Intact Financial Corporation reports Q4-2020 results
February 9, 2021
(TSX: IFC)
(in Canadian dollars except as otherwise noted)
Highlights
Net operating income per share of $3.18 in Q4-2020 and OROE of 18.4%, driven by strong underwriting performance and distribution results
Premiums grew 8% in the quarter and 9% for the full year with solid growth in all lines and The Guarantee Company of North America ("The Guarantee") acquisition
Combined ratio of 85.6% in Q4-2020 included $74 million of CAT losses, with $23 million related to the COVID-19 crisis
Our COVID-19 related relief has helped more than 1.2 million customers, with $530 million of support provided in 2020
Full year EPS of $7.20 and BVPS up 9% in 2020 to $58.79
RSA acquisition is progressing well and on track for Q2-2021 closing
TORONTO, Feb. 9, 2021 /CNW/ -
Charles Brindamour, Chief Executive Officer, said:
"Our solid results and resilient operations have enabled us to provide much needed relief to over 1.2 million customers since the COVID-19 pandemic began. Our Canadian business is performing very well, and our U.S. business is positioned for low-90s performance. We are assessing additional relief options given wave two of the pandemic. At the same time, we continue to enhance our strategies across the business to best protect people and support our most impacted customers. The RSA transition and integration planning are progressing well and provide increased confidence in the strategic and financial merits of the transaction."
