iA Financial Corporation Inc. ($IAG)

[Interpreted] Hello to all, welcome to our joint annual meeting. My name is Jacques Martin. I am the Chairman of the Board of Directors of iA Financial Corporation and Industrial Alliance Insurance and Financial Services. I salute all participants, shareholders, participating policyholders, partners and employees who joined us today in person and via webcast. I would also like to acknowledge the presence of several of our directors and officers. Thank you for being here. I'll be pleased to guide you through the terms of this joint meeting of iA Financial Corporation and Industrial Alliance Insurance and Financial Services in order to provide the opportunity for all shareholders and participating policyholders to participate in the meeting in the way they prefer and with flexibility. We have chosen to hold our meeting in a hybrid manner. I will be the President of Quebec City. I'm accompanied by Denis Ricard, President and Chief executive officer; and Ms. Amelie Cantin, Corporate Secretary. Before I begin, I share with you technical and administrative information necessary for the smooth running of session. I otice this meeting has been duly given the minimum number of shareholders and participating policyholders required to constitute a quorum for this meeting is met. I therefore declare this assembly open. I bring to your attention the agenda of today's meeting, which is projected on the screen. The rules of conduct for the virtual portion of the meeting, including the online voting procedure and questions have been published on our website and are available through this webcast. As said [indiscernible] back of this room. If you are participating online, you can choose to see the entire webcast in French or English by clicking on the language button shown on the top right-hand corner of your screen. When you log into the meeting, you can choose to listen to the webcast in either original audio, French or English. If during the meeting, you would like to change the chosen bottom, you will be able to do so by clicking on the audio button shown on the bottom right-hand corner of the videocast screen. You may also submit your questions in both languages. Please note that a question period is scheduled during the consideration of each proposal submitted to the vote of shareholders and participating policyholders as well as at the end of the meeting. This last question period is intended to receive your comments and to answer general questions that have not been answered during the meeting. For those of you who are participating in person, we ask that you keep for this period of questions on questions on topics that do not appear on the agenda. For those attending the meeting virtually, you can submit your questions at any time, and we will deal with those that do not touch on the topics that appear on the agenda during the question period at the end of the meeting. It will be possible for you to ask your questions in writing or orally through the webcast. To this end, I encourage you to submit your questions or comments now so that we can deal with them at the appropriate time during the meeting. If you would like to submit your questions in writing, please use the dialogue box at the bottom left of the screen. Please note that in order to access this dialogue box, you must turn off the full-screen mode of your device. If you wish to ask a question orally, we ask you to press the speak button located at the bottom left of your screen. You will need to log in and press the log-in button. You will then have the opportunity to check the configuration of your microphone can press the connect button again to be put in contact with a technician who will connect you to the assembly room at the appropriate time. In both cases, before submitting your question, please indicate whether it relates to a proposal that will be discussed and voted on or whether it is a more general nature, in which case, we will answer it during the question period at the end of this meeting. Whether you're attending the meeting virtually or in person, please identify yourself and tell us if you're a shareholder, participating policyholder, proxy holder or guest. Also, I'm asking you to ask one question at a time. We want to ensure that all participants who wish to ask a question have the opportunity to do so. Your question should be about the company's activities or business and should not be of a personal nature. Questions and comments received through the dialogue box of this webcast will be read by the corporate secretary at e appropriate time. If we have a number of questions that deal with an identical or similar topic, Ms. Cantin will group and summarize those questions, and we will answer them at the same time. Individuals who held common shares and participating policyholders eligible to close offices on March 10, 2026, the reporting date, will be able to vote online or in person on matters that affect them. Eligible participating policies are policies issued or assumed before June 13, 2019. The proxy holders of the shareholders and participating policyholders will also be able to vote online or in person. Persons attending the meeting as guests may not vote. We will provide you with additional instructions in a few moments. I now draw your attention to the cautions regarding the forward-looking statements and on IFRS Financial Information and other financial measures that appear on your screen and on Pages 20 and following of the annual report. Today, we will make forward-looking statements that involve risks and uncertainties that may result in actual results that differ materially from those projected. Certain assumptions and important factors have been applied to the conclusions, forecasts and projections contained in these statements. We assume no obligation to update these statements except to the extent required by law. We invite you to carefully consider these assumptions, factors, risks and uncertainties in our press release issued earlier this week. In addition, our comments today will include non-IFRS financial information. These are to be seen as a complement, not a substitute to financial measures established in accordance with IFRS. Reconciliations between the two can be found in our results press release, which is available on our website and on SEDAR+. Documents related to this meeting are available online on the company's website in the Investor Relations section and via the webcast platform. The video recording of this meeting will also be available shortly after the meeting on the company's website for a delayed listening. I will remind you that iA Financial Corporation is the parent company of the group and is the sole holder of common shares in the Industrial Alliance Insurance and Financial Services, which I will name from now on iA Insurance. The meeting will therefore be held concurrently for both companies. Mr. Steve Gilbert and Mr. Vlad from Computershare will act as scrutineers for this meeting. I will now take a few minutes to share my comments and thoughts with you on 2025. The Board of Directors is pleased that this year has once again been a remarkable year for iA Financial Group. The company delivered strong operational and financial performance, demonstrating disciplined execution of its strategic approach. Also, we note the strong growth in the company's business across all of our activities in Canada and the United States. In a few moments, Denis Ricard, President and CEO, will present the strategic directions of the company and comment on its performance and its main achievements of the year. For my part, I draw your attention to the company's dynamism in terms of capital deployment. We deployed our capital strategically to support organic growth, the completion of two targeted acquisitions, digital evolution, dividend payments and normal course share buybacks. In Canada, iA Financial Group acquired RF Capital Group, which consolidated its leadership in independent wealth management in Canada. iA also acquired Global Warranty, expanding its presence in the used vehicle warranty market and diversifying our service portfolio. These acquisitions advance the company's strategic approach to sustainable growth by expanding its reach in target markets and elevating its proven distribution model. In summary, the Board of Directors wishes to highlight not only the company's excellent financial performance, with results that have met or exceeded our key financial targets, but also the relevance of its strategic directions and its ongoing commitment to return capital and create sustainable value for you, our shareholders. The strength of our capital position supported by a constant generation of capital allows us to support future growth and deploy significant resources to ensure the long-term development of the company. Thanks to its strong business model, the company continues to grow and make its mark year after year. At iA Financial Group -- integrated as an integral part of the thinking, discussions and actions of our various business units. The Board of Directors fully endorses this course of action and is pleased with the commitment of the senior management and staff. Here are just few examples of the corporation drive and commitment to sustainability. [Foreign Language] On the environmental front, the company has consolidated its approach to climate risk, thus strengthening the resilience of its activities and the creation of sustainable value. iA Financial Group has completed the standardized regulatory exercise of climate scenario analysis and has carried out its own internal analysis covering both invested assets and property and casualty insurance activities. On the social front, iA Financial Group has strengthened its learning culture and enriched its professional and personal development programs. The year was marked by new mentoring initiatives, equity and diversity and inclusion measures as well as increased awareness and training on diversity, health and wellness at work. So by the Board of vector management and employees. A strong governance framework links the culture of integrity to the corporation purpose, governance structure and key governance policies and practices. The cooperation adders to governance best practices to preserve the independence of the Board and its ability to effectively oversee the corporation's activities. [Foreign Language] In fact, iA Financial Group is ranked 10th out of 206 companies in the Globe and Board Games. This is an important ranking of the largest Canadian companies listed on the Toronto Stock Exchange in terms of the quality of their governance practices. A few words now on the activities of the Board of Directors. In September 2025, we announced the appointment of Ms. Joanne Papillon and Mr. Yusri Bissada, to the Board of Directors of iA Financial Corporation. Then in March 2026, we announced the nomination of a new candidate to the Board of Directors of iA Financial Corporation Inc. Mr. Kenneth Kroner. In addition, Mr. Benoit announced his intention not to stand for reelection to the Board at the May 2026 Annual Meeting of Shareholders. Mr. Denoit had been a member of the Board since May 2019. On behalf of all members of the Board and on my own behalf, I would like to thank Mr. Daniel for his considerable contribution to the Board's work over the years. As of December 31, 2025, the percentage of women on the Board of iA Financial Corporation was 47%. And if all nominees for director positions are elected, this percentage will remain unchanged in 2026. On behalf of all Board members, I would like to thank shareholders and policyholders as well as customers for their support and trust. I would also like to congratulate and thank all the staff of iA Financial Group. The challenges of 2025 have been met with brilliance, great efficiency and constant commitment. I now invite Denis Ricard to present his observations and comments.

[Interpreted] Thank you, Jacques, and good morning, everybody. It's a pleasure to be with you today. Thank you for being with us today for our annual meeting. Your trust and commitment are at the heart of our ability to build a strong, successful and forward-looking organization. The theme of our annual report succeeding now and tomorrow, sums up the spirit that drives us, delivering results today, while disciplinely preparing for the growth of tomorrow. In 2025, iA Financial Group achieved remarkable growth. Our assets under management and under administration have grown significantly. And most importantly, we have confirmed the strength of our business model through rigorous execution, both in Canada and the United States. Our stock market value reached $16 billion at the end of 2025, illustrating how far we've come and our impressive trajectory. At our investor event, ready for more the iA. We shared new more ambitious financial targets that truly demonstrated our company's potential. Looking back to our first public offering in 2000, we've achieved outstanding total shareholder returns, setting the standard within our industry. These results are a direct outcome of our disciplined management approach and our unwavering dedication to building sustainable long-term value for all shareholders. . Our results arise from a clear alignment around four strategic priorities: capital deployment, client experience, operational efficiency and the development of a learning organization. Let me illustrate them briefly. First, the deployment of capital. We continue to invest where we see profitable growth, in our business, in technology and in targeted acquisitions. In 2025, we notably completed the acquisitions of RF Capital Group and Global Warranty. We also maintained a disciplined execution of return of capital to shareholders via dividend and share buybacks. At the year-end, our capital available for deployment was approximately $1.4 billion on a pro forma basis, giving us flexibility to pursue our growth ambitions. Second, the client experience, we launched our new brand signature, taking the lead. It is not just a slogan. It is a promise to be a trusted ally to simplify access to relevant solutions and to accompany our clients and advisers with the same determination in the moments that matter. Third, operational effectiveness. We maintain rigorous discipline in all our operating units. Investments in digital transformation are paying off. We are deploying artificial intelligence in key areas such as underwriting, risk assessment and process automation while strengthening the digital experience. Our ambition remains clear: to be the leader that best combines human experience and digital experience. Fourth, their learning organization. We continue to build a workplace that promotes knowledge sharing and learning as well as a safe and inclusive environment. In 2025, we also evolved our work model to further support performance while maintaining flexibility tailored to an organization with multiple locations in Canada and the United States. Our hybrid approach to office presence strives for an optimal balance between individual and collective performance. Financially, 2025 was a year of great quality. We achieved record profitability with net income attributed to common shareholders of $1,053 million and core earnings of $1,210 million, diluted earnings per share were $11.29, and our return on equity to common shareholders was 14.9%, while return on equity to common shareholders, ROE from core plus activities was 17.1% in 2025 compared to 15.9% a year earlier. This performance is driven by strong business growth across all of our sectors. In Canada, our sales were supported by diversified and high-performing distribution networks, the performance of its digital tools for advisers, customers and employees as well as its extensive and distinctive range of products. In the United States, we have made significant progress in both individual insurance and dealer services, confirming the significant potential of this market for iA. Strong sales and customer loyalty helped net premiums, premium equivalents and deposits to exceed $22 billion in 2025, an 8% increase over 2024. In addition, total assets under management and assets under administration exceeded $341 billion at the end of the year, which is a substantial increase of 31% over the last 12 months. The company maintained a robust financial position throughout the year. The company's solvency ratio remains well above the regulatory minimum at 137% at December 31, 2025, on a pro forma basis. Finally, our dividend to common shareholders increased by 13% compared to 2024, reflecting our willingness to share the value created. We also continue our commitment to prudent governance and sustainable value creation. In 2025, we strengthened the integration of ESG criteria into our operations, improved data collection and validation and consolidated our approach to climate risk management. To it's commitment to being a learning organization, iA Financial Group has enriched development programs for employees in order to support their professional and personal progress and enable them to reach new goals. Skills development is thus encouraged not only to attract and retain talent, but also to properly prepare the next generation within the organization. At the community level, we've continued to give back. Our philanthropic contributions totaled $11.4 million. Also I want to highlight changes to the Executive Committee. Philip retired on December 31, 2025. I sincerely thank him for his instrumental contribution to the evolution of our risk management function. Since October 1, 2025, Benoit has served as Executive Vice President and Chief Risk Officer. Our background expertise and leadership testified to the quality of our next generation and our commitment to developing talent within the organization. I would also like to take the time to get back on the changes within the management team announced on Tuesday. These announcements illustrate our ability to develop our leaders internally to foster mobility and to attract world-class talent. As of June 1, we created a new Executive Vice President for Business Development through acquisition. We are glad to welcome Benoit Hudon at iA. Benoit is coming to the table with the international experience in strategy, performance management and mergers and acquisitions. He will play an important role in the way we deploy our capital in the next years. Simultaneously, when it comes to the evolution of our team, Pierre Miron informed us of his decision to retire at the end of 2026 after an exceptional career at iA. Pierre will remain a full member of the Executive Committee until the end of the year, and he will take on the role of strategic adviser to ensure a smooth transition. His contribution to our digital transformation to our operating model and to our growth has been a pillar. I would like to thank him for his excellent work over the course of his 8 years with the Executive Committee. Denis will take over for -- he will expand his responsibility as Chief of Growth and Canadian Operations, Denis Denis combines a big operational a clear vision of the strategy and capital allocation. He is well positioned to continue supporting growth within our Canadian operations. In a whole, these changes strengthen our focus on sustainable growth in North America and are in line with our strategic priorities. Going forward, our course remains the same, growing with discipline, simplifying our clients and advisers experience, taking full advantage of digital technology and our performance culture. We approach the future with ambition, remaining attentive to the evolution of the environment in which we work. Our diversification, financial strength and execution capacity are positioning us to continue to succeed now and in the future. This completes our review of 2025. Here are a few highlights from the beginning of the year. iA Financial Group ended the first quarter of 2026, with a net income attributable to common shareholders of $137 million and core earnings of $298 million. Diluted earnings per common share amounted to $1.49, while diluted core earnings per common share amounted to $3.25, which is 12% higher than the same period last year, ahead of our midterm target of 10% plus. Core ROE for the trailing 12 months was 17.5%, already meeting the 2026 core ROE target of 17% plus. The solvency ratio was 134% at March 31, 2026, reflecting a strong capital position supported by solid organic capital generation. The total available -- the capital available for deployment to create and return value to shareholders was $1.2 billion at March 31, 2026. In this context, we also announced an 11% increase in the quarterly dividend bringing it to $1.10 per share, reflecting our confidence in the sustainability of our earnings power. In terms of business growth, total assets under management and administration stood at more than $346 billion on March 31, a solid 31% increase over the last 12 months. Premiums -- representing a 10% increase year-over-year. First quarter sales were good in both Canada and in the U.S. Record seg fund gross sales of $2.4 billion were recorded, and activity remained robust in individual insurance in Canada, with a 5% increase in the number of policies issued year-over-year. Book value per share was $78.9 on March 31, representing an increase of 6% over the past 12 months. We achieved strong growth in the recent years thanks to our different ways of doing things, and we're ready to accelerate this beautiful growth trajectory. I'll close by thanking our employees for their professionalism, our advisers and partners for their commitment as well as our customers for their trust. And of course, I thank you, our shareholders, for your continued support. I will give back the floor to Jacques Martin. Thank you very much.

Thank you, Denis. We'll now proceed to the tabling of documents that must be presented at this assembly for iA Financial Corporation, the financial statements for the year ended December 31, 2025, and the external auditors report part of the 2025 annual report, that is presented at this meeting. They were sent to the shareholders who requested them within the time limits prescribed by law. In addition, a link is available on the webcast platform to access it. For iA Insurance, the sole holder of common shares of which iA Financial Corporation as part of the financial statements for the year ended December 31, 2025, including the report of the appointed actuary and the report of the independent auditor are presented at this meeting. I declare these documents tabled at the meeting and I ask her the Corporate Secretary, Ms. Amelie Cantin to include them in the record of this meeting. Let's move on to the formal part of this assembly. The Corporate Secretary will act as a proponent to submit to the vote of shareholders and policyholders with participation, the proposals provided for on the agenda, except for the proposals submitted by a shareholder. I now invite Ms. Cantin to explain the voting procedure.

Thank you, Mr. Chair. Today iA Financial Corporation shareholders and holders of iA insurance participating policies eligible to vote. Those who can vote or their proxy holders will be able to vote online or in person. To they found that you have already voted on a voting instruction form or a proxy vote form, your vote has already been counted, and you don't need to vote again unless you wish to change it. I'd like to remind you that only persons who held common shares of iA Financial Corporation on March 2026 or their proxies are entitled to vote on the matters presented today. With the exception of 1/3 of the directors of iA Insurance, who will be elected by participating policyholders eligible to vote. Under the Quebec Act respecting insurers, 1/3 of the directors of an insurance company must be elected by the holders of eligible participating policies. These holders will not vote on the other proposals relating to iA Insurance, and will now have the right to vote on the proposals relating to iA Financial Corporation. Specifically, for iA Financial Corporation, shareholders or their otherwise representatives will be called upon to vote on the following items: the election of directors, the appointment of an external auditor, an advisory resolution on the company's approach to executive compensation, and the shareholder proposals. For iA Insurance, eligible participating policyholders will be required to vote for the election of 5 of the 13 directors. iA Financial company as a sole holder of iA Insurance common shares has the right to vote for the election of 8 of 13 directors and on the appointment of the external auditor of iA Insurance. It's already exercises vote through written resolution, which has been forwarded to the President of the assembly. You'll be able to vote on any of the items put to vote. Even if we haven't yet discussed this item in this meeting as long as the votes remain open. For those participating virtually, you must have logged on to the webcast using this 15 or a 4-digit control number that you got from Computershare prior to the meeting. That way, you can vote. For those who are participating in person, you can vote by means of a ballot that was given to you by a representative of the company upon arrival. If you need a ballot, please raise your hand, and someone will come to see you. For those participating virtually, you can press the vote button on the left under the webcast screen. A window will open on the right side of your screen, and the webcast will continue simultaneously. You need to press start to begin voting. You will then be able to read the question and press the option that corresponds to your choice. Once your selection is made, you can move to the next question. If you want to vote in accordance with recommendations from management, you can press on votes as recommended by council and management. Then press yes, vote for everything, and all your votes will be submitted according to management recommendations. If you want to move from an item to the next, just scroll through your screen. You can also press summary in order to navigate among the items submitted to the vote. Finally, if you leave the voting window by mistake, you can pick up where you left off by reopening it. If you don't select any options, your vote will not be recorded. The vote is now open. Preliminary results will be announced at the end of the meeting. Financial results for iA Financial Corporation will be filed with the Canadian securities regulatory authorities at a later date. They'll be available on sedar+.ca.

Thank you, Amelie. We will move to the election of directors. By resolution of the Board, the number of directors for the coming year has been fixed at 15 for iA Financial Corporation and 13 for iA Insurance. This number was determined, taking into account articles regulations, the policy on the compensation and renewal of the Board of Directors and applicable legislation. Let's start by the election of the 15 directors of iA Financial Corporation. Only holders of common shares of the corporation as of March 10, 2026, may participate in the selection. 12 of the 15 nominees for the position of director were elected at our last annual meeting, and we recommend that you reelect them this year for a 1-year term. Last September, the council welcome Ms. Joan Papillion and Mr. Yousry Basada. Ms. Papilion is a Corporate Director with over 25 years of experience in financial services in Canada and abroad. She spent more than 10 years in positions of increasing responsibility at Sunlife Financial, including Senior Vice President from 2020 to 2022, where she was in charge of business and financial impacts of IFRS 17 and IFRS 9 accounting standards. She's a graduate in actuarial sciences from Concordia and as a fellow of the Canadian Institute of Actuaries and the Society of Actuaries. Mr. Bissada has been President and CEO of of the Home Equity Bank. He was there since January 2026. He previously led Home Trust and Home Bank from 2017 to 2025 and Home Capital Group Inc. from 2017 to 2023 successfully leading the organization through a period of crisis and transformation. He is a chartered professional accountant and a certified general accountant. He holds the Institute of Corporate Directors ASA designation and the Certified Professional of Canada Designation. We're also pleased to recognize the nomination of a new candidate, Mr. Kenneth Kroner. Mr. Kroner is a Corporate Director with extensive global investment leadership experience. He worked for 22 years of BlackRock, where he served as Senior Executive Director and was on the Global Executive Committee until his retirement in 2016. He holds a Bachelors in Mathematics and Economics from the University of Alberta and has a doctorate in economics from the University of California and San Diego. I invite you to consultant management circular for the solicitations of proxies for more details on the bios of new candidates. As indicated in the management circular for the candidates you see on this slide that I will name are recommended. Yoursry Bissada, William -- Joan Pappion, Matt Pullen, Uma Sananikone Rebecca Schuster, and myself.

I invite to propose the election of directors of iA Financial Corporation. Mr. Chairman, I propose the election of the 15 candidates you have just nominated and who are indicated in the management circular for the solicitation of proxies.

Thank you, Amelie. Do we have any questions from participants on that note.

No, we have not received any questions or comments.

We would like to remind you that at any time during the assembly of this meeting, you can access the vote by pressing the vote button. Let's continue with the election of iA Insurance directors elected by participating policyholders. Under the Insurers Act, 5 directors will be elected by participating policyholders and 8 will be elected the sole holder of common shares, iA Financial Corporation, candidates are identified in the document for participating policyholders dated March 10, 2026. I invite Ms. Contin to propose the election of the 5 directors of iA Insurance to be elected by the participating policyholders Mr.

M. Chair, I move the election of Martin Gannon.

Thank you, Do we have any questions related to the election of iA Insurance directors by participating policyholders?

No, we have not received any questions or comments. Thank you. If you are a participating policyholder, you can vote on this proposal.

We will now proceed to the election of the 8 directors of iA Insurance to be elected by its sole holder of common shares to the a written resolution has already been adopted by iA Financial Corporation, the sole shareholders of iA Insurance through its following directors have been appointed William Chanri, Alka Gotham, Deneka, Rebekah and myself. A copy of the resolution will be tabled with the minutes of this meeting. iA Financial Corporation shareholders and participating policyholders do not vote on this item.

Let us now proceed to the vote on the appointment of the external auditor of iA Financial Corporation for the current financial year. I would like to take this opportunity to welcome the representatives of our new external auditor, Ernst & Young; Mr. Guillen Martel; and Mr. Simon Gerard as well as our external auditor for 2025 Deloitte, Ms. Sophie Fortin, and Mr. Carlo Magna. Thank you for being here. Before proceeding with the appointment of Ernst & Young for the current fiscal year, I would like to remind you that we conducted and completed a robust bidding process, leading to the decision to recommend the appointment of Ernst & Young as an external auditor for fiscal year 2026. During fiscal year 2025, Ernst & Young began a transition process with Deloitte to ensure an orderly transfer Deloitte's term of office ended on February 18, 2026, following the release of the company's annual financial statements. Following the end of his term of office and in accordance with the recommendation of the Audit Committee, the Board of Directors appointed Ernst & Young to fill the position of external auditor and to act as such until this meeting. This is further explained in the management proxy circular on Page 9. And following in French and 8 and following in English, and the additional documents are attached as appendix to the management proxy circular. Accordingly, the Board of Directors recommends that you vote for the appointment of Ernst & Young as an external auditor for the 2026 fiscal year. The company wishes to express its sincere gratitude to Deloitte for its dedicated and invaluable services as an external auditor and the high quality of the audit services provided over the years. I now invite Ms. Contin to propose the appointment of the external auditor of iA Financial Corporation for the current fiscal year. Mr. Chair, I move that the firm of Ernst & Young be appointed as the external auditor of iA Financial Corporation for the 2026 fiscal year until the next meeting is adjourned and that its remuneration be determined by the Board of Directors.

Thank you, Amelie. Do we have any questions from the participants on that topic?

No, we have not received any questions or comments.

Only holders of ordinary shares of iA Financial Corporation may vote on this proposal. Let us now proceed to the appointment of the external auditor of iA Assurance by its sole holder of ordinary shares for the current financial year. To this end, a written resolution was adopted by the sole holder of ordinary shares and the firm Ernst & Young was duly appointed as the external auditor of iA Insurance. A copy of this resolution will be tabled with the minutes of the meeting. iA Financial Corporation shareholders and participating policyholders do not vote on this item. The company is asking shareholders to participate in an advisory resolution on the company's approach to executive compensation. The Board considers this vote to be an important part of its shareholder engagement process. The compensation of iA Financial Corporation senior executives is described in the management circular for the solicitation of proxies of the corporation on Pages 97 and following in French and Pages 89 and following in English. However, I would like to highlight some important points. In 2024, iA Financial Group exceeded $10 billion in market capitalization and surpassed $15 billion at the end of 2025, driven by the increase in assets under management and assets under administration as well as net premiums and premium and deposit equivalents. In 2025, iA Financial Group demonstrated excellent performance generating a high total return, including dividend reinvestment for its shareholders of 36.8%. Sales remained at high levels in almost all operating units, particularly in individual insurance in Canada and wealth management where we continue to occupy a significant position in the segregated fund sector with nearly $7 billion in gross sales and over $4 billion in net sales. In February 2025, at the ready for more the iA event for investors, we presented our financial targets for 2025 in the medium term, highlighting our growth trajectory and capital discipline in Canada and the United States. In the U.S., sales of life insurance policies exceeded those of Canada in 2025. Assets under management and administration reached more than $341 billion, up 31% year-on-year. We are pursuing our strategic plan based on four pillars: the overall customer experience, operational efficiency, optimal capital deployment and learning organization. The launch of the brand signature taking the lead illustrates our ambition as a North American leader in life insurance and wealth management. This signature reflects our commitment to combining human and digital experiences for the benefit of clients, advisers, employees and communities. The acquisition of RF Capital has strengthened iA wealth management position, while our initiatives, including digital transformation and the implementation of a flexible working model support agility and quality of service. These efforts have been recognized by Forbes, which named us one of Canada's top employers in 2026. These results are based on the vision and commitment of the management team, which directly contributes to growth and shareholder value creation. Executive compensation is aligned with shareholder visits interest and our long-term goals through a balance of financial, operational and strategic measures. Our approach is transparent and rigorous. The Human Resources and Compensation Committee made up of independent directors overseas the compensation program with the support of a Canadian financial industry reference group and an independent external consultant. I now invite Ms. Cantin to move the advisory resolution on executive compensation.

Mr. Chair, I move that the resolution on the advisory vote on the corporation's approach to executive compensation described on Page 12 of the French version of the management proxy circular dated March 10, 2026, and on Pages 10 and 11 of the English version be adopted.

Thank you, Amelie. Do we have any questions from the participants on that topic?

No. We have not received any questions or comments.

Only holders of ordinary shares of iA Financial Corporation may vote on this proposal. The last item on the agenda concerns the vote on 3 shareholder proposals. Shareholders have had the opportunity to read these proposals in Appendix C of the management circular for the solicitation of proxies dated March 2026. You will also find for each proposal iA Financial Corporation's response and position. All of these proposals were submitted by the Movement Education [Foreign Language] or MEDAC. In order to be adopted, these proposals must be supported by a simple majority of the votes of the holders of ordinary shares. Abstentions and proxies without specific instructions will be voted against the shareholder proposal in question. We are pleased to have with us today by video conference a representative from MEDAC to present shareholder proposal #1 to 3. Mr. I now invite you to present your proposals.

Hello, Mr. President, Mr. Chair, can you hear me clearly? Yes. Thank you. Great. I'm working on the account MEDAC account. The shareholders of the society over several years, we've been in activity over 30 years. I am not only for the last 20 years, but I'm also a founder for another organization, I also police in a personal title. We have 3 proposals, as you were saying, 2, which we already presented to you in the past. I won't spend too much time on those two proposals besides explaining why we are submitting them to you. Our next proposal was named reinforcing shareholders' participation in the annual assemblies of shareholders. We assisted for the first time in our history last year in a business that had defaulted. And this took us to ask a question. The reason for which it took place? All sorts of hypotheses are possible with systemic hypothesis, we sent to our society with our first measure of procedures to implant. Annually, most of these measures are what is done by most societies, most businesses. The last suggestion that we offer you is to publish a small chart where it would be easy to seize in one scan, whether we're rising or dropping, it's difficult to know this information is available, but it is spread through several documents over several years. It's difficult for shareholders to conceive such a chart, to create such a chart, but to share out this information for corporate or personal shareholders. We note that we added to the information offered by Broadridge, which offers the information for such a chart that participation rates of individual shareholders in the assemblies and to shareholder democracy seems to be dropping. So we accept it to not go to vote with this proposal. However, if the company had accepted to produce such a chart, which wouldn't cost much to produce, it would be much easier for the corporation to produce such a document rather than the shareholders themselves. So we would have appreciated being able to see this chart published. We haven't had many votes on this proposal in -- amongst other businesses, but we will continue to hope that such a chart be published. It's not a very big effort. We invite all of the shareholders to support this proposal, and we ask for proposal 2 that the consultation vote be implanted by this business every year. Last year, we had about 23% support on this proposal. So we're returning with the same proposal. The arguments are the same as in the past. And proposal #3, environmental competencies and administrative competencies that you're publishing holds an ESG information in terms of the environment. There's also other competencies that are here. And administrator could have no competencies environmentally, but may have this square tick because they have other competencies elsewhere, which would come under the umbrella of general competencies. So if this competency is particularly noted in your documents, we obtained 8% last year on this proposal. So we invite all of the shareholders to support our proposal. I'm very disappointed to not be able to be with you today in person. I did everything I could, but it wasn't possible. And we salute the fact that you have in-person assemblies. This is something that is not always easy days, but nevertheless, even if I'm not there, we're happy that the assembly is also being held in person and not only online. I will return. Thank you very much for all of the time that you have offered us.

I thank you, Amelie, do we have any questions from participants as to this proposal?

No, we haven't received any questions or comments.

We thank you, Mr. Cantin, for the constructive comments and the kind exchanges you have with the governance. I remind you that the business invites you to vote against Chart 1, 2 and 3. Only shareholders -- only holders of ordinary shares of iA Financial Corporation may vote on these proposals. Please note that if you voted by proxy prior to the meeting, and do not wish to change your vote, you do not need to take any action. You now have an extra minute to submit your votes, after which the voting will be closed for all votes in this assembly. Okay. And now it is time for the question period. For those who participate through the webcast. I invite you to submit your questions if you have not already done so, you can do so in writing using the dedicated box under the webcast screen or verbally by pressing the speak button displayed on the webcast. Questions and comments can be submitted in French or English. For those in the room who want to ask questions, please go to the microphone. Regardless of the method used, I ask you to identify yourself and to tell us whether you are a shareholder, an equity policyholder, a proxy or a guest. I would also ask you to ask 1 question at a time and to be brief in your comments that everybody can be heard. If necessary, I will be able to group substantially similar questions and apply time limits in accordance with the rules of conduct. Denis, Amelie and I, as the case may be, we'll answer questions. Questions received from participants that could not be answered during the meeting and comply with the rules of conduct will be published with our answers on the company's website shortly after the meeting. With the exception of questions that specifically concern a shareholder or a policyholder with participation and are not of general interest. They will be posted for a maximum period of 1 year subject to applicable legal privacy requirements. Amelie, do we have any questions from the participants.

Yes, we have a question in the room.

I am Yvon Sova. I am a shareholder for iA Society Financial and the retiree of iA Insurance. I said my question some time ago, in fact, on the 20th of April. So I will now read it to you. On the same date last year, the Executive Board of Directors of iA Insurance agreed on modification in an important manner. Certain parameters for the retirement plan of employees with retroactive employees were informed of these modifications by an e-mail from indicating that in such a context, a portion of some of this would be used to temporarily reduce shares -- active shares in order to increase net amounts over the year whilst creating a growth of 8% over the year. This raises a more fundamental question as to the fidelity of the retirement plan. Is such a plan ensures security towards the participants over the long term, an active excellent with an increase of net pay appears difficult to reconcile with such an objective at measure where we privilege in this context, the company -- can the company specify how such a usage is conciliated with fundamental objectives of the plan. And we submit that this -- we wonder if this is going to be repeated in the future. And on the 31st of December in 2026, this is an obligatory relation.

Well, thank you, Yvon, for your question. Yes, the retirement plan has the objective to secure promises made by the plan. Our plan showed an important And in fact, we all know the risk, the ultimate risk of the plan, it's the employer that carries it. For instance, if earnings are not sufficient in the long term, the employer has to compensate for that missing amount. So surpluses belong. I'll be clear. Surpluses belong to the employer, in this case, the employer, given the situation, decided to share this accident. Between three components, as you mentioned, the renters, the active employers who are part to employees who are participating in the plan so to return a certain portion of the money that they had spent and the employer. So up until a certain point, you can think that it's arbitrary, the distribution between the 3-some years, what was done. And concerning your question is a precedent, and this is how it will be done in the future. This is an ad hoc decision by the direction to share these accidents. We don't know for the future. We'll have to evaluate it is case by case. So it's to be looked into further.

If we consider that iA employees currently, they're at the 700 participants in the retirement plan, and they have experience of about 3, 4 years. But the plan did not use the excess for many years ever since 2008. I would say that could use the success for people of a cohort using this for a cohort of people with 3 to 4 years of experience seems strange to me.

We hope these people will stay with us for a long time. So our experience with retention is very good. So fundamentally, as I was mentioning, I think I answered your question. The excess belong to the employer -- and the employer can decide as they wish to spread it amongst external people who pay in or others. Thank you. Amelie, do we have any other questions from participants?

No, we have received no other questions or comments.

Thank you, Amelie. Since you have no further questions, we will proceed to the results of the vote. The scrutineers have the time to compile the votes. I will invite Ms. Cantin to share the preliminary results of each breach of the votes.

Thank you, Mr. Chair. According to the report of the scrutineers, I'll form you that for iA Financial Corporation 15 candidates for the position of Director, as appointed in the circular, were elected with at least 90% of the votes in favor of their candidacy. For iA Insurance, there are 5 candidates for the position of Directors as named in the information document for participating policyholders were elected with at least 93% of the votes in favor of their candidacy. For iA Financial Corporation, Ernst & Young was appointed as external auditor with at least 99% of the votes in favor of their appointment. The advisory resolution on iA Financial Corporation as approach for executive compensation was adopted with more than 93% of the vote in favor. Shareholder proposal #1 on enhancing shareholder participation in Annual General Meetings was rejected with at least 99% of the votes against this proposal. Shareholder proposal #2, the consultative vote on environmental policies was projected with at least 79% of the votes against this proposal. Shareholder proposal #3 in the adjusted competency grid to include environmental competence was rejected at least 95% of the votes against this proposal. The detailed financial results for iA Financial Corporation will be published on the iA Financial Corporation website and on SEDAR+, the website of Canadian Securities regulators.

Thank you, Amelie. We thank shareholders and policyholders for exercising their right to vote. We know that proposal #2 received strong shareholder support. We have always been and will always be attentive to the concerns of shareholders. We will take the time to consult with the shareholders to better understand this outcome and determine how the company can better meet the expectations of shareholders. Ladies and gentlemen, this completes our annual meeting. In closing, I would like to sincerely thank the management and all the employees who once again have demonstrated their great expertise, their constant commitment and their dynamic attitude. I would also like to thank all of those who participated in this joint meeting of iA Financial Corporation and iA Insurance, not to mention Denis and Amelie, who were with me all throughout this meeting. Thank you for your trust and your support. The assembly is now up. [Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]