iA Financial Group comments on the impact of claims associated with the August weather event in Quebec

QUEBEC CITY, Aug. 29, 2024 /CNW/ – iA Financial Group (TSX: IAG) (the “Company”) today provided an update on the claims associated with the heavy rainfalls that occurred on August 9 and 10 in Quebec.

The Company is aware of the difficulties that clients are facing following this event and is actively working on providing them with needed support and assistance. All teams and resources available have been mobilized to meet the needs of clients.

“Our priority is to provide our clients the support they need in these trying times. All our teams at iA Auto and Home are working tirelessly to meet our clients’ needs as quickly as possible, given the high call volumes. We will continue to make every effort to ensure that our clients feel confident and secure in the times ahead,” commented Pierre Miron, Executive Vice-President, Chief Growth Officer Canadian Operations at iA Financial Group.

To date, the Company estimates that the impact on third-quarter results related to this weather event will be less than $10 million compared with expectations, after tax and net of reinsurance. In the event that new claims related to major weather events occur or if the estimated amount of claims specific to the August event differs significantly from that mentioned above, the Company will issue an update.

Forward-Looking Statements

This document may contain statements relating to strategies used by iA Financial Group or statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “may”, “will”, “could”, “should”, “would”, “suspect”, “expect”, “anticipate”, “intend”, “plan”, “believe”, “estimate” and “continue” (or the negative thereof), as well as words such as “objective”, “goal”, “guidance”, “outlook” and “forecast”, or other similar words or expressions. Such statements constitute forward-looking statements within the meaning of securities laws. In this document, forward-looking statements include, but are not limited to, information regarding estimated claims costs. These statements are not historical facts; they represent only expectations, estimates and projections regarding future events and are subject to change.

Although iA Financial Group believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements.

Additional information about the material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the “Risk Management” section of the Management’s Discussion and Analysis for 2023, the “Management of Risks Associated with Financial Instruments” note to the audited consolidated financial statements for the year ended December 31, 2023 and elsewhere in iA Financial Group’s filings with the Canadian Securities Administrators, which are available for review at sedarplus.ca.

The forward-looking statements in this document reflect iA Financial Group’s expectations as of the date of this document. iA Financial Group does not undertake to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, except as required by law.

About iA Financial Group

iA Financial Group is one of the largest insurance and wealth management groups in Canada, with operations in the United States. Founded in 1892, it is an important Canadian public company and is listed on the Toronto Stock Exchange under the ticker symbol IAG (common shares).

SOURCE iA Financial Group