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iA Financial

TSX:IAF.PRB
Snowflake Description

Solid track record established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
IAF.PRB
TSX
CA$6B
Market Cap
  1. Home
  2. CA
  3. Insurance
Company description

iA Financial Corporation Inc., through its subsidiary, Industrial Alliance Insurance and Financial Services Inc., provides various life and health insurance products in Canada and the United States. The last earnings update was 74 days ago. More info.


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IAF.PRB Share Price and Events
7 Day Returns
-1.1%
TSX:IAF.PRB
1.1%
CA Insurance
-0.5%
CA Market
1 Year Returns
2.7%
TSX:IAF.PRB
9.4%
CA Insurance
1.1%
CA Market
IAF.PRB Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
iA Financial (IAF.PRB) -1.1% -0.2% -0.9% 2.7% -6.2% -4.3%
CA Insurance 1.1% 0% 1.7% 9.4% 11.2% 19.9%
CA Market -0.5% -1.9% -1.6% 1.1% 5.5% 8.6%
1 Year Return vs Industry and Market
  • IAF.PRB underperformed the Insurance industry which returned 9.4% over the past year.
  • IAF.PRB outperformed the Market in Canada which returned 1.1% over the past year.
Price Volatility
IAF.PRB
Industry
5yr Volatility vs Market

IAF.PRB Value

 Is iA Financial undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of iA Financial to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for iA Financial.

TSX:IAF.PRB Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 8 analysts.
= Stable Book Value * Return on Equity
= CA$54.85 * 11.9%
CA$6.55
Book Value of Equity per Share Weighted future Book Value estimates from 7 analysts. CA$54.85
Discount Rate (Cost of Equity) See below 7.2%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSX:IAF.PRB
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 6%
Insurance Unlevered Beta Simply Wall St/ S&P Global 0.67
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.671 (1 + (1- 26.5%) (30.41%))
0.88
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.88
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (0.88 * 5.96%)
7.19%

Discounted Cash Flow Calculation for TSX:IAF.PRB using Excess Returns Model Model

The calculations below outline how an intrinsic value for iA Financial is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

TSX:IAF.PRB Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (11.9% – 7.19%) * CA$54.85)
CA$2.60
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CA$2.60 / (7.19% - 1.95%)
CA$49.68
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CA$54.85 + CA$49.68
CA$104.53
TSX:IAF.PRB Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in TSX:IAF.PRB represents 0.36606x of TSX:IAG
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.36606x
Value per Share
(Listing Adjusted, CAD)
= Value per Share (CAD) x Listing Adjustment Factor
= CA$ 104.53 x 0.36606
CA$38.26
Value per share (CAD) From above. CA$38.26
Current discount Discount to share price of CA$22.00
= -1 x (CA$22.00 - CA$38.26) / CA$38.26
42.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price iA Financial is available for.
Intrinsic value
43%
Share price is CA$22 vs Future cash flow value of CA$38.26
Current Discount Checks
For iA Financial to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • iA Financial's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • iA Financial's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for iA Financial's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are iA Financial's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:IAF.PRB PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in CAD CA$5.99
TSX:IAG Share Price ** TSX (2019-10-11) in CAD CA$60.1
Canada Insurance Industry PE Ratio Median Figure of 12 Publicly-Listed Insurance Companies 12.79x
Canada Market PE Ratio Median Figure of 535 Publicly-Listed Companies 13.7x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of iA Financial.

TSX:IAF.PRB PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:IAG Share Price ÷ EPS (both in CAD)

= 60.1 ÷ 5.99

10.03x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • iA Financial is good value based on earnings compared to the CA Insurance industry average.
  • iA Financial is good value based on earnings compared to the Canada market.
Price based on expected Growth
Does iA Financial's expected growth come at a high price?
Raw Data
TSX:IAF.PRB PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.03x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
4.5%per year
Canada Insurance Industry PEG Ratio Median Figure of 10 Publicly-Listed Insurance Companies 1.05x
Canada Market PEG Ratio Median Figure of 249 Publicly-Listed Companies 0.87x

*Line of best fit is calculated by linear regression .

TSX:IAF.PRB PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 10.03x ÷ 4.5%

2.22x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • iA Financial is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on iA Financial's assets?
Raw Data
TSX:IAF.PRB PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in CAD CA$50.12
TSX:IAG Share Price * TSX (2019-10-11) in CAD CA$60.1
Canada Insurance Industry PB Ratio Median Figure of 14 Publicly-Listed Insurance Companies 1.11x
Canada Market PB Ratio Median Figure of 2,465 Publicly-Listed Companies 1.35x
TSX:IAF.PRB PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:IAG Share Price ÷ Book Value per Share (both in CAD)

= 60.1 ÷ 50.12

1.2x

* Primary Listing of iA Financial.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • iA Financial is overvalued based on assets compared to the CA Insurance industry average.
X
Value checks
We assess iA Financial's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Insurance industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Insurance industry average (and greater than 0)? (1 check)
  5. iA Financial has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

IAF.PRB Future Performance

 How is iA Financial expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
4.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is iA Financial expected to grow at an attractive rate?
  • iA Financial's earnings growth is expected to exceed the low risk savings rate of 1.9%.
Growth vs Market Checks
  • iA Financial's earnings growth is positive but not above the Canada market average.
  • Unable to compare iA Financial's revenue growth to the Canada market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
TSX:IAF.PRB Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:IAF.PRB Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 4.5%
Canada Insurance Industry Earnings Growth Rate Market Cap Weighted Average 11.4%
Canada Insurance Industry Revenue Growth Rate Market Cap Weighted Average 3.1%
Canada Market Earnings Growth Rate Market Cap Weighted Average 13.3%
Canada Market Revenue Growth Rate Market Cap Weighted Average 5.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSX:IAF.PRB Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:IAF.PRB Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 751
2020-12-31 684
2019-12-31 666
2019-10-14
TSX:IAF.PRB Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-06-30 13,573 966 647
2019-03-31 12,267 673 625
2018-12-31 9,912 392 613
2018-09-30 11,005 184 595
2018-06-30 10,648 257 575
2018-03-31 10,991 427 544
2017-12-31 11,276 645 515
2017-09-30 8,280 657 538
2017-06-30 9,403 -14 537
2017-03-31 9,418 -88 549
2016-12-31 9,347 -96 537
2016-09-30 11,023 475 386

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • iA Financial's earnings are expected to grow by 4.5% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if iA Financial is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSX:IAF.PRB Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from iA Financial Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:IAF.PRB Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 7.09 7.09 7.09 1.00
2020-12-31 6.46 6.69 6.23 7.00
2019-12-31 6.22 6.30 6.17 7.00
2019-10-14
TSX:IAF.PRB Past Financials Data
Date (Data in CAD Millions) EPS *
2019-06-30 5.99
2019-03-31 5.72
2018-12-31 5.62
2018-09-30 5.50
2018-06-30 5.35
2018-03-31 5.12
2017-12-31 4.86
2017-09-30 5.11
2017-06-30 5.14
2017-03-31 5.29
2016-12-31 5.21
2016-09-30 3.76

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • iA Financial is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess iA Financial's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
iA Financial has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

IAF.PRB Past Performance

  How has iA Financial performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare iA Financial's growth in the last year to its industry (Insurance).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • iA Financial's year on year earnings growth rate has been positive over the past 5 years.
  • iA Financial's 1-year earnings growth exceeds its 5-year average (12.5% vs 11.1%)
  • iA Financial's earnings growth has exceeded the CA Insurance industry average in the past year (12.5% vs -0.8%).
Earnings and Revenue History
iA Financial's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from iA Financial Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:IAF.PRB Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 13,573.00 647.00 1,387.00
2019-03-31 12,267.00 625.00 1,366.00
2018-12-31 9,912.00 613.00 1,329.00
2018-09-30 11,005.00 595.00 1,265.00
2018-06-30 10,648.00 575.00 1,228.00
2018-03-31 10,991.00 544.00 1,170.00
2017-12-31 11,276.00 515.00 1,121.00
2017-09-30 8,280.00 538.00 1,099.00
2017-06-30 9,403.00 537.00 1,068.00
2017-03-31 9,418.00 549.00 1,046.00
2016-12-31 9,347.00 537.00 1,024.00
2016-09-30 11,022.60 386.00 1,012.00
2016-06-30 10,027.60 355.00 996.00
2016-03-31 7,957.60 357.00 981.00
2015-12-31 8,221.60 364.00 973.00
2015-09-30 8,418.80 472.50 940.00
2015-06-30 8,776.80 450.50 936.00
2015-03-31 10,056.80 422.50 923.00
2014-12-31 9,680.80 400.50 898.00
2014-09-30 8,930.40 379.40 890.00
2014-06-30 8,289.40 394.40 855.00
2014-03-31 6,917.40 353.40 830.00
2013-12-31 5,979.40 350.40 808.00
2013-09-30 5,845.10 332.00 760.00
2013-06-30 6,383.30 329.00 775.00
2013-03-31 7,361.50 322.00 752.00
2012-12-31 7,241.50 304.00 740.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • iA Financial has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • iA Financial used its assets more efficiently than the CA Insurance industry average last year based on Return on Assets.
  • iA Financial has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess iA Financial's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Insurance industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
iA Financial has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

IAF.PRB Health

 How is iA Financial's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up iA Financial's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • iA Financial's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • iA Financial's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of iA Financial's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 1.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from iA Financial Company Filings, last reported 3 months ago.

TSX:IAF.PRB Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 5,859.00 1,943.00 1,738.00
2019-03-31 5,787.00 2,190.00 1,408.00
2018-12-31 5,718.00 2,198.00 1,200.00
2018-09-30 5,743.00 2,252.00 1,362.00
2018-06-30 5,670.00 2,243.00 1,103.00
2018-03-31 5,504.00 2,279.00 1,137.00
2017-12-31 5,078.00 2,676.00 1,397.00
2017-09-30 5,027.00 2,331.00 1,382.00
2017-06-30 4,915.00 2,181.00 1,163.00
2017-03-31 4,868.00 2,192.00 1,013.00
2016-12-31 4,765.00 2,559.00 1,492.00
2016-09-30 4,396.00 2,406.00 1,835.00
2016-06-30 4,279.00 2,027.00 1,628.00
2016-03-31 4,160.00 1,993.00 1,368.00
2015-12-31 4,184.00 2,393.00 1,694.00
2015-09-30 4,136.00 2,363.00 1,427.00
2015-06-30 4,090.00 2,435.00 1,281.00
2015-03-31 3,961.00 2,473.00 1,559.00
2014-12-31 3,935.00 2,030.00 1,462.00
2014-09-30 3,936.00 1,632.00 1,255.00
2014-06-30 3,870.00 1,627.00 623.00
2014-03-31 3,759.00 582.00 792.00
2013-12-31 3,668.00 1,386.00 1,127.00
2013-09-30 3,613.00 597.00 543.00
2013-06-30 3,522.00 573.00 728.00
2013-03-31 3,524.00 789.00 809.00
2012-12-31 3,214.00 1,275.00 1,423.00
  • iA Financial's level of debt (33.2%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (42% vs 33.2% today).
  • Debt is well covered by operating cash flow (49.7%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 18x coverage).
X
Financial health checks
We assess iA Financial's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. iA Financial has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

IAF.PRB Dividends

 What is iA Financial's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3%
Current annual income from iA Financial dividends. Estimated to be 3.15% next year.
If you bought CA$2,000 of iA Financial shares you are expected to receive CA$60 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • iA Financial's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.03%).
  • iA Financial's dividend is below the markets top 25% of dividend payers in Canada (5.98%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSX:IAF.PRB Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
Canada Insurance Industry Average Dividend Yield Market Cap Weighted Average of 10 Stocks 4.1%
Canada Market Average Dividend Yield Market Cap Weighted Average of 335 Stocks 3.6%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.2%
Canada Bottom 25% Dividend Yield 25th Percentile 2%
Canada Top 25% Dividend Yield 75th Percentile 6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:IAF.PRB Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 2.15 1.00
2020-12-31 1.96 5.00
2019-12-31 1.77 5.00
2019-10-14
TSX:IAF.PRB Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-08-01 1.800 3.154
2019-05-09 1.800 3.430
2019-02-14 1.660 3.232
2018-11-07 1.660 3.548
2018-08-02 1.660 3.260
2018-05-10 1.520 2.910
2018-02-15 1.520 2.841
2017-11-08 1.520 2.542
2017-08-03 1.400 2.527
2017-05-11 1.400 2.606
2017-02-16 1.400 2.451
2016-11-02 1.280 2.320
2016-08-04 1.280 2.695
2016-05-05 1.280 3.069
2016-02-12 1.200 3.102
2015-11-04 1.200 2.841
2015-07-30 1.200 2.897
2015-05-07 1.120 2.655
2015-02-12 1.120 2.608
2014-11-05 1.120 2.594
2014-07-31 1.040 2.259
2014-05-08 1.040 2.286
2014-02-14 1.040 2.308
2013-11-06 0.980 2.097
2013-08-01 0.980 2.249
2013-05-09 0.980 2.443
2013-02-15 0.980 2.675
2012-11-07 0.980 3.136
2012-08-02 0.980 3.705
2012-05-10 0.980 4.208
2012-02-17 0.980 3.308
2011-11-02 0.980 3.695
2011-07-29 0.980 2.973
2011-05-04 0.980 2.433
2011-02-18 0.980 2.402
2010-11-03 0.980 2.756
2010-07-27 0.980 3.109
2010-05-05 0.980 2.820
2010-02-12 0.980 2.845
2009-11-04 0.980 3.155
2009-07-28 0.980 3.332
2009-05-06 0.980 3.822
2009-03-27 0.980 4.236
2009-02-13 0.980 5.758
2009-01-26 0.980 4.982
2008-11-05 0.980 4.161

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of iA Financial's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.3x coverage).
X
Income/ dividend checks
We assess iA Financial's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can iA Financial afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. iA Financial has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

IAF.PRB Management

 What is the CEO of iA Financial's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Denis Ricard
COMPENSATION CA$3,660,248
AGE 57
TENURE AS CEO 1.1 years
CEO Bio

Mr. Denis Yves Ricard, F.S.A., F.C.I.A. has been President and Chief Executive Officer of iA Financial Corporation Inc. (Also known as Industrial Alliance Insurance and Financial Services Inc) since September 1, 2018 and serves as its Director. Mr. Ricard served as Chief Operating Officer of Industrial Alliance Insurance and Financial Services Inc from 2017 to September 1, 2018. He served as Executive Vice-President of Individual Insurance and Annuities at Industrial Alliance Insurance and Financial Services, Inc. since 2015 to 2017. Mr. Ricard serves as President of Industrial Alliance Trust Inc. Mr. Ricard served as Head of Group Insurance Dealer Services & IA Trust at Industrial Alliance Insurance and Financial Services, Inc. since July 30, 2015 and served as its Executive Vice-President of Business Development since 2014 until 2015. He served as Senior Vice-President of Business Development at Industrial Alliance Insurance and Financial Services, Inc. since April 2010 until 2014. He served as Senior Vice-President and Chief Actuary of Industrial Alliance Insurance and Financial Services, Inc. from March 29, 2004 to 2010. He served as Vice-President, Marketing Individual Insurance and Annuities of Industrial Alliance Insurance and Financial Services, Inc. from 2003 to 2004. He joined Industrial Alliance in 1985. He served as Director of Actuarial Services and Assistant Vice-President of Marketing for Individual Insurance. Mr. Ricard has a degree in actuarial sciences from Laval University and is a Fellow of the Canadian Institute of Actuaries and the Society of Actuaries.

CEO Compensation
  • Denis's compensation has increased by more than 20% in the past year whilst earnings grew less than 20%.
  • Denis's remuneration is lower than average for companies of similar size in Canada.
Management Team Tenure

Average tenure of the iA Financial management team in years:

0.8
Average Tenure
  • The average tenure for the iA Financial management team is less than 2 years, this suggests a new team.
Management Team

Denis Ricard

TITLE
CEO, President & Director
COMPENSATION
CA$4M
AGE
57
TENURE
1.1 yrs

Jacques Potvin

TITLE
Executive VP
COMPENSATION
CA$1M
TENURE
1.7 yrs

Carl Mustos

TITLE
Executive Vice President of Wealth Management
COMPENSATION
CA$2M
TENURE
2.8 yrs

Alain Bergeron

TITLE
Executive VP & Chief Investment Officer
TENURE
0.1 yrs

Lyne Pelchat

TITLE
Vice-President of Accounting & Taxation

Manon Gauthier

TITLE
Senior Vice-President of Administration

Marie-Annick Bonneau

TITLE
Head of Investor Relations
TENURE
0.5 yrs

Pierre Picard

TITLE
Manager of Public Relations

Paul Grimes

TITLE
Senior Vice President of Sales

Lilia Sham

TITLE
Executive Vice-President of Corporate Development
TENURE
0.4 yrs
Board of Directors Tenure

Average tenure and age of the iA Financial board of directors in years:

2.2
Average Tenure
57
Average Age
  • The average tenure for the iA Financial board of directors is less than 3 years, this suggests a new board.
Board of Directors

Jacques Martin

TITLE
Independent Chairman
COMPENSATION
CA$191K
AGE
63
TENURE
1.1 yrs

Denis Ricard

TITLE
CEO, President & Director
COMPENSATION
CA$4M
AGE
57
TENURE
1.1 yrs

Emma Griffin

TITLE
Independent Director
COMPENSATION
CA$117K
AGE
46
TENURE
2.9 yrs

Claude Lamoureux

TITLE
Independent Director
COMPENSATION
CA$122K
AGE
76
TENURE
9.4 yrs

Danielle Morin

TITLE
Independent Director
COMPENSATION
CA$122K
AGE
63
TENURE
5.4 yrs

Agathe Côté

TITLE
Independent Director
COMPENSATION
CA$115K
AGE
60
TENURE
3.4 yrs

Louis Têtu

TITLE
Independent Director
COMPENSATION
CA$104K
AGE
54
TENURE
3.4 yrs

Marc Poulin

TITLE
Independent Director
COMPENSATION
CA$76K
AGE
57
TENURE
1.4 yrs

Nick Darveau-Garneau

TITLE
Independent Director
AGE
50
TENURE
1.4 yrs

Benoit Daignault

TITLE
Independent Director
AGE
55
TENURE
0.4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
X
Management checks
We assess iA Financial's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. iA Financial has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

IAF.PRB News

Simply Wall St News

IAF.PRB Company Info

Description

iA Financial Corporation Inc., through its subsidiary, Industrial Alliance Insurance and Financial Services Inc., provides various life and health insurance products in Canada and the United States. The company operates through Individual Insurance, Individual Wealth Management, Group Insurance, Group Savings and Retirement, US Operations, and Other segments. It offers various individual insurance products and services, including life, car, leisure vehicle and RV, home, mortgage, critical illness and disability, personal accident, travel, and other group insurance products; residential mortgage loans, registered retirement savings plan loans, registered education savings plan loans, and investment loans; and savings and retirement products. The company also provides group insurance products and services, including medical and paramedical care, homecare, vision and dental care, life insurance and accidental death and dismemberment, short and long-term disability, and travel insurance products; distinctive and administrators services; special market solutions; group retirement plans; investment solutions; fund governance; dealer services for various insurance products; and multi-residential and commercial mortgages, as well as leases space. In addition, it offers individual insurance and individual savings financial security, group retirement plan, and securities, advisory services; group insurance advisory and brokerage services; special risk insurance and group insurance, mortgage, real estate, and deposit brokerage services; and advisory and brokerage services for lawyer or notary, and automobile and recreational vehicle dealers. The company was founded in 1892 and is headquartered in Québec, Canada.

Details
Name: iA Financial Corporation Inc.
IAF.PRB
Exchange: TSX
Founded: 1892
CA$6,390,240,619
106,326,799
Website: http://www.ia.ca
Address: iA Financial Corporation Inc.
1080 Grande Allée West,
Station Terminus,
Québec,
Quebec, G1K 7M3,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX IAG New Common Shares The Toronto Stock Exchange CA CAD 04. Feb 2000
DB 1OD New Common Shares Deutsche Boerse AG DE EUR 04. Feb 2000
TSX IAF.PRB PFD SER B The Toronto Stock Exchange CA CAD 24. Feb 2006
TSX IAF.PRI NON CUM PDF A I The Toronto Stock Exchange CA CAD 07. Mar 2018
TSX IAF.PRG 4.3 NCM 5Y PFD G The Toronto Stock Exchange CA CAD 04. Jun 2012
Number of employees
Current staff
Staff numbers
6,800
iA Financial employees.
Industry
Life and Health Insurance
Insurance
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/10/14 01:57
End of day share price update: 2019/10/11 00:00
Last estimates confirmation: 2019/10/09
Last earnings filing: 2019/08/01
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.