An anonymous director reports

IA FINANCIAL GROUP ANNOUNCES THE RENEWAL OF ITS NORMAL COURSE ISSUER BID

With the approval of the Toronto Stock Exchange (TSX) and the Autorite des marches financiers, the board of directors of iA Financial Corp. Inc. has authorized the corporation to purchase, in the normal course of its activities, from Nov. 14, 2023, to Nov. 13, 2024, up to 5,046,835 common shares, representing approximately 5 per cent of its 100,936,705 common shares issued and outstanding as at Oct. 31, 2023.

As part of its normal course issuer bid (NCIB), which expires on Nov. 13, 2023, the corporation is authorized to repurchase up to 5,265,045 common shares for cancellation. To date, 4,662,708 common shares were repurchased through the facilities of the Toronto Stock Exchange and alternative Canadian trading systems and cancelled. The weighted average price paid for the 4,662,708 common shares was approximately $83.75 per common share.

The purchases under the NCIB will be made at market price at the time of purchase through the facilities of the TSX or an alternative Canadian trading system, in accordance with market rules and policies. The common shares purchased will be cancelled. iA Financial Group believes that the purchase of its common shares represents an appropriate use of its funds and would be in the best interests of the corporation and its shareholders.

The average daily trading volume of the corporation's common shares was 207,776 on the TSX over the last six complete calendar months ending Oct. 31, 2023 (ADTV). Under TSX rules, the corporation is entitled to purchase up to the greater of: 25 per cent of the ADTV of the common shares; or 1,000 common shares on any trading day; or a larger amount of common shares per calendar week, subject to the maximum number that may be acquired under the NCIB if the transaction meets the block purchase exception under TSX rules. Accordingly, unless a block purchase meeting the block purchase exception under TSX rules is made, the corporation is entitled to purchase up to 51,944 common shares on any trading day.

In connection with the NCIB, iA Financial Group has entered into an automatic share repurchase plan (the automatic plan). The automatic plan, which has been precleared by the TSX, will provide for the potential repurchase of common shares at any time, including when the corporation ordinarily would not be active in the market due to its self-imposed trading blackout periods, insider trading rules, or otherwise. The actual number of common shares purchased under the automatic plan, the timing of such purchases and the price at which common shares are purchased will depend on future market conditions. The automatic plan will commence immediately and terminate when the NCIB terminates. The corporation may otherwise vary, suspend or terminate the automatic plan only if it does not have material non-public information and the decision to vary, suspend or terminate the automatic plan is not taken during a self-imposed trading blackout period. The plan constitutes an "automatic plan" for purposes of applicable Canadian securities legislation.

Shareholders may obtain a copy of the documents filed with the TSX concerning this bid by writing to the corporate secretary of iA Financial Group.

About iA Financial Corp. Inc.

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 one of Canada's largest public companies and is listed on the Toronto Stock Exchange under the ticker symbols IAG (common shares) and IAF (preferred shares).

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