Intact Financial Corporation reports Q4-2023 results
February 21, 2024
Highlights
Net operating income per share1 up 45% to $4.22, driven by strong underwriting, investment and distribution results
Undiscounted combined ratio1 was solid at 90.1% (85.0% discounted), reflecting strong underlying performance across all geographies and our exit from the UK personal lines market, tempered by catastrophe losses in the UK&I
Operating DPW1,2 increased 4%, with organic growth of 8%, led by double-digit growth in personal lines
BVPS1 up 6% from Q3-2023, driven by strong EPS of $2.78 (with a 48% increase year-over-year) and favourable capital markets
Adjusted ROE1 of 11.7% (and ROE1 of 8.8%) after absorbing elevated catastrophe losses and UK personal lines exit costs. Operating ROE1 increased to a solid 14.2% from 12.2% in Q3-2023.
Quarterly dividend increased by $0.11 to $1.21 per common share, representing a 10-year compound annual growth rate of 10%
Charles Brindamour, Chief Executive Officer, said:
"The past year has been challenging for society, particularly in the face of numerous natural disasters. Through it all, our people worked relentlessly to ensure customers get back on track quickly. Despite shouldering elevated catastrophe losses as a result, the business demonstrated tremendous resilience. We achieved mid-teens operating ROE and maintained a strong balance sheet with $2.7 billion of total capital margin. As we look ahead to 2024, we are well positioned for outperformance, given strong top line momentum, continued underwriting discipline, and a refocused UK&I segment. We are pleased to increase dividends to common shareholders for the nineteenth consecutive year."
For the complete news release, visit this link.
