10:46 AM EDT, 05/09/2024 (MT Newswires) -- iA Financial ( IAFNF ) was at last look up more than 3% on Thursday after reporting first-quarter core diluted earnings of $243 million, or $2.44 per diluted share, up 17% from $217 million, or $2.08 per diluted share, a year earlier. Analysts polled by Capital IQ expected $2.35.

Core return on common shareholders' equity for the trailing 12 months was 14.6% at March 31, 2024, close to the company's medium-term target of more than 15%.

On a reported basis, which includes the impact of volatile items (primarily short-term macroeconomic variations), first quarter net income attributed to common shareholders was $233 million, EPS was $2.34 and ROE for the trailing 12 months was 10.9%. The solvency ratio of 142% at March 31, 2024 is well above the company's operating target of 120%

In outlook, on a medium-term basis, the company is targeting over 10% annual average growth for core earnings per common share; and core return on common shareholders' equity of over 15%.

The company is targeting a solvency ratio operating target of 120%; organic capital generation of over $600 million in 2024; and a dividend payout ratio based on core earnings of 25% to 35%.

In more company news, iA Financial ( IAFNF ) said it has secured approval to amend the normal course issuer bid.

The amendment increased the maximum number of common shares that may be bought for cancellation under the NCIB from about 5 million shares, representing about 5% of the company's 100.9 million issued and outstanding common shares as at Oct. 31, 2023, to about 8.1 million common shares, representing about 8.01% of the 100.8 million common shares that constituted the company's "public float" as at Oct. 31, 2023. No other terms of the NCIB have been amended.

Purchases under the NCIB began on Nov. 14, 2023, and will end by Nov. 13, 2024.

Separately, the company reported a quarterly dividend of $0.8200 per outstanding common share for the quarter ended March 31. The dividend will be paid on June 17 to all common shareholders of record at the close of business on May 24.

Additionally, iA Financial Group said Michael Stickney will retire as executive vice president, chief growth officer of US operations, and co-head of acquisitions, in the coming months.

The company has tapped Sean O'Brien to serve as chief growth officer of the US operations. O'Brien is currently a member of the company's executive committee.

Denis Berthiaume, meanwhile, will assume Stickney's duties as co-head of acquisitions as executive vice president of strategy, performance, mergers, and acquisitions, the company said.

The company has appointed Louis-Philippe Pouliot as executive vice-president, of group benefits and retirement solutions. Pouliot will join the iA Financial Group executive committee.

These changes will become effective on May 29.

The company's stock rose 2.3% on last look on Thursday in Canada.

Price: 89.73, Change: +2.98, Percent Change: +3.44