(in Canadian dollars except as otherwise noted)
Highlights
- Net operating income per share up 39% to $3.26 driven by strong underwriting performance and distribution results
- Premiums grew 29%, bolstered by the RSA acquisition and strength in Commercial Lines in both Canada and the U.S.
- Combined ratio of 86.7% included Canada at 85.0% and the U.S. at 90.3%, and was driven by strong underlying performance across all lines
- BVPS up 25% from Q1-2021, driven by the RSA financing and strong EPS of $3.59 for the quarter
- OROE of 19.8% and robust financial position with $2.6 billion of total capital margin and debt-to-total capital of 24.1%
- RSA acquisition closed on June 1 and was immediately high single-digit accretive to net operating income per share
TORONTO, July 27, 2021 /CNW/ - (TSX: IFC)
Charles Brindamour, Chief Executive Officer, said:
"Our strong results this quarter and year to date were driven by excellent operating performance across the business. After several months of integration and transition planning, on June 1st we welcomed RSA's employees to Intact and increased our premium base by 70%. This added scale enhances our ability to invest in our core capabilities of data, risk selection and claims. We remain focused on growing net operating income per share by 10% annually over time and outperforming the industry ROE by 500 bps every year. With significant momentum in our business, we are well-positioned to emerge from the COVID-19 crisis in a strong position to continue to support our employees and communities, while delivering value for our shareholders."