Intact Financial Corporation reports Q3-2020 results
November 3, 2020
Highlights
Net operating income per share up 46% to $2.78, driven by solid underwriting performance across all lines, driven in part by benign weather, and strong distribution results
Healthy premium growth of 8% driven by strong retention and new business and including The Guarantee Company of North America ("The Guarantee") acquisition
Relief efforts helped more than 1.2 million customers, with $510 million provided year-to-date, including the recently launched $50 million targeted relief program for our most vulnerable small business customers
OROE of 16.9% and BVPS up 4% in the quarter to $56.22
Strong capital position with $1.9 billion of total capital margin available to manage potential further shocks and capture strategic opportunities
(TSX: IFC)
(in Canadian dollars except as otherwise noted)
TORONTO, Nov. 3, 2020 /CNW/ -
Charles Brindamour, Chief Executive Officer, said:
"We entered this crisis in a position of strength, which enabled us to provide relief to over 1.2 million customers, while protecting our employees and maintaining our excellent service levels. Our small business customers have been significantly impacted by this crisis. We are continuing to support them with targeted relief and policy adjustments, and will help throughout the economic recovery period. Our resilient operations, coupled with the benefit of our action plans over time and benign weather, led to solid underwriting results this quarter. Our balance sheet remains strong, ready to absorb potential further shocks and capture strategic opportunities."
