TORONTO, May 10, 2023 /CNW/ - (TSX: IFC) (in Canadian dollars except as otherwise noted)
Highlights
- Operating DPW growth of 4% in Q1-2023 despite the exit of UK personal lines motor, mainly reflecting rate actions in supportive market conditions
- Combined ratio of 87.4% (91.9% undiscounted), reflected solid underwriting performance in all geographies
- Net operating income per share up 4% to $3.06 on premium growth, higher investment yields and increased distribution income
- EPS decreased to $2.06, due in part to non-recurring UK personal lines motor exit expenses, while ROE was 15.4%
- BVPS decreased 6% from Q4-2022 to $77.72, largely reflecting the UK pension de-risking actions
- Balance sheet remained strong with a total capital margin of $2.8 billion, and debt-to-total capital ratio on track to return towards 20% by year end 2023
Charles Brindamour, Chief Executive Officer, said:
"The business delivered another strong quarter, with a mid-teens operating ROE and solid results in all geographies. Since closing the RSA acquisition, we have been active in improving performance and de-risking the transaction. The UK&I segment is now well along the path to outperformance, and we expect it to reach a low-90s combined ratio by the end of 2024, a year ahead of schedule. I remain confident in the outlook for Intact as a whole, and our strong balance sheet positions us to capture opportunities as they arise."