iA Financial Corporation Inc.

Thank you for standing by. This is the conference operator. Welcome to the IA Financial Group fourth quarter 2025 earnings results conference call. As a reminder, all participants are in a 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, Head of Investor Relations with IA Financial Group. Please go ahead.

Thank you, and good morning, everyone. Welcome to IA's fourth quarter 2025 earnings 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. So 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 risks is provided in our 2025 MD&A, available on CDAR and on our website. And I will start by introducing everyone attending on behalf of IAEA, Denis Ricard, President and CEO, Eric Jobin, Chief Financial Officer and Chief Actuary. Alain Bergeron, Chief Financial 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 IA Auto and Home. Sean O'Brien, Chief Growth Officer for our U.S. operations and now responsible for all of our dealer services 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. Thank you for joining us. We're very pleased to be here to review our four quarter and also the four year results. I would qualify the results as a good quarter and closing an excellent year. And before getting into our fourth quarter performance, I'd like to take a moment to reflect on 2025, a remarkable year for IE, marked by strong execution across the organization. We met or exceeded all our key financial targets, delivering a core ROE of 17.1% and 16% growth in core EPS, fully aligned with our midterm objectives. Our businesses in both Canada and in the U.S. continue to build strong momentum with solid sales across every segment and disciplined progress on our strategic priorities. This growth was supported by a robust capital position fueled by $665 million of organic capital generation in 2025. Throughout the year, we deployed capital with discipline, balancing strong return to shareholders with investments that support future growth. This included the acquisition of RF Capital, which is already accretive and strengthening our wealth platform. Thanks to the dedication of our teams and the consistency of our performance across the organization, we closed 2025 with excellent momentum and a solid foundation as we enter 2026. With that, let's turn to slide nine for an overview of the results. Our fourth quarter results reflect strong and profitable growth across all business segments, including record individual insurance sales and very strong individual net fund inflows. This momentum underscores our continued success in the mass market and the power of our distribution networks, which we continue to invest in to drive sustained growth. We delivered a solid finish to the year with core EPS of $3.10 and a trading 12-month core ROE of 17.1%, which already meets our mid-term target. These results underline the strength and resilience of our diversified business model and the momentum we carry throughout 2025. Business growth remains strong across the company. Net premiums and deposits reached $5.9 billion, up 4%, and total assets under management and administration exceeded $341 billion, a substantial 31% increase. This was driven by strong SEC Fund inflows, favorable market conditions, and the addition of assets from RF Capital. This performance highlights the continued expansion of our distribution network, the breadth of our product offering, and the sustained demand across our target markets. Our capital position remained robust at year-end, with a pro forma solvency ratio of 137%. This trend was underpinned by $170 million of organic capital generation in the quarter, a testament to our consistent value creation. As of December 31st, our capital available for deployment was $1.4 billion on a pro forma basis. We deployed significant capital again this quarter, including the RF capital acquisition and continued investments. At the same time, we continue returning capital to shareholders through regular dividends in our NCID. This balanced approach to capital deployments remains a cornerstone of our strategy, enabling us to support strategic growth, return capital to shareholders, and continue investing in digital and AI-enabled capabilities that enhance efficiency and our overall product and service offering. Finally, our book value per share increased to $79.24, up 8% year over year, or more than 10% when excluding the impact of NCIB. In a year where book value growth across the industry was generally modest, our performance reflects the consistency of our results and our disciplined approach to capital deployment. Turning to slide 10, our insurance Canada segment delivered another strong quarter with broad-based growth across all units. Starting with individual insurance business, sales reached a record high of $111 million this quarter, supported by the strength of our distribution networks, the effectiveness of our digital tools, and high advisor engagement. We continue to rank number one in Canada for the number of policies issued, a leadership position we're proud of. In group insurance, premiums and deposits rose by 2% year-over-year, supported by premium increases on renewals and good sales throughout the year. In the fourth quarter alone, sales were up 15% from last year. In dealer services, sales grew 4% to $183 million. Finally, IOTO and Home delivered another good quarter, with sales rising 9% to $146 million. This reflects both an increase in number of policies in force and the positive impact of recent pricing adjustments. Overall, our results in Insurance Canada demonstrate solid execution and ongoing momentum across the board. Turning to slide 11 to comment on sales and wealth management, business activity was very strong in this quarter in Q4 as evidenced by record individual growth sales of $3.1 billion. In SEC funds, we continue to build on our leading market position. Growth sales reached nearly $2 billion, up 27% year-over-year, and net sales grew to almost $1.2 billion. This reflects the sustained appeal of our product lineup and the effectiveness of our distribution networks. In mutual funds, growth sales increased by 16% year-over-year to $694 million, and net sales reached $13 million. This reflects favorable market conditions and improving industry-wide sales. Sales of other individual savings products totaled $429 million, essentially in line with last year. And in group savings and retirement, total sales reached $851 million. While this is lower than last year, it is important to note that prior year sales included a nearly $1 billion insured annuity transaction. Assets under management in group savings were 11% higher than a year ago. Turning to slide 12, our U.S. operations performed very well again this quarter. In individual insurance, sales increased 18% year-over-year to $80 million. This strong result reflects ongoing momentum in both final expense and middle market segments, with Veracity again contributing meaningfully this quarter. Taken together, this business is an important driver of our long-term growth ambitions in the U.S. market. Dealer services delivered another strong quarter, with sales rising 8% year-over-year to $295 million. Our strong distribution relationships and diversified offering continue to support growth. We're seeing good traction from our management actions, particularly our focus on service quality and disciplined pricing. This positions the business well to continue generating sustainable growth and to further expand our presence in the U.S. market. With that, I will now hand it over to Eric, who will take you through our four-quarter profitability and capital position.