iA Financial Corporation Inc.

Thank you for standing by. This is the conference operator. Welcome to the IA Financial Group third quarter 2025 earnings results conference call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star then zero. I would now like to turn the conference over to Caroline Drouin with IA Financial Group. Please go ahead.

Thank you and good morning, everyone. Bonjour a tous. Welcome to IA's third quarter 2025 conference call. This conference call is open to the financial community, the media, and the public. And I remind you that the question period is reserved for financial analysts. Before we start, I draw your attention to the forward-looking statements information on slide two, as well as the non-IFRS and additional financial measures information on slide three. Also, please note that a detailed discussion of the company's risk is provided in our 2024 MD&A, available on CDAR and on our website, with an update in our Q3 2025 MD&A, which was released yesterday. I will start by introducing everyone attending on behalf of IAPE. First, Denis Ricard, President and CEO. Eric Jobin, Chief Financial Officer and Chief Actuary. Alain Bergeron, Chief Investment Officer. Stéphane Bourbonnet, responsible for our Wealth Management Operations. René Laflamme, responsible for Individual Insurance, Savings and Retirement. Pierre Miron, Chief Growth Officer for our Canadian operations and responsible for Dealer Services Canada and IA Auto and Home. Sean O'Brien, Chief Growth Officer for our U.S. operations. And finally, Louis-Philippe Pouliot, in charge of Group Benefits and Retirement Solutions. So with that, I will now turn the call over to Denis Ricard.

Good morning, everyone, and thank you for being with us on the call today. Before we dive into our strong third quarter's financial results, I'd like to begin with a significant milestone for IEA. On October 31st, we officially completed the acquisition of RF Capital Group, one of Canada's leading independent wealth management firms. This transaction represents a major step forward in our strategy to strengthen our national footprint and expand our presence in the high net worth segment. We are very pleased to welcome RF Capital's talented teams to IE and we look forward to the opportunities this partnership will unlock. Later in the call, Stéphane Bourbonnet will provide more details on this successful transaction. Now, let's turn to slide eight, or an overview of our third quarter results. We entered the second half of the year with strong momentum. Core EPS reached $3.47 up 18% year-over-year and our core ROE stood at 17.2% on a trailing 12-month basis, already meeting our 2027 target of 17% plus. These results underscore the resilience and strength of our diversified business model, which continues to deliver consistent long-term value for our clients and shareholders. Sales continue to be strong, with premiums and deposits up 6% year-over-year and total assets under management and administration up 15%. This performance reflects our ability to meet evolving client needs through a broad and competitive product suite supported by a high-performing distribution network. Our capital position proves to be robust, with a solvency ratio of 138% at the end of Q3, well above the regulatory minimum. This was supported by a strong organic capital generation of $170 million during the quarter. As of September 30, our capital available for deployment stood at approximately $1.7 billion. Together, The acquisition of RF capital and the AMF revised CARLI guideline, which will be discussed in more detail by Eric later in the call, are expected to reduce the solvency ratio by three percentage points and to reduce the capital available for deployment by $375 million. Therefore, on a pro forma basis as of September 30th, the solvency ratio is 135%, and our capital available for deployment is estimated at $1.3 billion. Finally, our book value per share increased to $79.22, up 11% year-over-year. We continue to return value to shareholders through our active NCIB. Excluding the impact of NCIB, the increase in book value over the last 12 months is close to 13%. Let's now turn to slide 9 to review the business growth in our Insurance Canada segment. Sales level and growth were good across almost all business units. Starting with individual insurance, sales reached $102 million, marking a second consecutive quarter above the $100 million mark. While this represents a 1% year-over-year decline, it's important to look beyond this figure. We continue to rank number one in Canada for the number of policies issued, with volume up 5% compared to the same quarter last year. This growth reflects strong business activity, particularly in our core market, the mass market. More importantly, net premiums increased by 11% year-over-year. On a year-to-date basis, sales are up 5%, and this is fully aligned with the expectations we share at our last investor event. This performance underscores the strength of our distribution networks, the effectiveness of our digital tools, and the breadth of our product offering. Turning to group insurance, premiums and deposits rose by 4% year-over-year, supported by good sales implemented in the last 12 months. In dealer services, sales grew by 9% to $214 million, driven by continued momentum in P&C insurance and the contribution from global warranty. Finally, iOtto and Home delivered another strong quarter, with sales up 10% year-over-year to $180 million, reflecting both an increase in the number of policies issued and price adjustments. Moving to slide number 10 to highlight wealth management sales. where combined net fund sales from SEG and mutual funds across all our units surpassed $1.1 billion this quarter. We continue to build on our leadership position in the Canadian SEG Fund market, posting strong results in both growth and net sales. Growth sales of SEG Fund rose 23% year-over-year, exceeding $1.6 billion, while net sales reached $997 million, These results speak to the strength of our distribution networks and continued appeal of our product offering. In mutual funds, gross sales increased by 58% to $608 million, and net sales reached $25 million, supported by favorable market conditions and a rebound in the industry-wide sales. Sales of other individual savings products declined 17% year-over-year as investors continue to favor higher return asset losses in the current market environment. Finally, in group savings and retirement, total sales reached $607 million compared to $900 million a year earlier. Sales of accumulation products and insured annuities were lower this quarter. Note that volumes in this unit can fluctuate significantly depending on the size of contracts. That said, total assets under management in group savings were up 15% compared to a year ago. Looking at slide 11, our U.S. operations continue to perform well. In individual insurance, sales increased by 15% year-over-year, reaching $78 million in the U.S. dollar, or approximately $107 million. Once again this quarter, our U.S. individual insurance sales surpassed those in Canada, driven by organic growth in our core markets. Veracity continues to benefit from its scalable platform and data-driven capabilities. Its integration remains on track, and is supporting our long-term ambitions in the U.S. market. In dealer services, sales remain stable at $286 million, reflecting consistent year-over-year performance. It's worth noting that sales in the third quarter of 2024 were temporarily elevated due to a system outage and that the growth momentum observed in the first half of 2025 was moderated by dealer group attrition. This attrition was partly driven by repricing efforts as part of the management actions we've been executing with discipline in recent quarters. While repricing efforts led to the loss of certain accounts, it was a strategic decision aimed at strengthening the foundation of the business and ensuring long-term profitability. We continue to invest in distribution relationships and remain focused on driving sustainable growth through our high-quality offerings. Now turning to slide 12, where our financial metrics demonstrate consistent progress toward our mid-term targets. Core APS growth for the first nine months of 2025 stands at 22% year-over-year, well ahead of our mid-term target of 10% plus, and a strong indicator of our earnings momentum. Car ROE remains solid at 17.2%, already meeting our 2027 objective. Year-to-date, we've generated $495 million in organic capital, keeping us firmly on track to meet our 2025 target of over $650 million. Lastly, our dividend payout ratio of 28.3% is well within our target range. To conclude, We renewed our NCIB program, allowing us to repurchase up to 5% of our outstanding shares. This decision reflects our balanced approach to capital allocation and underscores our commitment to returning value to shareholders while continuing to invest in organic growth and strategic acquisitions. With that, I will now hand it over to Eric, who will comment on our third quarter profitability and capital strength Following Eric's remarks, Stéphane Bourbonnet will share a few comments on the RF capital acquisition, and then we will open the line for questions. Eric.