IGM Financial Reports Strong Q3 Earnings Growth

IGM Financial ( (IGIFF) ) has released its Q3 earnings. Here is a breakdown of the information IGM Financial presented to its investors.

IGM Financial Inc. is a prominent Canadian wealth and asset management company, providing financial planning and investment management services primarily through its subsidiaries IG Wealth Management and Mackenzie Investments. The company also holds strategic investments in Wealthsimple, Rockefeller Capital Management, ChinaAMC, and Northleaf Capital.

In the third quarter of 2024, IGM Financial reported solid earnings growth with net earnings reaching $239.2 million, up from $209.8 million in the same quarter last year. Earnings per share also saw an increase to $1.01 from $0.88. The company achieved record high assets under management and advisement of $264.9 billion, marking a 16.5% increase year-over-year.

Key financial metrics highlighted in the report include adjusted net earnings of $244.1 million, up by 10.7%, and an increase in the fair value of IGM’s investment in Wealthsimple by $384 million. The Wealth Management segment reported assets under advisement of $136.4 billion and net client inflows of $330 million, while Mackenzie Investments saw its assets under management grow to $212.1 billion.

The company’s strategic investments are also performing well, with Wealthsimple’s valuation increasing significantly and the investment in ChinaAMC contributing $32.9 million to earnings. Notably, the company reported a reduction in net outflows, which decreased to $272 million from $709 million in the previous year.

Looking ahead, IGM Financial remains focused on executing its growth strategies and enhancing its financial management services, while continuing to benefit from its strategic investments and expansion in the wealth and asset management sectors.