iA Financial Group Reports Third Quarter Results and a 7% Common Dividend Increase

Strong business growth supported by momentum in Wealth Management and Individual Insurance

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 September 30, 2026 (the “Q3/2026 Management’s Discussion and Analysis”), which is hereby incorporated by reference and is available for review at sedarplus.ca or on iA Financial Group’s website at ia.ca. The results presented below are for iA Financial Corporation Inc. (“iA Financial Group” or the “Company”).

THIRD QUARTER HIGHLIGHTS

• Core EPS^†† of $4.03 (+16% YoY) and trailing-12-month core ROE^†† of 17.6%, in line with the 2026 core ROE^†† target of 17%+¹
• EPS of $2.89 (-26% YoY) and trailing-12-month ROE² of 13.3%
• Wealth Management core earnings^† up 21% YoY and net income up 14% YoY, driven by $4.0 billion in gross sales³ and favourable markets
• Assets under management³ and assets under administration³ of $375 billion as at September 30, 2026, up 30% over the last 12 months
• Net premiums,³ premium equivalents and deposits³ totalling nearly $6.1 billion, up 16% YoY, reflecting strong sales and business retention
• Organic capital generation³ of $180 million in Q3 and $515 million year-to-date, on track to reach the 2026 target of $700+ million¹
• Renewal of NCIB program to repurchase up to 5% of outstanding shares

QUEBEC CITY--(BUSINESS WIRE)--For the third quarter ended September 30, 2026, iA Financial Group (TSX: IAG) recorded core earnings^† of $356 million and core diluted earnings per common share (EPS)^†† of $4.03, up 16% from the same period in 2025. Core return on common shareholders’ equity (ROE)^†† for the trailing 12 months was 17.6%, in line with the 2026 target of 17%+.¹ Third quarter net income attributed to common shareholders was $255 million, diluted EPS was $2.89 and ROE for the trailing 12 months was 13.3%. The solvency ratio⁴ was 131% as at September 30, 2026, reflecting a robust capital position.

“We once again delivered strong growth, supported by solid momentum in Wealth Management and solid performance in Individual Insurance in Canada,” commented Denis Ricard, President and CEO of iA Financial Group. “Assets⁵ increased 30% over the last 12 months, while net premiums, premium equivalents and deposits were up 16% year-over-year. This strong business growth reflects the strength of our diversified business model, our distinctive distribution capabilities and the continued execution of our growth strategy. The increase in common dividends announced today reflects our strong business fundamentals and growth momentum.”

“Solid core earnings^† in the third quarter were driven by strong performance across our businesses, organic growth, the contribution of recent acquisitions, and favourable insurance experience,” added Éric Jobin, Executive Vice-President, CFO and Chief Actuary. “Our trailing-12-month core ROE^†† of 17.6% remains in line with our 2026 target of 17%+,¹ while solid organic capital generation and our robust capital position provide us with significant flexibility to allocate capital in a disciplined manner and create long-term value for shareholders.”

Earnings Highlights	Third quarter			Year-to-date as at September 30
	2026	2025	Variation	2026	2025	Variation
Net income attributed to shareholders (in millions)	$264	$373	(29%)	$813	$895	(9%)
Less: distributions on other equity instruments and dividends on preferred shares (in millions)	($9)	($9)		($37)	($24)
Net income attributed to common shareholders (in millions)	$255	$364	(30%)	$776	$871	(11%)
Weighted average number of common shares (in millions, diluted)	88.3	93.1	(5%)	89.9	93.5	(4%)
Earnings per common share (diluted)	$2.89	$3.91	(26%)	$8.63	$9.31	(7%)
Core earnings^† (in millions)	356	323	10%	984	923	7%
Core earnings per common share (diluted)^††	$4.03	$3.47	16%	$10.94	$9.87	11%

Other Financial Highlights	September 30, 2026	June 30, 2026	December 31, 2025	September 30, 2025
Return on common shareholders’ equity (trailing 12 months)	13.3%	15.1%	14.9%	15.6%
Core return on common shareholders’ equity^†† (trailing 12 months)	17.6%	17.5%	17.1%	17.2%
Solvency ratio	131%	137%	133%	138%
Book value per common share^6	$81.71	$80.55	$79.24	$79.22
Assets under management and assets under administration (in billions)	$375.0	$374.1	$341.1	$288.8
Please refer to page 2 for footnotes.

Footnotes for page 1:
^1	See the “Financial Targets” and “Forward-Looking Statements” sections of this news release.
^2	Consolidated net income attributed to common shareholders divided by the average common shareholders’ equity for the period. Return on common shareholders’ equity is a supplementary financial measure. Refer to the “Non-IFRS and Additional Financial Measures” section in this document and in the Q3/2026 Management’s Discussion and Analysis for more information.
^3	Sales, assets under administration, assets under management, net premiums, premium equivalents and deposits, and organic capital generation are supplementary financial measures. Refer to the “Non-IFRS and Additional Financial Measures” section in this document and in the Q3/2026 Management’s Discussion and Analysis for more information.
^4	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.
^5	Total of assets under administration and assets under management.
^6	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.

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

FINANCIAL TARGETS

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

	Financial targets^7		Q3/2026	Year-to-date as at September 30
Core earnings per common share (core EPS)^††	10%+ annual average growth	Medium-term	16% year-over-year growth	11% year-over-year growth
Core return on common shareholders’ equity (core ROE)^††	17%+	In 2026	17.6% trailing 12 months as at September 30, 2026
Organic capital generation (net of dividends)	$700M+	In 2026	$180M	$515M
Core dividend payout ratio^††	25% to 35% of core earnings^†,8	In 2026	27.3%	29.2%

ANALYSIS OF EARNINGS BY BUSINESS SEGMENT

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

Core Earnings (Losses)^†

(in millions of dollars, unless otherwise indicated)	Q3/2026	Q2/2026	Quarter-over-quarter variation	Q3/2025	Year-over-year variation
Insurance, Canada	135	128	5%	113	19%
Wealth Management	151	155	(3%)	125	21%
US Operations	37	24	54%	32	16%
Investment	93	79	18%	105	(11%)
Corporate	(60)	(56)	(7%)	(52)	(15%)
Total	356	330	8%	323	10%

Net Income (Loss) Attributed to Common Shareholders

(in millions of dollars, unless otherwise indicated)	Q3/2026	Q2/2026	Quarter-over-quarter variation	Q3/2025	Year-over-year variation
Insurance, Canada	127	118	8%	103	23%
Wealth Management	132	134	(1%)	116	14%
US Operations	27	12	125%	21	29%
Investment	33	183	(82%)	179	(82%)
Corporate	(64)	(63)	(2%)	(55)	(16%)
Total	255	384	(34%)	364	(30%)

Insurance, Canada

• The net income attributed to common shareholders for the Insurance, Canada segment was $127 million, which is 23% higher than the $103 million recorded for the same period in 2025. Net income attributed to common shareholders is composed of core earnings^† as well as core earnings adjustments. For more information on the factors contributing to the variations between the periods, refer to the “Insurance, Canada” subsection of the “Analysis According to the Financial Statements” section of the Q3/2026 Management’s Discussion and Analysis.
• Core earnings adjustments to net income totalled $8 million. These adjustments include the amortization of acquisition-related finite life intangible assets ($5 million), the non-core pension expense ($2 million) and a reallocation for reporting consistency ($1 million), which sum to zero on a consolidated basis.
• Core earnings^† for this business segment were $135 million for the third quarter compared to $113 million for the same period in 2025. The 19% increase in core earnings^† reflects the net impact of the following:
  • Core insurance service result⁹ totalling $181 million compared to $149 million a year earlier, mainly explained by:
    • Core insurance experience gains⁹ of $35 million, mainly reflecting favourable mortality experience in Individual Insurance and Employee Plans, as well as lower claims at iA Auto and Home during the period, compared to core insurance experience losses of $2 million for the same period in 2025.
    • The combined risk adjustment (RA) release⁹ and CSM recognized for services provided⁹, which is $4 million higher than for the same period in 2025, mainly from Individual Insurance and Employee Plans.
    • Expected earnings on Premium Allocation Approach (PAA) business, which is $6 million lower than a year earlier, mainly reflecting a revision to seasonality assumptions at iA Auto and Home.
    • The impact of new insurance business,⁹ which is the result of confirmed sales in Employee Plans, totalling $13 million this quarter compared to $10 million for the same period in 2025.
  • Core non-insurance activities⁹ of $19 million for the quarter, the same as a year earlier.
  • Core other expenses⁹ of $16 million for the quarter compared to $13 million a year earlier to support business growth initiatives.
  • Core income taxes⁹ of $49 million for the quarter compared to $42 million a year earlier, mainly due to higher core earnings before taxes.

Wealth Management

• The net income attributed to common shareholders for the Wealth Management segment was $132 million, which is 14% higher than the $116 million recorded for the same period in 2025. Net income attributed to common shareholders is composed of core earnings^† as well as core earnings adjustments. For more information on the factors contributing to the variations between the periods, refer to the “Wealth Management” subsection of the “Analysis According to the Financial Statements” section of the Q3/2026 Management’s Discussion and Analysis.
• Core earnings adjustments to net income totalled $19 million. These include an $18 million adjustment related primarily to acquisition items and a $1 million adjustment for the non-core pension expense.
• Core earnings^† for this business segment were $151 million for the third quarter compared with $125 million a year ago. The 21% increase in core earnings^† over the same period in 2025 is mainly the result of the higher combined RA release and CSM recognized for services provided due to strong net segregated fund sales and the impact of favourable financial markets over the 12-month period. Additionally, core non-insurance activities, which combine the results of iA Clarington and the three distribution and advisory affiliates, including RF Capital Group¹⁰, were 27% higher, reflecting increased net revenue on assets. RF Capital Group had a strong contribution, remaining on track to reach the target core EPS accretion of at least $0.15 per share in 2026. Growth of core non-insurance activities was slightly tempered by higher expenses to support business growth.

US Operations

• The net income attributed to common shareholders for the US Operations segment was $27 million, which is 29% higher than the $21 million recorded for the same period in 2025. Net income attributed to common shareholders is composed of core earnings^† as well as core earnings adjustments. For more information on the factors contributing to the variations between the periods, refer to the “US Operations” subsection of the “Analysis According to the Financial Statements” section of the Q3/2026 Management’s Discussion and Analysis.
• Core earnings adjustments to net income totalled $10 million. These include a $9 million adjustment related primarily to acquisition items and a $1 million adjustment for small specified items, mainly attributable to charges related to previous years.
• Core earnings^† for this business segment were $37 million for the third quarter, which is 16% higher than the $32 million recorded for the same period in 2025. Expected insurance earnings¹² were higher due to the increase in the combined RA release and CSM recognized for services provided, mainly driven by good business growth in Individual Insurance in the current and previous periods. Expected earnings on PAA insurance business in Dealer Services increased 18% year over year. In addition, core insurance experience gains of $5 million were recorded, mainly due to favourable mortality experience that was partly offset by unfavourable policyholder behaviour at American Amicable. Core non-insurance activities were lower than a year ago, reflecting a sales mix in US Dealer Services weighted toward insurance products, less favourable U.S. auto market conditions and dealer group attrition within administration-fee-generating dealer channels.
• The combined result from Fidelity Life and eFinancial (the Vericity acquisition) was accretive to core EPS^†† in the third quarter of 2026, as expected.

Investment

• The net income attributed to common shareholders was $33 million, which is 82% lower than the $179 million recorded for the same period in 2025. Net income attributed to common shareholders is composed of core earnings^† as well as core earnings adjustments.
• Core earnings adjustments to net income totalled $60 million from market-related impacts that differ from management’s expectations. These adjustments are explained by unfavourable impacts from interest rate and credit spread variations ($25 million); investment properties ($17 million), mainly driven by market value adjustments; and the CIF¹¹ ($18 million).
• Core earnings^† for this business segment were $93 million compared to $105 million for the same period in 2025. The 11% decrease is explained by higher financing charges on debentures¹² and higher core income taxes¹². Before accounting for these items, core earnings^† were driven by a core net investment result¹² of $132 million, higher than the $129 million recorded the previous quarter and comparable to the $132 million recorded a year earlier. The core net investment result is composed of expected investment earnings¹² and credit experience.¹²
  • Expected investment earnings¹² quarter-over-quarter analysis – $131 million in the third quarter compared to $119 million in the second quarter of 2026. The increase was primarily driven by the favourable impact of macroeconomic variations, mainly reflecting higher rates and the steepening of the yield curve, and by higher exposure to non-fixed income assets. In addition, expected investment earnings benefited from the contributions of the May capital issuance and iA Auto Finance. These positive items were partially offset by lower invested assets, mainly from capital deployment activities, which include share repurchases under the NCIB.
  • Expected investment earnings year-over-year analysis – $131 million in the third quarter compared to $129 million a year earlier. Favourable macroeconomic variations, higher exposure to non-fixed income assets and the May 2026 capital issuance all contributed positively to expected investment earnings. These favourable items were partially offset by lower invested assets following the acquisition of RF Capital Group¹³ in the fourth quarter of 2025 and the impact of share repurchases under the NCIB.
  • Credit experience – $1 million gain in the third quarter due to higher impacts from upgrades than downgrades in the fixed income portfolio.

Corporate

• Net loss attributed to common shareholders for the Corporate segment was $64 million, which is 16% higher than the $55 million recorded for the same period in 2025. This item is composed of core losses^† as well as core losses adjustments.
• Core losses adjustments to net loss for this business segment totalled $4 million. These adjustments mainly include charges related to the integrations of RF Capital Group¹³, Fidelity Life and eFinancial (both entities of Vericity) and Global Warranty (collectively, $3 million) and the non-core pension expense ($1 million).
• This segment recorded core losses^† from after-tax expenses of $60 million compared to $52 million in the third quarter of 2025. Before taxes, corporate core other expenses were $80 million compared to $70 million in the third quarter of 2025. Corporate core other expenses are composed of core other expenses¹² of $67 million and a higher-than-expected provision for variable compensation of $13 million before taxes, reflecting the Company’s strong financial performance, solid business growth and the appreciation of the Company’s stock price. Core other expenses of $67 million, which were in the lower half of the Company’s target range of $70 million, plus or minus $5 million¹⁴, reflect disciplined expense management amid inflationary pressures, supported by a strong, ongoing focus on operational efficiency and investments to enhance IT infrastructure performance.

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

Core earnings^† of $356 million in the third quarter are derived from net income attributed to common shareholders of $255 million, after applying a total adjustment of $101 million (post tax) for:

• Market-related impacts that differ from management’s expectations resulted in a $60 million decrease in net income. This adjustment is explained by unfavourable impacts from interest rate and credit spread variations ($25 million); investment properties ($17 million), mainly driven by market value adjustments; and the impact of the CIF ($18 million).
• A net charge of $10 million mainly related to the integrations of RF Capital Group¹⁵, Fidelity Life and eFinancial (both entities of Vericity) and Global Warranty.
• Expenses associated with the amortization of acquisition-related finite life intangible assets of $25 million.
• The impact of the non-core pension expense of $4 million.
• Specified items resulting in a $2 million decrease in net income, mainly attributable to adjustments and charges related to previous years.

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

(in millions of dollars, unless otherwise indicated)	Third quarter			Year-to-date as at September 30
	2026	2025	Variation	2026	2025	Variation
Net income attributed to common shareholders	255	364	(30%)	776	871	(11%)
Core earnings adjustments (post tax)
Market-related impacts	60	(73)		43	(9)
Interest rates and credit spreads	25	(22)		21	7
Non-fixed income	17	(58)		2	(32)
Equity (public and private) and infrastructure	—	(75)		(37)	(90)
Investment properties	17	17		39	58
CIF	18	7		20	16
Currency	—	—		—	—
Assumption changes and management actions	—	1		2	(26)
Charges or proceeds related to acquisition, disposition, integration or restructuring of a business	10	4		28	9
Amortization of acquisition-related finite life intangible assets	25	20		75	61
Non-core pension expense	4	7		12	15
Specified items	2	—		48	2
Total	101	(41)		208	52
Core earnings^†	356	323	10%	984	923	7%

Contractual Service Margin (CSM)¹⁶

During the third quarter, the CSM increased organically by $84 million. This increase was driven by the positive impact of new insurance business of $198 million, organic financial growth of $121 million and a net insurance experience gain of $1 million, partly offset by the CSM recognized for services provided in earnings of $236 million, up 12% from a year earlier. Non-organic items led to a decrease in the CSM of $33 million, mainly due to the unfavourable impact of market variations of $35 million. As a result, the total CSM increased by $51 million (+1%) during the quarter and is 11% higher than a year earlier.

Business Growth

During the third quarter, sales and business retention contributed to the strong growth in net premiums, premium equivalents and deposits, which reached nearly $6.1 billion, a 16% increase compared to the same period last year. Total assets under management and assets under administration totalled $375 billion as at September 30, 2026, a strong increase of 30% over the last 12 months. In Individual Wealth Management, total gross sales reached more than $3.2 billion, while combined net inflows were close to $1.3 billion. The Company continued to rank first in Canada for both gross and net individual segregated fund sales.¹⁷ In Canada, Individual Insurance sales were strong at $115 million, a 13% increase over the same period in 2025, and the Company maintained its leading position for the number of policies sold,¹⁸ while continuing to focus on profitable, sustainable growth. In the United States, Individual Insurance sales recorded a 24% year-over-year increase and Dealer Services sales were 4% higher than the same quarter a year earlier.

INSURANCE, CANADA

• In Individual Insurance, third quarter sales totalled $115 million, a 13% increase over the same quarter last year. The Company maintained its leading position in the Canadian market for number of policies issued.¹⁹ This result reflects the strength of our growing distribution networks, the excellent performance of our digital tools, as well as our comprehensive and distinctive range of products.
• In Group Insurance, third quarter implemented sales in Employee Plans totalled $25 million compared to $33 million in the same quarter a year earlier. The decrease mainly reflects the impact of one particularly large sale recorded in the third quarter of 2025. Net premiums, premium equivalents and deposits for Employee Plans were comparable to those of the same quarter last year. Sales in this business unit can vary considerably from quarter to quarter depending on the size of contracts sold. Special Markets sales reached $80 million compared to $96 million in the same quarter last year. The year-over-year decrease mainly reflects the strategic termination of two groups during the quarter. Excluding these terminations, sales for the third quarter of 2026 were in line with those of the third quarter of 2025.
• For Dealer Services, total sales ended the third quarter at $216 million, which is 1% higher than in the same quarter in 2025. This growth was supported by an 8% year-over-year increase in creditor insurance sales. P&C Insurance sales remained good during the quarter, totalling $162 million, which is in line with the results reported a year ago.
• At iA Auto and Home, direct written premiums reached $186 million in the third quarter, an increase of 3% from a year earlier. This result reflects the increased number of policies and the favourable impact of price adjustments in the last 12 months.

WEALTH MANAGEMENT

• In Individual Wealth Management, total assets under administration and assets under management reached $288 billion at the end of the quarter, a 39% increase over the past 12 months. This strong performance is the result of net inflows, market growth in the last 12 months, and the addition of assets under administration from the RF Capital Group²⁰ acquisition. Sales of segregated funds maintained their strong momentum during the third quarter, with gross sales of $2.2 billion, a 36% year-over-year increase, and net sales of $1.3 billion. The Company continued to rank first in Canada in gross and net segregated fund sales.²¹ This robust performance was notably driven by the strength of our growing distribution networks and our competitive and comprehensive product lineup. Mutual fund gross sales totalled $571 million during the third quarter, down 6% from $608 million a year ago. Net outflows of $68 million were recorded. Demand for other savings products was strong, resulting in sales of $455 million in the third quarter, 14% higher than in the same period of 2025.
• Group Savings and Retirement sales for the third quarter totalled $745 million, representing a 23% increase from $607 million a year earlier. This performance was driven by strong accumulation product sales. Total assets under management at the end of the quarter were 9% higher than a year earlier.

US OPERATIONS

• In Individual Insurance, quarterly sales reached a record US$97 million, 24% higher than the same period a year earlier. This increase was driven by growth in the final expense and middle market segments, supported by strong engagement across our distribution network.
• In Dealer Services, third quarter sales were up 4% over the same period last year, reaching US$298 million. This result reflects the effectiveness and diversity of our distribution channels, supported by the quality of our products and services, despite less favourable U.S. auto industry conditions and dealer group attrition within administration-fee-generating dealer channels.

ASSETS UNDER MANAGEMENT AND ASSETS UNDER ADMINISTRATION

Total assets under management and assets under administration amounted to $375 billion as at September 30, 2026, recording an increase of 30% over the last 12 months. This solid growth was driven by strong net fund inflows, particularly for segregated funds, by the performance of financial markets, and by the addition of assets under administration from the RF Capital Group²⁰ acquisition completed on October 31, 2025. The Company maintained its position as the Canadian leader in segregated fund assets under management.²¹

NET PREMIUMS, PREMIUM EQUIVALENTS AND DEPOSITS

Net premiums, premium equivalents and deposits amounted to nearly $6.1 billion in the third quarter, which is 16% higher than the same period last year. This performance was mainly driven by the results in the Wealth Management segment, with almost all other business units also delivering good growth.

FINANCIAL POSITION

The Company’s solvency ratio was 131% as at September 30, 2026, compared to 137% at the end of the previous quarter and 138% a year earlier. This result is well above the regulatory minimum ratio of 90%. The six-percentage-point decrease during the quarter is mainly the result of the subordinated debenture redemption outlined further on in this section and, to a lesser extent, capital deployed for share buybacks (NCIB) and unfavourable macroeconomic variations. These unfavourable items were partially offset by solid quarterly organic capital generation. The Company’s financial leverage ratio^†† was 16.5% as at September 30, 2026 compared to 18.6% at the end of the previous quarter. This variation is mainly explained by the impact of capital management initiatives during the quarter, primarily the redemption of the subordinated debentures outlined further on in this section.

Organic Capital Generation

The Company organically generated $180 million in capital during the third quarter compared to $170 million for the same period in 2025. After nine months, $515 million has been generated in 2026. This solid result is in line with projections to meet the annual target of at least $700 million in 2026.²²

Capital Available for Deployment

As at September 30, 2026, the capital available for deployment²³ was assessed at $0.9 billion compared to $1.1 billion at the end of the previous quarter.

Book Value

The book value per common share was $81.71 as at September 30, 2026, compared to $80.55 as at June 30, 2026 and $79.22 as at September 30, 2025. During the last 12 months, it increased by 3%, reflecting higher retained earnings that were partly offset by the impact of the share buybacks (NCIB) and dividend payments to common shareholders.

Normal Course Issuer Bid (NCIB)

During the third quarter, the Company repurchased 917,600 outstanding common shares for a total value of $189 million and cancelled a total of 1,080,700 common shares. The shares cancelled include 163,100 shares that had been repurchased during the second quarter, representing $31 million. From the beginning of the current NCIB and up to September 30, 2026, the Company repurchased and cancelled 4,981,331 shares, or 5.4% of the outstanding shares.

Dividends

The Company paid a quarterly dividend of $1.1000 per share to common shareholders in the third quarter of 2026. The Board of Directors approved a quarterly dividend of $1.1800 per share payable during the fourth quarter of 2026, an increase of $0.08 per share, or 7%, compared to the dividend paid in the previous quarter. This dividend is payable on December 15, 2026 to the common shareholders of record as at November 20, 2026. The core dividend payout ratio^†† was 27.3% in the third quarter, which is in the lower half of the target range of 25% to 35%.²² In addition, the Board of Directors approved a semi-annual dividend of $32.1750 per Non-Cumulative 5-Year Rate Reset Class A Preferred Shares Series C.²⁴ This dividend is payable on December 31, 2026 to the preferred shareholders of record at the close of business on December 4, 2026.

Dividend Reinvestment and Share Purchase Plan

Registered common shareholders wishing to enrol in iA Financial Group’s Dividend Reinvestment and Share Purchase Plan (DRIP) so as to be eligible to reinvest the next dividend payable on December 15, 2026 must ensure that the duly completed form is delivered to Computershare no later than 4:00 p.m. on November 13, 2026. Enrolment information is provided on iA Financial Group’s website at ia.ca, under About iA, in the Investor Relations/Shares and Dividends section. Common shares issued under iA Financial Group’s DRIP will be purchased on the secondary market and no discount will be applicable.

Richardson Wealth to Rebrand as Nobelia Wealth

On September 21, 2026, Richardson Wealth announced its intention to rebrand as Nobelia Wealth effective November 30, 2026, subject to regulatory approvals. Nobelia Wealth will continue to deliver a distinctive advisory experience, underpinned by the innovative technology and expanded capabilities of iA Financial Group’s Wealth Management sector.

Executive Leadership Appointment

On September 23, 2026, iA Financial Group announced the appointment of Nicolas Coulombe as Executive Vice-President, Information Technology and Chief Information Officer, effective October 1, 2026. He will also join the Company’s Executive Committee. Nicolas Coulombe succeeds Alain Bergeron, Senior Vice-President and Strategic Advisor, Information Technology, who will retire on December 31, 2026. The appointment reflects the central role of technology, data, artificial intelligence and digital transformation in iA Financial Group’s business model and strategic ambitions.

Segregated Funds Surpass $50B in AUM

iA Financial Group surpassed $50 billion in Individual Wealth Management segregated fund assets under management in September 2026, maintaining its Canadian leadership with nearly 40% market share. iA has ranked first in net segregated fund²⁵ sales since 2016, supported by quality products, superior service, technology and a broad distribution network.

Partnership with VinFast Canada

On August 19, 2026, iA Dealer Services announced a partnership with VinFast Canada, representing its first partnership with a pure-play electric vehicle manufacturer. The agreement expands iA Dealer Services’ OEM portfolio in the growing EV market and further strengthens its presence across a Canada-wide direct distribution network of 4,800 automobile and other motor vehicle dealers, OEMs and preferred partnerships.

Subordinated Debenture Redemption

On September 24, 2026, iA Financial Corporation Inc. completed the redemption of its $400 million principal amount of 3.072% subordinated debentures due September 24, 2031, at a redemption price of $1,015.36 per $1,000 principal amount, including accrued and unpaid interest.

Partnership with Science&Humans

On September 1, 2026, iA Financial Group announced a partnership with Science&Humans, a Canadian hormonal and metabolic health platform, expanding access for iA group benefits plan members to virtual, confidential and no-wait specialized programs. The initiative addresses emerging workplace issues related to hormonal and metabolic health, including women's and men's reproductive and hormonal health, menopause and weight optimization.

Recognition by TIME Among Canada’s Top Companies

iA Financial Group was named one of the ten highest-ranked companies headquartered in Canada in TIME’s World’s Best Companies of 2026. The recognition reflects, among other factors, strong revenue growth, employee experience and a sustainability approach anchored on three strategic levers: physical, mental and financial health; education and learning; and a sustainable future.

Philanthropy

• iA Financial Group committed $600,000 over five years to establish the iA Financial Group Professorship in Quantitative Finance at the Rotman School of Management, supporting research, innovation and talent development in modern finance.
• To mark the 10th anniversary of its Canada-wide Philanthropic Contest, iA Financial Group announced its largest funding commitment to date, with $1 million to be granted to charities helping Canada’s next generation to get ahead.

Subsequent to the third quarter:

Credit Rating Upgrade for Fidelity Life Association

On October 16, 2026, the credit rating agency AM Best announced that it had upgraded the Financial Strength Rating and Long-Term Issuer Credit Rating of Fidelity Life Association, an entity of iA American Life Group, to A (Excellent) and “a” (Excellent), respectively, with a stable outlook. In addition, AM Best affirmed its other ratings, citing among other factors the very strong balance sheet, strong operating performance, favourable business profile and appropriate enterprise risk management.

Recognition for Excellence in Learning and Development

iA Financial Group won the Excellence in Learning & Capability Development Award at the 2026 Canadian HR Awards, recognizing its culture of learning, leadership development and commitment to continuous improvement. It was also named a finalist in three additional categories.

Leadership Recognition

Isabelle Durand, Chief Legal Officer at iA Financial Group, was named In-House Legal Leader of the Year at the fourth annual Canadian In-House Counsel Celebration, recognizing her leadership and meaningful impact. The recognition also reflects the strength of iA’s legal team in enabling growth while supporting sound governance and disciplined legal risk management.

NCIB Renewal

With the approval of the Toronto Stock Exchange and the Autorité des marchés financiers, the Company could purchase, under a Normal Course Issuer Bid between November 14, 2026 and November 13, 2027, up to 4,355,019 common shares, representing approximately 5% of its 87,100,392 common shares issued and outstanding as at October 31, 2026. The purchases will be made at market price on the open market through the facilities of the Toronto Stock Exchange or Canadian alternative trading systems, or by such other means as may be permitted by applicable securities regulators or under applicable securities laws. The common shares repurchased will be cancelled. Upon request to iA Financial Corporation, shareholders may obtain, without charge, copies of the notice of intent related to the Company’s NCIB.

Enhanced Segregated Fund Offering

iA Financial Group continues to enhance its range of investment solutions with the addition of five new options to its segregated fund lineup, further strengthening a lineup built on performance, diversity and innovation.

Support for the Wainwright Community

iA Financial Group has donated $75,000 to the Canadian Red Cross Wainwright Tragedy Appeal to support members of the Canadian Armed Forces, their families and others affected by the tragic events. This contribution will help meet immediate needs and support the recovery and resilience of the community.

NON-IFRS AND ADDITIONAL FINANCIAL MEASURES

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

Non-IFRS financial measures used in the document include core earnings (losses).

Non-IFRS ratios used in the document include core earnings per common share (core EPS); core return on common shareholders’ equity (core ROE); core dividend payout ratio; and financial leverage ratio.

Supplementary financial measures used in the document 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; organic capital generation (net of dividends); sales; net premiums; and premium equivalents and deposits.

For relevant information about non-IFRS measures, see the “Non-IFRS and Additional Financial Measures” section in the Management’s Discussion and Analysis (MD&A) for the period ended September 30, 2026, which is hereby incorporated by reference and is available for review on SEDAR+ at sedarplus.ca or on iA Financial Group’s website at ia.ca.

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

Reconciliation of Select Non-IFRS Financial Measures

Net Income and Core Earnings^† Reconciliation – Insurance, Canada

(in millions of dollars, unless otherwise indicated)	Third quarter			Year-to-date as at September 30
	2026	2025	Variation	2026	2025	Variation
Net income attributed to common shareholders	127	103	23%	333	320	4%
Core earnings adjustments (post tax)
Market-related impacts	—	—		—	—
Assumption changes and management actions	—	—		4	(6)
Charges or proceeds related to acquisition, disposition, integration or restructuring of a business	—	—		(1)	—
Amortization of acquisition-related finite life intangible assets	5	5		15	15
Non-core pension expense	2	5		6	11
Specified items	1	—		2	6
Total	8	10		26	26
Core earnings^†	135	113	19%	359	346	4%

Net Income and Core Earnings^† Reconciliation – Wealth Management

(in millions of dollars, unless otherwise indicated)	Third quarter			Year-to-date as at September 30
	2026	2025	Variation	2026	2025	Variation
Net income attributed to common shareholders	132	116	14%	380	316	20%
Core earnings adjustments (post tax)
Market-related impacts	—	—		—	—
Assumption changes and management actions	—	—		2	—
Charges or proceeds related to acquisition, disposition, integration or restructuring of a business	6	—		15	—
Amortization of acquisition-related finite life intangible assets	12	7		36	21
Non-core pension expense	1	2		3	4
Specified items	—	—		1	3
Total	19	9		57	28
Core earnings^†	151	125	21%	437	344	27%

Net Income and Core Earnings^† Reconciliation – US Operations

(in millions of dollars, unless otherwise indicated)	Third quarter			Year-to-date as at September 30
	2026	2025	Variation	2026	2025	Variation
Net income attributed to common shareholders	27	21	29%	55	95	(42%)
Core earnings adjustments (post tax)
Market-related impacts	—	—		—	—
Assumption changes and management actions	—	—		—	(30)
Charges or proceeds related to acquisition, disposition, integration or restructuring of a business	1	2		3	4
Amortization of acquisition-related finite life intangible assets	8	8		24	25
Non-core pension expense	—	—		—	—
Specified items	1	1		5	4
Total	10	11		32	3
Core earnings^†	37	32	16%	87	98	(11%)

Net Income and Core Earnings^† Reconciliation – Investment

(in millions of dollars, unless otherwise indicated)	Third quarter			Year-to-date as at September 30
	2026	2025	Variation	2026	2025	Variation
Net income (loss) attributed to common shareholders	33	179	(82%)	188	317	(41%)
Core earnings adjustments (post tax)
Market-related impacts	60	(73)		43	(9)
Interest rates and credit spreads	25	(22)		21	7
Non-fixed income	17	(58)		2	(32)
Equity (public and private) and infrastructure	—	(75)		(37)	(90)
Investment properties	17	17		39	58
CIF^26	18	7		20	16
Currency	—	—		—	—
Assumption changes and management actions	—	—		(6)	(5)
Charges or proceeds related to acquisition, disposition, integration or restructuring of a business	—	—		—	—
Amortization of acquisition-related finite life intangible assets	—	—		—	—
Non-core pension expense	—	—		—	—
Specified items	—	(1)		40	(11)
Total	60	(74)		77	(25)
Core earnings^†	93	105	(11%)	265	292	(9%)

Net Income and Core Earnings^† Reconciliation – Corporate

(in millions of dollars, unless otherwise indicated)	Third quarter			Year-to-date as at September 30
	2026	2025	Variation	2026	2025	Variation
Net income (loss) attributed to common shareholders	(64)	(55)	(16%)	(180)	(177)	(2%)
Core earnings (losses) adjustments (post tax)
Market-related impacts	—	—		—	—
Assumption changes and management actions	—	1		2	15
Charges or proceeds related to acquisition, disposition, integration or restructuring of a business	3	2		11	5
Amortization of acquisition-related finite life intangible assets	—	—		—	—
Non-core pension expense	1	—		3	—
Specified items	—	—		—	—
Total	4	3		16	20
Core earnings (losses)^†	(60)	(52)	(15%)	(164)	(157)	(4%)

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

(in millions of dollars, unless otherwise indicated)	Three months ended September 30
	Core earnings^†			Core earnings adjustments^27	Reclassifications^28		Income per financial statements
					Net investment result	Other
	2026	2025	Variation	2026	2026	2026	2026	2025	Variation
Insurance service result	380	318	19%	(1)	—	—	379	316	20%
Net investment result	132	132	—%	(45)	73	—	160	300	(47%)
Non-insurance activities or other revenues per financial statements	110	97	13%	(10)	(33)	610	677	500	35%
Other expenses and financing charges on debentures	(152)	(132)	(15%)	(44)	(40)	(610)	(846)	(636)	(33%)
Core earnings† or income per financial statements, before taxes	470	415	13%	(100)	—	—	370	480	(23%)
Income taxes or income tax (expense) recovery	(105)	(83)		(1)	—	—	(106)	(107)
Dividends/Distributions on other equity instruments^29	(9)	(9)					(9)	(9)
Core earnings† or net income attributed to common shareholders per financial statements	356	323	10%	(101)	—	—	255	364	(30%)

Forward-Looking Statements

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

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

• 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, including artificial intelligence; 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 (or variations or withdrawals in respect of anticipated changes); 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 2025 that could influence the Company’s performance or results.

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

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

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

GENERAL INFORMATION

Documents Related to the Financial Results

For a detailed discussion of iA Financial Group’s third quarter results, investors are invited to consult the Management’s Discussion and Analysis for the quarter ended September 30, 2026, the related financial statements and accompanying notes and the Supplemental Information Package, all of which are available on the iA Financial Group website at ia.ca under About iA, in the Investor Relations/Financial Reports section. The Management's Discussion and Analysis and the Company’s financial statements are also available on SEDAR+ at sedarplus.ca.

CONFERENCE CALL

Management will hold a conference call to present iA Financial Group’s third quarter results on Tuesday, November 10, 2026 at 11:00 a.m. (ET). To listen to the conference call, choose one of the following methods:

• Live Webcast: Click here (https://www.gowebcasting.com/15009) or visit the iA Financial Group website at ia.ca and go to About iA/Investor Relations/Events and Presentations.
• By phone: Click here (https://dpregister.com/sreg/10204619/10061a4dde1) 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.

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

ABOUT iA FINANCIAL GROUP

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

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

^†	This item is a non-IFRS financial measure; see the “Non-IFRS and Additional Financial Measures” section and the “Reconciliation of Select Non-IFRS Financial Measures” section in this document and in the Q3/2026 Management’s Discussion and Analysis for relevant information about such measures and a reconciliation to the most directly comparable IFRS measure.
^††	This item is a non-IFRS ratio; see the “Non-IFRS and Additional Financial Measures” section in this document and in the Q3/2026 Management’s Discussion and Analysis.
^7	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 other documents made available by the Company. See “Forward-Looking Statements”.
^8	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.
^9	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.
^10	RF Capital Group wholly owns Richardson Wealth, the brand under which it operates its wealth management distribution activities. Richardson Wealth intends to rebrand as Nobelia Wealth effective November 30, 2026, subject to regulatory approvals.
^11	Impact of the tax-exempt investment income (above or below expected long-term tax impacts) from the Company’s multinational insurer status.
^12	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.
^13	RF Capital Group wholly owns Richardson Wealth, the brand under which it operates its wealth management distribution activities. Richardson Wealth intends to rebrand as Nobelia Wealth effective November 30, 2026, subject to regulatory approvals.
^14	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 other documents made available by the Company. See “Forward-Looking Statements”.
^15	RF Capital Group wholly owns Richardson Wealth, the brand under which it operates its wealth management distribution activities. Richardson Wealth intends to rebrand as Nobelia Wealth effective November 30, 2026, subject to regulatory approvals.
^16	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 Q3/2026 Management’s Discussion and Analysis for more information on the CSM movement analysis.
^17	According to the latest industry data from Investor Economics.
^18	According to the latest Canadian data published by LIMRA.
^19	According to the latest Canadian data published by LIMRA.
^20	RF Capital Group wholly owns Richardson Wealth, the brand under which it operates its wealth management distribution activities. Richardson Wealth intends to rebrand as Nobelia Wealth effective November 30, 2026, subject to regulatory approvals.
^21	According to the latest industry data from Investor Economics.
^22	See the “Financial Targets” and “Forward-Looking Statements” sections of this news release.
^23	Capital available for deployment is a supplementary financial measure. Refer to the “Non-IFRS and Additional Financial Measures” section in this document and in the Q3/2026 Management’s Discussion and Analysis for more information.
^24	The Non-Cumulative 5-Year Rate Reset Class A Preferred Shares Series C are not listed on the Toronto Stock Exchange or any stock exchanges.
^25	According to the latest industry data from Investor Economics.
^26	Impact of the tax-exempt investment income (above or below expected long-term tax impacts) from the Company’s multinational insurer status.
^27	For a breakdown of core earnings adjustments applied to reconcile core earnings^† and net income attributed to common shareholders, see “Reconciliation of Net Income Attributed to Common Shareholders and Core Earnings”^† above.
^28	Refer to the “Reconciliation of Select Non-IFRS Financial Measures” section of the Q3/2026 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).
^29	Dividends on preferred shares and distributions on other equity instruments.