Intact Financial Corporation reports Q1-2021 results
May 11, 2021
(in Canadian dollars except as otherwise noted)
TORONTO, May 11, 2021 /CNW/ - (TSX: IFC)
Highlights
Net operating income per share up 49% to $2.40 and OROE of 19.0%, driven by strong underwriting performance and distribution results
Premiums grew 1% impacted by an additional $75 million of COVID-19 related relief for personal auto customers
Combined ratio of 89.3% was strong, with Canada at 88.2% and the U.S. at 96.3%, which included 7.6 points of weather-related catastrophe losses in the U.S.
EPS of $3.51 for the quarter and BVPS up 20% year-over-year to $62.19, driven by strong operating results and investment gains
Integration and transition planning with the RSA team is progressing well; all financing is secured, and closing is expected on June 1, 2021
Charles Brindamour, Chief Executive Officer, said:
"We've had a solid start to the year, providing additional relief to our customers and delivering a robust operating performance. Our fundamentals remain strong on both sides of the border. In 2020, our ROE outperformance versus the industry was 570 basis points, again exceeding our 500-basis point target. We have made great progress collaborating with the RSA teams as we prepare for integration and transition following closing. I look forward to welcoming our new colleagues to the Intact family. We are going to hit the ground running together to deliver on our strategic and financial objectives."
