(in Canadian dollars except as otherwise noted)
TORONTO, Nov. 8, 2022 /CNW/ - (TSX: IFC)
Highlights
- Net operating income per share1 decreased 6% to $2.70, reflecting a slight increase in operating combined ratio, offset in part by higher investment and distribution income
- Operating DPW 2 grew 2% as continued solid growth in specialty lines was partially offset by profitability actions, including strategic exits
- Operating combined ratio1 was robust at 92.6%, with very strong results in commercial lines and Canada personal auto performing as expected
- EPS increased 26% to $2.02 with solid operating and non-operating performance, while last year's results were impacted by an impairment charge on an investment
- OROE 1 and ROE1 were strong at 15.0% and 19.1%, respectively, reflecting continued strong performance
- BVPS was stable year-over-year, as strong earnings were offset by significant mark-to-market losses on investments
Charles Brindamour, Chief Executive Officer, said:
"We achieved solid operating performance across the platform despite active weather and ongoing cost pressures. Our people are working hard to get customers back on track after the devastation caused by recent hurricanes. At the same time, our balance sheet remains resilient in the context of volatile capital market conditions which we continue to monitor closely. Finally, we continued to make progress on the integration of RSA, with synergies tracking towards our recently increased target of a $350 million run-rate in 2024."