The following is a summary of the IA Financial Corporation Inc. (IAFNF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• IA Financial Corporation reported a Q1 2024 core EPS of $2.44, a 17% increase year over year.

• Insurance Canada, Wealth Management and US Operations reported double-digit core earnings growth.

• The company maintained a strong capital position with a solvency ratio of 142%.

• Assets under management and administration increased by 11% year over year, and premiums and deposits increased by 8%.

• The book value per share as of March 31 was $68.93, an 8% increase excluding the impact of share buybacks.

• The company demonstrated improved operating income in Q1 2024 and managed to keep insurance strain stable despite a 21% sales increase.

Business Progress:

• Executive Committee underwent changes, including Sean O'Brien succeeding Mike Stickney as the Executive VP and Chief Growth Officer of US operations.

• The company reported significant sales growth in almost all business units in Q1 2024, with strong results in Insurance Canada and Group Insurance.

• IA Financial reduced its core earnings' sensitivity to interest rate fluctuations by over 40%.

• The company expanded the maximum number of repurchases authorized under its share buyback program from 5% to 8%.

• Continual focus on improving profitability, growing distribution and adjusting cost base in the US Dealer Services segment are part of the company's strategic plan.

• Confirmed sales in the recent quarter are expected to result in an increase in premium income in the upcoming quarters.

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