iA Financial Corporation

IAG.TO

Insurance - Diversified · Financial Services

Exchange

Toronto Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

iA Financial Corporation is a Canadian insurance and financial services company. It sells life insurance, health insurance, car and home insurance, and savings and retirement products to individuals and businesses across Canada. It also owns iA Auto and Home, and operates a dealer services division that sells warranties and financing products through car dealerships.

The company makes money through insurance premiums, investment income on the assets it holds, and fees from wealth management and savings products. iA Financial operates mainly in Canada, with a smaller but growing presence in the United States through its dealer services and insurance businesses. With a market cap around $15 billion, it is one of Canada's largest insurance groups, behind Sun Life and Manulife. Its main growth driver is expanding its U.S. dealer services business, while its main risk is rising claims costs or poor investment returns, both of which can squeeze the profit it earns from the premiums it collects.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+170.5% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+24.9% YoY

YoY Growth Rate

Steady EPS growth

Insider Activity

0.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

C$119.4B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

iA Financial Corporation is growing revenue at 171% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

11.1%

Modest — 11.1% operating margin

Return on the money invested

ROCE

14.6%

Good — 14.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+55.3%

Fast-growing sales (+55.3% YoY)

Profit growth

EPS YoY

+8.6%

Earnings growing (+8.6% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

263%

Turns 263% of profit into real cash

Spare cash per sale

FCF Margin

19.8%

Converts sales into free cash efficiently (19.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.25

Conservative — low debt load (0.25)

Covers its interest

Interest Cover

20.85x

Comfortably covers interest (20.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

16.8x

no trend

Fair value — P/E 16.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+1.8

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

1.91%

no trend

Small dividend — 1.91% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+13.3%

no trend

Dividend growing fast (13.3% YoY)

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