Highlights

• Operating DPW^1,2 growth of 6%, largely organic and led by continued momentum in personal lines
• Combined ratio¹ of 87.1% reflected a solid underlying performance across all geographies and limited catastrophe activity
• Net operating income per share¹ increased to $4.86 (and EPS of $4.04) driven by very strong underwriting results, as well as solid growth in investment and distribution income
• Operating ROE¹ increased by 4 points year-over-year to 17.0%, while a 13.7% ROE¹ fuelled a BVPS¹ growth of 15% over the same period
• Strong balance sheet with $2.9 billion of total capital margin¹ from solid earnings and adjusted debt-to-total capital ratio¹ down to 19.8%

Charles Brindamour, Chief Executive Officer, said:

"With the recent flooding and wildfire events in Canada, our teams have been quick to respond and are actively helping customers get back on track. In these difficult times, we are reminded of how important our purpose is and why our work matters. For the second quarter, our business delivered strong results, predominately due to excellent underlying performance across all lines of business. Operating ROE was in the high-teens on the back of solid earnings growth. Top line momentum continues to be strong, especially in personal lines, and we are focused on making the most of the current market conditions in commercial lines by leveraging our distribution channels and pricing expertise. With our profitability momentum, balance sheet strength and investments in our competitive advantages, we are well on our way to return to our 10% net operating income per share growth trajectory and to outperform the industry ROE by at least 500 basis points every year."

For the complete news release, visit this link.