The following is a summary of the IGM Financial Inc. (IGIFF) Q1 2024 Earnings Call Transcript:
Financial Performance:
IGM Financial reported a record Q1 adjusted EPS of E0.94, an 8% increase year-on-year.
The company's AUM&A increased to $422 billion, about a 21% increase from the same period last year.
IGM reported net outflows of $128 million for Q1 2024.
The company distributed $146 million of capital to shareholders during the quarter, including $12 million in share repurchases.
Over $400 million in unallocated capital was held by IGM at quarter's end.
Steady growth was witnessed in the insurance sector, noting the highest average case size ever in a quarter and first-year commissions increased 36% over the past five years.
Business Progress:
IG Wealth ended Q1 with an AUM of $128 billion, showing a 10% year-over-year growth and a 5.6% quarterly growth.
IG Wealth registered net inflows of $223 million during Q1, with shares increasing from both mass affluent and high net worth clients.
IGM's main capital allocation priority is ensuring the long-term success and growth of its core businesses.
IGM runs a share buyback program to offset dilution and may repurchase more shares based on its other capital allocation priorities.
IGM's strategic investment, Wealthsimple, ended the quarter with an AUA of $39 billion, showing an 82% year-over-year growth.
IG Wealth aims to digitalise its insurance business further through a partnership with Life Design Analysis, a fintech leader in the insurance space.
More details: IGM FINANCIAL INC IR
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