(in Canadian dollars except as otherwise noted)
TORONTO, July 28, 2022 /CNW/ - (TSX: IFC)
Highlights
- Net operating income per share1 was $3.14 with meaningful accretion from RSA and strong investment and underwriting results
- Operating DPW 2 grew 36% in the quarter, driven by the RSA acquisition and 4% organic growth, led by commercial lines
- Operating combined ratio1 of 90.7% was strong across all geographies, but higher than last year mainly due to catastrophe losses
- EPS of $6.64 in the quarter reflecting strong operating results, significant gains on investments and the sale of Codan Denmark
- OROE 1 of 15.4% and ROE1 of 18.5% reflecting robust operating and non-operating performance
- Total capital margin remains strong at $2.5 billion despite a volatile macroeconomic environment
- After one year, NOIPS1 accretion from the RSA acquisition was well above expectations at 15%, and integration remains on track
Charles Brindamour, Chief Executive Officer, said:
"We delivered strong results in Q2-2022 with contribution from all segments. In the one year since the close of the RSA acquisition, we have achieved $175M in run-rate synergies and greatly strengthened our Canadian and specialty lines platforms. We remain optimistic about the growth opportunities across our business and particularly in specialty lines. We expect that our disciplined underwriting and deep claims expertise will continue to be assets in navigating inflation pressures, climate change and evolving driving patterns."