Table of Contents 3 14 Q3/2017 highlights Balance sheet 25 - PowerPoint PPT Presentation

Third Quarter 2017 Conference Call Presenters: Yvon Charest, President and CEO René Chabot, EVP, CFO and Chief Actuary November 8, 2017 1

Table of Contents 3 14 Q3/2017 highlights Balance sheet 25 Hedging experience 4 15 Acquisitions 2017 Year-End assumption review 26 Premiums and deposits 5 16 DAC (U.S.) Dividend 27 Individual insurance 6 17 Assets (AUM/AUA) Book value 28 Individual wealth management 7 18 Sales Strain 29 Group insurance 8 19 Q3/2017 results Income on capital 30 Group savings and retirement 9 20 9M/2017 results Effective tax rate 31 Investment portfolio 10 21 Q3 items of note Equity market sensitivity 32 2017 guidance 11 22 Policyholder experience Interest rate sensitivity 33 Investor relations 12 23 Management’s view on EPS S&P/TSX thresholds for Q4/2017 34 Non-IFRS financial information 13 24 Capital Core EPS reconciliation 35 Forward-looking statements 2

Q3/2017 Highlights Excellent third quarter • Reported EPS of $1.35 and trailing-12-month ROE of 12.5%; both at top of guidance Profit • Policyholder experience generally in line in all sectors despite loss of $0.04 for lapse • Income on capital: Gain on real estate and good quarter for iA Auto and Home • Growth continues for gross and net fund sales Business • Solid growth in Group Insurance with a contribution from all divisions Growth • Recent acquisitions in US and Canada expand financial services network • Solvency ratio of 213% (~205% post-DAC closing) Financial • Book value per share of $43.27: +12% YoY and +2% QoQ Strength • Dividend increase of 9% (+$0.03) to $0.38/common share, payable in Q4 3 This slide presents non-IFRS financial measures. See "Non-IFRS Financial Information" at the end of this document for further information.

Strategic Acquisitions To Fuel Growth and Geographic Expansion • Completed on August 4, 2017 • $33B AUA transferred HollisWealth • 99% advisor retention • Creates one of the largest non-bank advisory networks in Canada • Announced on September 21, 2017 • US-based Dealers Assurance Company and Southwest Reinsure, Inc. DAC • Manufactures vehicle service contracts (extended warranties) • Distribution through a network of new and used car dealers across the US • Provides access to larger market opportunity in the US → See next slide 4

DAC Leverages Our Expertise in Extended Warranties An excellent opportunity to tap into the larger US market Canadian warranty market: ~$1.5B US warranty market: ~$15B iA 2016 direct premiums: 10X the size DAC 2016 $197 million of the Canadian market direct premiums: ~$300 million Very fragmented with significant opportunity for growth and consolidation DAC acquisition more than doubles the scale of iA's vehicle warranty business 5 All figures are expressed in Canadian dollars and converted on a current exchange rate basis.

Asset Growth: HollisWealth Brings $33B in AUA AUM/AUA Assets Under Management (assets under management and and Administration administration, end of period, $Billion) 164.8 September 30 ($Billion, unless QoQ YoY otherwise indicated) 2017 Assets under management 126.2 77.9 115.8 109.5 General fund 37.1 0% 0% 41.4 98.8 Segregated funds 23.2 1% 8% 36.9 32.7 Mutual funds 11.4 1% 9% AUA 29.3 Other 15.1 (10%) (8%) Subtotal 86.9 (1%) 2% 86.9 84.8 78.9 76.8 AUM 69.5 Assets under administration 77.9 77% 91% Total 164.8 25% 31% 2013 2014 2015 2016 Q3/2017 6 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.

Sales Individual Insurance on pause Third quarter Year-to-date at September 30 ($Million, unless otherwise indicated) 2017 2016 Variation 2017 2016 Variation ► Individual Insurance Canada 46.7 50.3 (7%) 141.2 140.7 0% United States 21.9 24.7 (11%) 72.0 72.6 (1%) Total 68.6 75.0 (9%) 213.2 213.3 0% ► Individual Wealth Management Segregated funds - net sales 113.3 71.6 41.7 408.0 267.6 140.4 Mutual funds - net sales 21.6 (69.1) 90.7 298.5 (481.6) 780.1 Total - net sales 134.9 2.5 132.4 706.5 (214.0) 920.5 ► Group Insurance Employee Plans 35.5 13.2 169% 100.3 48.3 108% Dealer Services (Creditor Insurance and P&C) 186.4 165.3 13% 486.8 430.6 13% Special Markets Solutions 54.1 42.9 26% 152.1 134.3 13% Total 276.0 221.4 25% 739.2 613.2 21% ► Group Savings and Retirement 309.2 455.1 (32%) 1,210.4 1,114.2 9% ► iA Auto and Home 82.5 74.9 10% 244.6 219.2 12% 7 This slide presents non-IFRS financial measures. See "Non-IFRS Financial Information" at the end of this document for further information.

Q3/2017 Results Almost perfect score Guidance Q3/2017 results Reported: $1.35 EPS At top of guidance $1.25 to $1.35 Core 1 : $1.35 Reported: 12.5% ROE Within guidance 11.0% to 12.5% (trailing twelve months) Core: 11.8% Quarterly range Strain 5% Within guidance from 0% to 15% Effective tax rate 20% to 22% 23% Slightly higher than guidance Solvency ratio 175% to 200% 213% ~205% post-DAC 25% to 35% Payout ratio 26% Within guidance (mid-range) 8 This slide presents non-IFRS financial measures. See "Non-IFRS Financial Information" at the end of this document for further information. 1 See "Reported EPS and Core EPS Reconciliation" in this slide package.

9M/2017 Results A strong year Guidance 9M/2017 results Reported: $3.57 EPS Above mid-guidance $3.40 to $3.70 Core 1 : $3.61 Reported: 12.5% ROE Within guidance 11.0% to 12.5% (trailing twelve months) Core: 11.8% Quarterly range Strain 5% Better than 6% annual target from 0% to 15% Effective tax rate 20% to 22% 22% At top of guidance Solvency ratio 175% to 200% 213% ~205% post-DAC 25% to 35% Payout ratio 29% Within guidance (mid-range) 9 This slide presents non-IFRS financial measures. See "Non-IFRS Financial Information" at the end of this document for further information. 1 See "Reported EPS and Core EPS Reconciliation" in this slide package.

Q3 Items of Note All within range of normal fluctuation (±4¢) EPS impact in cents +4¢ +3¢ +1¢ -1¢ -2¢ -2¢ -3¢ Market- Policyholder iAAH Strain Investment Taxes HollisWealth related experience income integration (details on next slide) on capital 10 This slide presents non-IFRS financial measures. See "Non-IFRS Financial Information" at the end of this document for further information.

Policyholder Experience (excluding market impact and HollisWealth integration) Very clean quarter 2017 2016 2015 EPS impact 2016 2015 in cents Annual Annual Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Individual Insurance 1 (1) (15) 16 7 4 2 9 9 14 (4) 29 28 Group Insurance (1) (4) (1) (9) 0 1 7 (2) 5 1 (3) (1) 1 Individual Wealth (1) 2 3 0 4 3 0 (7) (4) 0 2 7 (9) Management Group Savings (1) 1 1 (2) 1 2 0 (1) 2 0 1 1 2 and Retirement Total (2) (2) (12) 5 12 10 9 (1) 12 15 (4) 36 22 iAAH 1 (4) (3) (3) (3) (1) 0 (3) 0 1 (6) (7) (8) (in income on capital) 11 This slide presents non-IFRS financial measures. See "Non-IFRS Financial Information" at the end of this document for further information.

Management’s View on EPS Exceeding market expectations Q3 Core EPS 2 Q3 Reported EPS Q3 Reported EPS $1.35 $1.35 $1.35 Adjusted for: $1.28 $1.27 HollisWealth integration +$0.03 Market-related gains -$0.03 Analyst iA Analyst iA consensus 1 consensus 1 result result Q3 Core EPS 2 $1.35 1.28 YoY growth 5% 1 Consensus as of November 7, 2017. 2 See "Reported EPS and Core EPS Reconciliation" in this slide package. 12 This slide presents non-IFRS financial measures. See "Non-IFRS Financial Information" at the end of this document for further information.

Capital Position Still above target range even with last two acquisitions Solvency Ratio (%, end of period) Key changes 225 222 during the quarter 220 213 213 200% ► -13% HollisWealth acquisition Target ► +4% Macroeconomics 175% ► +2% Profit and others DAC acquisition will have an estimated impact of -8 percentage points Q4/15 Q4/16 Q1/17 Q2/17 Q3/17 13 This slide presents non-IFRS financial measures. See "Non-IFRS Financial Information" at the end of this document for further information.

A Flexible Balance Sheet With capacity to fund our growth September 30 June 30 December 31 September 30 Agency Rating 2017 2017 2016 2016 Solvency ratio 213% 220% 225% 218% S&P A+ ~ 205% post-DAC Leverage ratio 22.8% 23.2% 23.8% 28.7% A.M. Best A+ (Superior) Coverage ratio 12.7x 12.5x 12.8x 10.3x DBRS A (high) 14 This slide presents non-IFRS financial measures. See "Non-IFRS Financial Information" at the end of this document for further information.