Highlights
- Operating DPW2 growth of 6% in Q2-2023 driven by rate actions in supportive market conditions
- Net operating income per share decreased 30% to $2.30, largely due to an increase in catastrophe losses to $421 million, partially offset by higher investment income
- EPS of $1.30 was lower than last year, which had benefited from the sale of Codan Denmark and large gains on equity investments
- Combined ratio of 92.2% (96.3% undiscounted) included 8 points of catastrophe losses that were twice as high as expected, while underlying performance was strong in all geographies
- Personal auto results were strong at a 91.2% combined ratio, reflecting our profitability actions and moderating inflation
- Operating ROE of 12.8% (and ROE of 9.0%) despite elevated catastrophe losses and $2.5 billion of total capital margin
Charles Brindamour, Chief Executive Officer, said:
"With multiple severe weather events this quarter, our employees were often first on site in affected communities, offering a reassuring presence and support to customers in a time of need. Despite the scale of the fire, flood, and freeze events, we maintained a strong balance sheet and delivered a 13% operating ROE, a testament to the resilience of our operations. We will continue to leverage our experience with natural disasters to collaborate with governments and help communities adapt to climate change."