Intact Financial Corporation reports Q4-2021 results
February 9, 2022
(in Canadian dollars except as otherwise noted)
Highlights
Net operating income per share of $3.78 in Q4-2021 and $12.41 for the full year increased 19% and 25%, respectively, driven by robust underwriting and distribution income, and meaningful accretion from RSA
EPS growth of 51% in the quarter and 72% in 2021 reflected strong operating results and investment gains
Operating DPW1 grew 75% in the quarter and 45% in 2021, mainly due to RSA, with healthy organic growth in commercial lines
Operating combined ratio of 87.8% in Q4-2021 as strong underlying performance outweighed elevated catastrophe losses
OROE of 17.8% and ROE of 17.0%, with BVPS growth of 40% to $82.34
Quarterly dividend increased by 10% to $1.00 per common share and initiating share buyback program
TORONTO, Feb. 8, 2022 /CNW/ - (TSX: IFC)
Charles Brindamour, Chief Executive Officer, said:
"We had a milestone year, successfully closing our largest acquisition to date, and delivering strong results for both the fourth quarter and full year. We achieved mid-teens organic growth in net operating income per share, while RSA delivered 12% accretion in the seven months since the transaction closed. The acquisition has clearly enhanced our leadership position in Canada, and we are focused on achieving outperformance in the UK&I. The RSA integration remains on track thanks to our people, who have shown extraordinary commitment in supporting our customers amid a new wave of the COVID-19 pandemic. With momentum across all segments, we are pleased to increase dividends to common shareholders for the seventeenth consecutive year."
