) (21) (15) (53) Investment properties 25 31 41 54 CIF 23 5 2 9 5 Currency — — — — Assumption changes and management actions — 1 (5) (4) Charges or proceeds related to acquisition or disposition of a business, including acquisition, integration and restructuring costs — — — — Amortization of acquisition-related finite life intangible assets — — — — Non-core pension expense — — — — Other specified unusual gains and losses (2) — (10) — Total (1) 28 49 14 Core earnings † 102 91 12% 187 177 6% Article content Net Income and Core Earnings † Reconciliation – Corporate (In millions of dollars, unless otherwise indicated) Second quarter Year-to-date at June 30 2025 2024 Variation 2025 2024 Variation Net income to common shareholders (72) (53) (36%) (122) (103) (18%) Core earnings (losses) adjustments (post tax) Market-related impacts — — — — Assumption changes and management actions 14 — 14 — Charges or proceeds related to acquisition or disposition of a business, including acquisition, integration and restructuring costs 1 3 3 4 Amortization of acquisition-related finite life intangible assets — — — — Non-core pension expense — — — — Other specified unusual gains and losses — — — — Total 15 3 17 4 Core earnings (losses) † (57) (50) (14%) (105) (99) (6%) Article content Core Earnings † to Net Income Attributed to Common Shareholders Reconciliation According to the DOE – Consolidated (In millions of dollars, unless otherwise indicated) Three months ended June 30, 2025 Core earnings †,24 Reclassifications 25 Income per financial statements Core earnings adjustments 23 Net investment result Other 2025 2024 Variation 2025 2025 2025 2025 2024 Variation Insurance service result 341 267 28% (1) — — 340 267 27% Net investment result 127 108 18% — 62 — 189 142 33% Non-insurance activities or other revenues per financial statements 97 87 11% 6 (25) 408 486 432 13% Other expenses and financing charges on debentures 26 (146) (123) (19%) (54) (37) (408) (645) (575) (12%) Core earnings † or income per financial statements, before taxes 419 339 24% (49) — — 370 266 39% Income taxes or income tax (expense) recovery (86) (64) 43 — — (43) (52) Dividends/Distributions on other equity instruments 27 (6) (8) (6) (8) Core earnings † or net income attributed to common shareholders per financial statements 327 267 22% (6) — — 321 206 56% Article content Forward-Looking Statements Article content This document may contain statements that are predictive or otherwise forward-looking in nature, that depend upon or refer to future events or conditions, or that include words such as 'may', 'will', 'could', 'should', 'would', 'suspect', 'expect', 'anticipate', 'intend', 'plan', 'believe', 'estimate', and 'continue' (or the negative thereof), as well as words such as 'financial targets', 'objective', 'goal', 'guidance', 'outlook' and 'forecast', or other similar words or expressions. Such statements constitute forward-looking statements within the meaning of securities laws. In this document, forward-looking statements include, but are not limited to, information concerning possible or future operating results, strategies, and financial and operational outlook, and statements regarding the anticipated benefits of the proposed acquisition of RF Capital (including with respect to the impact of the transaction on iA's financial performance, more specifically on the Company's AUA and AUM, core earnings, core EPS, solvency ratio and capital available for deployment). These statements are not historical facts; they represent only expectations, estimates and projections regarding future events and are subject to change. Article content Although iA Financial Group believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. In addition, certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Article content Material factors and risks that could cause actual results to differ materially from expectations include, but are not limited to: general business and economic conditions; level of competition and consolidation and ability to adapt products and services to market or customer changes; information technology, data protection, governance and management, including privacy breach, and information security risks, including cyber risks; level of inflation; performance and volatility of equity markets; interest rate fluctuations; hedging strategy risks; accuracy of information received from counterparties and the ability of counterparties to meet their obligations; unexpected changes in pricing or reserving assumptions; iA Financial Group liquidity risk, including the availability of funding to meet financial liabilities at expected maturity dates; mismanagement or dependence on third-party relationships in a supply chain context; ability to attract, develop and retain key employees; risk of inappropriate design, implementation or use of complex models; fraud risk; changes in laws and regulations, including tax laws; contractual and legal disputes; actions by regulatory authorities that may affect the business or operations of iA Financial Group or its business partners; changes made to capital and liquidity guidelines; risks associated with the regional or global political and social environment; geopolitical and trade uncertainty; climate-related risks including extreme weather events or longer-term climate changes and the transition to a low-carbon economy; iA Financial Group's ability to meet stakeholder expectations on environmental, social and governance matters; the occurrence of natural or man-made disasters, international conflicts, pandemic diseases (such as the COVID-19 pandemic) and acts of terrorism; and downgrades in the financial strength or credit ratings of iA Financial Group or its subsidiaries. Material factors and assumptions used in the preparation of financial outlooks include, but are not limited to: accuracy of estimates, assumptions and judgments under applicable accounting policies, and no material change in accounting standards and policies applicable to the Company; no material variation in interest rates; no significant changes to the Company's effective tax rate; no material changes in the level of the Company's regulatory capital requirements; availability of options for deployment of excess capital; credit experience, mortality, morbidity, longevity and policyholder behaviour being in line with actuarial experience studies; investment returns being in line with the Company's expectations and consistent with historical trends; different business growth rates per business unit; no unexpected changes in the economic, competitive, insurance, legal or regulatory environment or actions by regulatory authorities that could have a material impact on the business or operations of iA Financial Group or its business partners; no unexpected change in the number of shares outstanding; and the non‑materialization of risks or other factors mentioned or discussed elsewhere in this document or found in the 'Risk Management' section of the Company's Management's Discussion and Analysis for 2024 that could influence the Company's performance or results. Article content Escalating U.S.–Canada trade tensions, including tariffs on automobiles and auto parts, along with U.S.–China trade frictions and retaliatory tariffs, have intensified global trade instability. Global equity markets have experienced volatility due to uncertainty around tariffs, shifting interest rate expectations, and softer-than-expected economic data. In addition, trade barriers, such as potential and actual tariffs by the U.S., may shift global growth and trade patterns and have a ripple effect on supply chains, potentially further disrupting markets. These factors could lead to reduced consumer and investor confidence, increased financial volatility, and constrained growth opportunities. Article content Additional information about the material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the 'Risk Management' section of the Management's Discussion and Analysis for 2024, the 'Management of Financial Risks Associated with Financial Instruments and Insurance Contracts' note to the audited consolidated financial statements for the year ended December 31, 2024 and elsewhere in iA Financial Group's filings with the Canadian Securities Administrators, which are available for review at Article content The forward-looking statements and outlooks in this document reflect iA Financial Group's expectations as of the date of this document. iA Financial Group does not undertake to update or release any revisions to these forward‑looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, except as required by law. Forward-looking statements are presented in this document for the purpose of assisting investors and others in understanding certain key elements of the Company's expected financial results, as well as the Company's objectives, strategic priorities and business outlook, and in obtaining a better understanding of the Company's anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. Article content The completion of the proposed acquisition of RF Capital is subject to customary closing conditions, termination rights and other risks and uncertainties, including, without limitation and as applicable, shareholder approval and certain regulatory approvals, and there can be no assurance that the acquisition will be completed within the intended timing or at all. There can also be no assurance that if the acquisition is completed, the strategic and financial benefits expected to result therefrom will be realized. Article content The pro forma information set forth in this document should not be considered to be what the actual financial position or results of operations of the Company would have necessarily been had the proposed acquisition of RF Capital been completed as at or for the periods stated. Readers should not place undue reliance on pro forma information. See the 'Non-IFRS and Additional Financial Measures' section. Article content GENERAL INFORMATION Article content Documents Related to the Financial Results Article content For a detailed discussion of iA Financial Group's second quarter results, investors are invited to consult the Management's Discussion and Analysis for the quarter ended June 30, 2025, the related financial statements and accompanying notes and the Supplemental Information Package, all of which are available on the iA Financial Group website at under About iA, in the Investor Relations/Financial Reports section. The Management's Discussion and Analysis and the Company's financial statements are also available on SEDAR+ at Article content Management will hold a conference call to present iA Financial Group's second quarter results on Wednesday, August 6, 2025 at 11:00 a.m. (ET). To listen to the conference call, choose one of the options below: Article content Live Webcast: Click here ( or visit the iA Financial Group website at and go to About iA/Investor Relations/Events and Presentations. By phone: Click here ( to register and receive a dial-in number to connect instantly to the conference call. You can also dial 1-833-752-4884 (toll-free in North America) or 1-647-849-3374 (International) fifteen minutes before the conference call is scheduled to take place and an operator will connect you. Article content The conference call will be recorded and the replay will be available on the iA Financial Group website at under About iA/Investor Relations/Financial Reports. ABOUT iA FINANCIAL GROUP iA Financial Group is one of the largest insurance and wealth management groups in Canada, with operations in the United States. Founded in 1892, it is an important Canadian public company and is listed on the Toronto Stock Exchange under the ticker symbol IAG (common shares). Article content Article content iA Financial Group is a business name and trademark of iA Financial Corporation Inc. † This item is a non-IFRS financial measure; see the 'Non-IFRS and Additional Financial Measures' section and the 'Reconciliation of Select Non-IFRS Financial Measures' section in this document for relevant information about such measures and a reconciliation of non-IFRS financial measures to the most directly comparable IFRS measure. †† This item is a non-IFRS ratio; see the 'Non-IFRS and Additional Financial Measures' section in this document and in the Q2/2025 Management's Discussion and Analysis. _________________________________________________ 8 This item is a component of the drivers of earnings (DOE). Refer to the 'Non-IFRS and Additional Financial Measures' section in this document for more information on presentation according to the DOE. For a reconciliation of core earnings † to net income attributed to common shareholders through the drivers of earnings (DOE), refer to the 'Reconciliation of Select Non-IFRS Financial Measures' section of this document. 9 Before taxes. 10 This item is a component of the drivers of earnings (DOE). Refer to the 'Non-IFRS and Additional Financial Measures' section in this document for more information on presentation according to the DOE. For a reconciliation of core earnings† to net income attributed to common shareholders through the drivers of earnings (DOE), refer to the 'Reconciliation of Select Non-IFRS Financial Measures' section of this document. 11 Operating leverage is the difference between revenue growth and expense growth at a consolidated level. 12 Impact of the tax-exempt investment income (above or below expected long-term tax impacts) from the Company's multinational insurer status. 13 Components of the CSM movement analysis constitute supplementary financial measures. Refer to the 'Non-IFRS and Additional Financial Measures' section of this document and the 'CSM Movement Analysis' section of the Q2/2025 Management's Discussion and Analysis for more information on the CSM movement analysis. 14 According to the latest Canadian data published by LIMRA. 15 According to the latest industry data from Investor Economics. 16 Net premiums and premium equivalents and deposits are supplementary financial measures. Refer to the 'Non-IFRS and Additional Financial Measures' section of this document for more information. 17 According to the latest Canadian data published by LIMRA. 18 According to the latest industry data from Investor Economics. 19 As at June 30, 2025, on a pro forma basis, taking into account the acquisition of RF Capital announced on July 28, 2025, the solvency ratio is estimated at 132% and the capital available for deployment is estimated at $900 million. 20 Richardson Wealth is a trademark of James Richardson & Sons, Limited and Richardson Wealth Limited is a licensed user of the mark. 21 Within the meaning of applicable securities laws, such financial targets constitute 'financial outlook' and 'forward-looking information'. The purpose of these financial targets is to provide a description of management's expectations regarding iA Financial Group's annual and medium-term financial performance and may not be appropriate for other purposes. Actual results could vary materially as a result of numerous factors, including the risk factors referenced herein. Certain material assumptions relating to financial targets provided herein and other related financial and operating targets are described in this document. They are also described in the Investor Event 2025 presentation material available on iA Financial Group's website at under About iA, in the Investor Relations section and in other documents made available by the Company. See 'Forward-Looking Statements'. 22 The Company's dividend and distribution policy is subject to change, and dividends and distributions are declared or made at the discretion of the Board of Directors. 23 Impact of the tax-exempt investment income (above or below expected long-term tax impacts) from the Company's multinational insurer status. 24 For a breakdown of core earnings adjustments applied to reconcile to net income attributed to common shareholders, see 'Reconciliation of Net Income Attributed to Common Shareholders and Core Earnings' † above. 25 Refer to the 'Reconciliation of Select Non-IFRS Financial Measures' section of the Q2/2025 Management's Discussion and Analysis for details about these two reclassifications. These reclassifications reflect items subject to a different classification treatment between the financial statements and the drivers of earnings (DOE). 26 Starting in Q2/2025, 'financing charges on debentures' previously presented in other expenses are shown as a separate line item in the DOE and do not imply any change in the compilation methodology. See the 'Non-IFRS and Additional Financial Measures' section in this document for more information on the 'financing charges on debentures' line item. Article content Article content Article content Article content Contacts Article content Investor Relations Article content Article content Caroline Drouin Article content Article content Office: 418-684-5000, ext. 103281 Article content Article content Email: Article content Article content
