Mr. James O'Sullivan reports

IGM FINANCIAL REPORTS FIRST QUARTER EARNINGS

IGM Financial Inc. has released earnings results for the first quarter of 2024.

IGM Financial highlights:

• Net earnings of $223.4-million or 94 cents per share compared with $381.3-million or $1.60 per share in the first quarter of 2023;
• Record high adjusted net earnings were $224.5-million or 94 cents per share for the first quarter of 2024 compared with $206.3-million or 87 cents per share in the first quarter of 2023, an increase of 8.0 per cent;
• Assets under management and advisement of $252.2-billion, up 5.0 per cent from the prior quarter and up 7.7 per cent from the first quarter of 2023;
• IGM Financial's assets under management and advisement, including strategic investments, were $422.3-billion compared with $390.2-billion at Dec. 31, 2023, and $349.7-billion at March 31, 2023;
• Net outflows were $128-million compared with net inflows of $674-million in 2023.

"Strong client investment returns in the quarter and ongoing expense discipline contributed to a record first quarter adjusted net earnings result," said James O'Sullivan, president and chief executive officer of IGM Financial. "We were also very pleased with the noteworthy growth in AUA at China Asset Management Co. Ltd. and Wealthsimple. Our proportionate share of the quarterly growth in AUA was $14.0-billion and $2.0-billion, respectively."

Net earnings available to common shareholders for the first quarter of 2024 were $223.4-million or 94 cents per share compared with $381.3-million or $1.60 per share in 2023. Adjusted net earnings available to common shareholders for the first quarter of 2024 were $224.5-million or 94 cents per share compared with $206.3-million or 87 cents per share in 2023.

Dividends

The board of directors has declared a dividend of 56.25 cents per share on the company's common shares, which is payable on July 31, 2024, to shareholders of record on June 28, 2024.

First quarter webcast and conference call

IGM Financial's first quarter 2024 results conference call and webcast will be held on Friday, May 3, 2024, at 8 a.m. ET. The webcast and conference call will be available, respectively, through the IGM Financial website, or you may register to obtain a calendar booking with your dial-in numbers, PIN and webcast links. Alternatively, dial 1-844-763-8274 or 1-647-484-8814.

The most recent consolidated financial statements and management's discussion and analysis of operating results are available on IGM Financial's website.

About IGM Financial Inc.

IGM Financial is one of Canada's leading diversified wealth and asset management companies with approximately $252-billion in total assets under management and advisement at March 31, 2024.

The company provides a broad range of financial planning and investment management services to help more than two million Canadians meet their financial goals. Its activities are carried out principally through IG Wealth Management and Mackenzie Investments. IGM Financial is a member of the Power Corp. group of companies.

We seek Safe Harbor.