CreatingValue

Denis Ricard President and CEO

Jacques PotvinEVP, CFO and Chief Actuary

Scotiabank Financials SummitToronto, September 6, 2018

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Table of contents

3 Creating value, the iA way 9 Technology 15 Interest rate sensitivity

4 Business plan 10 H1/2018 16 Shareholder value

5 EPS growth 11 Policyholder experience 17 Growing in Canada

6 Acquisitions 12 Sales 18 Investor relations

7 US strategy 13 Business growth 19 Non-IFRS financial information

8 Distribution 14 Balance sheet 20 Forward-looking statements

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Creating valueThe iA way

Business growth Sustaining outperformance through 10%+ annual EPS growth

Strong foundation for reserves,investments and capital

Protecting our financial strength at all times

Distribution as a business Foresight on core function of excellence

Reshaping advisor and client experience through digital

Winning at every interaction

Employee development Mobility and clan culture, key to our success

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Our business plan up to IFRS-17Multiple levers to reach or exceed our 10% EPS growth target

6% organic growth +

3%Profit

improvementIn all lines of

business

2%Acquisitions

US, distribution and wealth

1%Distribution

A core function

10% annual

EPS growth

≥+ +

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2012 2013 2014 2015 2016 2017 2018 2019 2020

EPS(diluted)

REPORTED

$5.40

GUIDANCE

Steady year-over-year growth in EPS guidance

Guidance increased by 10%+/yearReported EPS compares favourably with guidance

This slide presents non-IFRS financial measures. See "Non-IFRS Financial Information" at the end of this presentation for further information.

10% EPS growth

commitment

Guiding to11% EPS growth

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Acquisitions

• PPI announced in February 2018; not included in expected profit for 2018

• Top line: In line with expectations

• Bottom line: In line with expectations → Targeting 5¢ EPS in 2018

• 39 acquisitions since 2000

• $550M+ invested in last 13 months

• Still hungry, with a focus on distribution, wealth manufacturing and the US

• DAC completed in January 2018 and included in expected profit for 2018

• Top line: Strong sales so far → $244.1M during H1/2018

• Bottom line: Above expectations → 2¢ EPS gain during Q2/2018

Insurance distribution

(Canada)

An evolving strategy

Vehicle warranties

(US)

Still an important part of our growth strategy

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US strategyMoving toward a meaningful business

Vehicle warranties

Targeting annual growth of ~7.5%

Via agent recruitment and further development of direct relationships

Insurance

Targeting annual growth of ~7%

Via distribution diversification, agent growth and enhanced product offering95 115

535

2017 2020

650Sales($M)

Contribution from vehicle warranties beginning in 2018. All figures expressed in Canadian dollars unless otherwise indicated.This slide presents non-IFRS financial measures. See "Non-IFRS Financial Information" at the end of this presentation for further information.

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Distribution as a business in Canada

This slide presents non-IFRS financial measures. See "Non-IFRS Financial Information" at the end of this document for further information.

iA is the leader in independent insurance brokerage distribution in Canada

• Leading Canadian insurance and distribution marketing firm following PPI acquisition

• ABEX acquisition strengthens presence in Western Canada

• Positioning ourselves as the MGA of choice

iA has one of the largest non-bank distribution networks

• 3,500+ wealth advisors

• $81.3B in assets under administration (June 30, 2018)

INSURANCE

Affiliated distribution makes it easier to deliver value to clients

WEALTH

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Technology at the service of our strategy

iA Advisor

Client

• Reshaping client experience across the organization

• iA stands out for its agility

• Leveraging our success in Group businesses

• Becoming a differentiator in retail insurance→ EVO leading in point-of-sale approvals

• Focused on best value proposition for advisors

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Solid execution

H1/2018 highlights

This slide presents non-IFRS financial measures. See "Non-IFRS Financial Information" at the end of this document for further information. 1 As at June 30, 2018.

• Solvency ratio of 122%, above 112%-116% target

• Book value per share of $46.561: +10% YoY

• Dividend payable in Q3 increased by 9% to $0.415/common share

• Core EPS of $2.70 (+21% YoY); trailing 12-month ROE of 12.0%

• Favourable policyholder experience (including at iA Auto and Home)

• Meaningful contribution from recent acquisitions in Canada and the US

• 3 acquisitions YTD add distribution in Canada and 2nd line of business in the US

• AUM/AUA of $173 billion vs. $132 billion at June 30, 2017 (before HollisWealth acquisition)

• Good momentum in retail operations in Canada, including affiliated wealth distribution strategy

• Expansion of US footprint with recent acquisition of vehicle warranties business

Capital

Profit

Growth

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Policyholder experienceFavourable across all operations including iA Auto and Home

EPS impactin cents H1/2018 20171 20161 20151 20141

Individual Insurance 14 (18) 26 24 (1)

Group Insurance 10 (3) (1) 1 (15)

Individual Wealth Management 1 4 7 (7) (3)

Group Savingsand Retirement 2 2 1 2 0

US Operations 4 (2) 3 4 (2)

Total 31 (17) 36 24 (21)

iAAH(in income on capital) 2 (6) (7) (8) 2

This slide presents non-IFRS financial measures. See "Non-IFRS Financial Information" at the end of this document for further information. 1 Adjusted for the addition of fifth line of business (US Operations)

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SalesGood overall momentum despite difficult market for fund sales

($Million, unless otherwise indicated)H1

2018 2017 Variation

► Individual Insurance 94.1 94.5 —

► Individual Wealth Management

Segregated funds - net sales 283.1 294.7 (11.6)

Mutual funds - net sales 42.6 276.9 ( 234.3 )

Total - net sales 325.7 571.6 ( 245.9 )

► Group Insurance

Employee Plans 75.9 64.7 17%

Dealer Services (Creditor Insurance and P&C) 300.2 300.4 —

Special Markets Solutions 121.8 98.0 24%

Total 497.9 463.1 8%

► Group Savings and Retirement 905.3 901.2 —

► US Operations ($US)

Individual Insurance 38.8 37.7 3%

Dealer Services - P&C (DAC acquisition) 191.0 — —

► iA Auto and Home 167.0 162.1 3%

This slide presents non-IFRS financial measures. See "Non-IFRS Financial Information" at the end of this document for further information.

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Net premiums, premium equivalents and deposits ($B)

Steady business growth

Q4

Q3

Q2

Q1

7.5

5.4

AUM/AUA(assets under management and administration, end of period, $B)

AUA

AUM

This slide presents non-IFRS financial measures. See "Non-IFRS Financial Information" at the end of this document for further information. The figures do not always add up exactly due to rounding differences.

169.5

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Flexible balance sheetStrong capital position

This slide presents non-IFRS financial measures. See "Non-IFRS Financial Information" at the end of this document for further information. 1 As at June 30, 2018.

Organic capital generation is better under new capital regime Annual target of ~$200M: YTD result of ~$110M

Organic generation

Above 112%-116% target with low sensitivity to macroeconomic variations Excess capital above 116%: +$430M

122%1Solvency ratio

Steady increases every 3rd quarter in line with target payout ratio of ~30% Dividend increased by 9% (or +3.5¢) to 41.5¢ per common share payable in Q3

Dividend

Below target of 30% Additional flexibility @ 30%: +$660M or +9.4 percentage points on solvency ratio

22.9%1Leverage ratio

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Advantages of reducing IRR sensitivity

Reduced IRR sensitivity rewarded under new capital regime~$90M in capital relief during H1

1 Negative impact on net income for a reduction of 10 bps in Initial Reinvestment Rate (IRR)This slide presents non-IFRS financial measures. See "Non-IFRS Financial Information" at the end of this document for further information.

While there has been recent optimism on rate increases,long-term rates in Canada have rarely stayed over 2.5%

during a sustained period since 2011.

IRR sensitivity1

(at end of period, $M)

1. Provides capital relief

► Less required capital

2. Reduces earnings volatility

► At year-end assumption review until 2020

► Quarterly under IFRS-17 post-2020

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2014 2015 2016 2017 H1/18

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20003 1 As at February 3, 2000, taking into account the two-for-one split which took place on May 16, 2005 2 As at March 31, 2000: first disclosed book value as a public company 3 iA Financial Group became a public company on February 3, 2000 4 As at August 27, 2018 5 As at June 30, 2018

Shareholder value creation

$8.442

$7.881

$46.565

$54.164IAG Share PriceHistorical CAGR: 11%

Book Value Per ShareHistorical CAGR: 10%

2018

17

25%

53%

2012 2017

Still room to grow in CanadaNot a mature market for iA Financial Group

iA net income from Canadian operations as a % of Big 3 average

iA+15% CAGR

Big 3average

-1% CAGR

Growth in net incomefrom Canadian operations(2012-17)

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Investor relations

ContactGrace PollockTel.: 418-780-5945grace.pollock@ia.ca

Next reporting datesQ3/2018 - November 7, 2018Q4/2018 - February 14, 2019

For information on our earnings releases, conference calls and related disclosure documents, consult the Investor Relations section of our website at ia.ca.

No offer or solicitation to purchase

This presentation does not, and is not intended to, constitute or form part of, and should not be construed as, an offer or invitation for the sale orpurchase of, or a solicitation of an offer to purchase, subscribe for or otherwise acquire, any securities, businesses and/or assets of any entity, nor shallit or any part of it be relied upon in connection with or act as any inducement to enter into any contract or commitment or investment decisionwhatsoever.

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iA Financial Group reports its financial results and statements in accordance with International Financial Reporting Standards (IFRS). It also publishes certain financial measures that are notbased on IFRS (non-IFRS). A financial measure is considered a non-IFRS measure for Canadian securities law purposes if it is presented other than in accordance with the generally acceptedaccounting principles used for the Company’s audited financial statements. These non-IFRS financial measures are often accompanied by and reconciled with IFRS financial measures. Forcertain non-IFRS financial measures, there are no directly comparable amounts under IFRS. The Company believes that these non-IFRS financial measures provide additional information tobetter understand the Company’s financial results and assess its growth and earnings potential, and that they facilitate comparison of the quarterly and full-year results of the Company’songoing operations. Since non-IFRS financial measures do not have standardized definitions and meaning, they may differ from the non-IFRS financial measures used by other institutionsand should not be viewed as an alternative to measures of financial performance determined in accordance with IFRS. The Company strongly encourages investors to review its financialstatements and other publicly-filed reports in their entirety and not to rely on any single financial measure.

Non-IFRS financial measures published by the Company include, but are not limited to: return on common shareholders’ equity (ROE), core earnings per common share (core EPS), corereturn on common shareholders’ equity (core ROE), sales, net sales, assets under management (AUM), assets under administration (AUA), premium equivalents, deposits, sources ofearnings measures (expected profit on in-force, experience gains and losses, strain on sales, changes in assumptions, management actions and income on capital), capital, solvency ratio,interest rate and equity market sensitivities, loan originations, finance receivables and average credit loss rate on car loans.

The analysis of profitability according to the sources of earnings presents sources of income in compliance with the guideline issued by the Office of the Superintendent of FinancialInstitutions and developed in co-operation with the Canadian Institute of Actuaries. This analysis is intended to be a supplement to the disclosure required by IFRS and to facilitate theunderstanding of the Company's financial position by both existing and prospective stakeholders to better form a view as to the quality, potential volatility and sustainability of earnings. Itprovides an analysis of the difference between actual income and the income that would have been reported had all assumptions at the start of the reporting period materialized duringthe reporting period. It sets out the following measures: expected profit on in-force business (representing the portion of the consolidated net income on business in force at the start ofthe reporting period that was expected to be realized based on the achievement of best-estimate assumptions); experience gains and losses (representing gains and losses that are due todifferences between the actual experience during the reporting period and the best-estimate assumptions at the start of the reporting period); new business strain (representing the point-of-sale impact on net income of writing new business during the period); changes in assumptions, management actions and income on capital (representing the net income earned on theCompany’s surplus funds).

Sales is a non-IFRS measure used to assess the Company's ability to generate new business. They are defined as fund entries on new business written during the period. Net premiums,which are part of the revenues presented in the financial statements, include both fund entries from new business written and in-force contracts. Assets under management andadministration is a non-IFRS measure used to assess the Company's ability to generate fees, particularly for investment funds and funds under administration. An analysis of revenues bysector is presented in the Analysis According to the Financial Statements section of the Management's Discussion and Analysis.

Core earnings per common share is a non-IFRS measure used to better understand the capacity of the Company to generate sustainable earnings.

Management’s estimate of core earnings per common share excludes: 1) specific items, including but not limited to year-end assumption changes and unusual income tax gains and losses;2) market gains and losses related to universal life policies, investment funds (MERs) and the dynamic hedging program for segregated fund guarantees; 3) gains and losses in excessof $0.04 per share, on a quarterly basis, for strain on Individual Insurance sales, for policyholder experience by business segment (Individual Insurance, Individual Wealth Management,Group Insurance, Group Savings and Retirement, US Operations and iA Auto and Home Insurance), for usual income tax gains and losses and for investment income on capital.

Non-IFRS financial information

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Forward-looking statements

This presentation may contain statements relating to strategies used by iA Financial Group or statements that are predictive in nature, that dependupon 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” or “goal” or other similar words orexpressions. Such statements constitute forward-looking statements within the meaning of securities laws. Forward-looking statements include, butare not limited to, information concerning the Company’s possible or assumed future operating results. These statements are not historical facts; theyrepresent only the Company’s expectations, estimates and projections regarding future events.

Although iA Financial Group believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risksand uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in makingforward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Factors that could causeactual results to differ materially from expectations include, but are not limited to: general business and economic conditions; level of competition andconsolidation; changes in laws and regulations including tax laws; liquidity of iA Financial Group including the availability of financing to meet existingfinancial commitments on their expected maturity dates when required; accuracy of information received from counterparties and the ability ofcounterparties to meet their obligations; accuracy of accounting policies and actuarial methods used by iA Financial Group; insurance risks includingmortality, morbidity, longevity and policyholder behaviour including the occurrence of natural or man-made disasters, pandemic diseases and acts ofterrorism.

Additional information about the material factors that could cause actual results to differ materially from expectations and about material factors orassumptions applied in making forward-looking statements may be found in the “Risk Management” section of the Management’s Discussion andAnalysis for the year 2017 and in the “Management of Risks Associated with Financial Instruments” note to iA Financial Group’s audited consolidatedfinancial statements for the year ended December 31, 2017, and elsewhere in iA Financial Group’s filings with Canadian securities regulators, which areavailable for review at sedar.com.

The forward-looking statements in this presentation reflect the Company’s expectations as of the date of this presentation. iA Financial Group does notundertake to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentationor to reflect the occurrence of unanticipated events, except as required by law.

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