Intact Financial Corporation reports improved Q1 earnings
Intact Financial Corporation reports improved Q1 earnings | Insurance Business America
Insurance News
Intact Financial Corporation reports improved Q1 earnings
Chief executive attributed strong showing to contribution from all segments
Insurance News
By
Terry Gangcuangco
RSA parent company Intact Financial Corporation has published its earnings report for the first quarter of 2024.
Here’s how the group fared in the three months ended March 31:
Metric
Q1 2024
Q1 2023
Operating direct premiums written (DPW)
CA$5.11 billion
CA$4.81 billion
Combined ratio (discounted)
86.8%
87.4%
Combined ratio (undiscounted)
91.2%
91.9%
Underwriting income
CA$687 million
CA$613 million
Operating net investment income
CA$380 million
CA$295 million
Net operating income attributable to common shareholders
CA$648 million
CA$537 million
Net income
CA$673 million
CA$377 million
Of the operating DPW, CA$3.25 billion came from Canada, CA$1.25 billion from the UK&I segment, and CA$613 million from the US. Meanwhile, the combined ratio in Canada stood at 90.7%, in UK&I 94.6%, and in the US 88.0%.
Commenting on the financial results for Q1, chief executive Charles Brindamour (pictured) said: “We delivered strong results again this quarter with contribution from all segments, resulting in mid-teens ROE (return on equity) and solid book value growth.
“We also continued to make good progress on the integration of DLG (Direct Line Group), closed the sale of our UK direct personal lines operations, and advanced on all other aspects of our strategic roadmap.
“With our strong balance sheet and business fundamentals, we are on course to grow net operating income per share by 10% per year over time and outperform the industry ROE by at least 500 basis points.”
According to the insurance group, its total capital margin at the end of the quarter amounted to CA$2.7 billion. Meanwhile, its board approved the quarterly dividend of CA$1.21 per share on the company’s outstanding common shares.
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