By Adriano Marchese
Canadian insurer iA Financial Corp. on Thursday reported a 13% fall in first-quarter profit, missing expectations in the period.
iA Financial reported per-share earnings of 1.40 Canadian dollars, or US$1.08, down from C$1.61 in prior-year period.
Net income was C$157 million, compared with C$179 million a year ago.
Core earnings, an adjusted metric, came in at C$1.79 a share, missing its guidance range of $1.85 to $2 a share. According to FactSet, analysts were expecting a rise to C$1.97 a share.
Return on shareholders’ equity increased slightly to 12.8% from 12.7% a year ago.
Assets under management and administration ended the quarter at C$213.9 billion, a year-over-year increase of 6%, it said.
Chief Financial Officer Jacques Potvin said that “while our first-quarter profitability did not meet our expectations, several fundamentals, such as our robust balance sheet, strong capital position and good organic capital generation, provide a stable foundation to pursue our growth strategy in an environment of macroeconomic variations and high inflation.”
Write to Adriano Marchese at [email protected]
Credit: www.marketwatch.com /