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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Intact Financial Corporation | TSX:IFC | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.84 | 0.81% | 230.24 | 230.00 | 230.77 | 231.75 | 228.15 | 229.57 | 253,363 | 21:14:58 |
Highlights
(TSX: IFC)
(in Canadian dollars except as otherwise noted)
TORONTO, July 30, 2019 /CNW/ -
Charles Brindamour, Chief Executive Officer, said:
"The fundamentals across all our businesses are strong. I was disappointed to see more activity than anticipated on older auto files which led us to prudently bolster reserves. At the same time our action plans in auto are working, driving an excellent underlying performance. Hard market conditions continue across the business allowing us to capture growth opportunities."
Consolidated Highlights1 | ||||||
(in millions of Canadian dollars except as otherwise noted) | Q2-2019 | Q2-20182 | Change | YTD 2019 | YTD 20182 | Change |
Direct premiums written1 | 3,152 | 2,908 | 8% | 5,367 | 4,990 | 7% |
Combined ratio | 97.0% | 96.1% | 0.9 pts | 99.2% | 97.6% | 1.6 pts |
Underwriting income | 75 | 93 | (19)% | 38 | 112 | (66)% |
Net investment income | 148 | 137 | 8% | 288 | 262 | 10% |
Distribution EBITA | 72 | 62 | 16% | 108 | 92 | 17% |
Net operating income | 212 | 201 | 5% | 325 | 321 | 1% |
Net income | 168 | 161 | 4% | 327 | 264 | 24% |
Per share measures (in dollars) | ||||||
Net operating income per share (NOIPS) | $1.44 | $1.38 | 4% | $2.17 | $2.19 | (1)% |
Earnings per share (EPS) | $1.13 | $1.10 | 3% | $2.19 | $1.78 | 23% |
Return on equity for the last 12 months | ||||||
Operating ROE | 12.0% | 11.9% | 0.1 pts | |||
ROE | 10.6% | 10.0% | 0.6 pts | |||
Book value per share (in dollars) | $49.90 | $48.64 | 3% | |||
Total capital margin3 | 1,269 | 1,243 | 26 | |||
Debt-to-total-capital ratio | 21.6% | 22.5% | (0.9) pts |
(1) | This press release contains non-IFRS financial measures. Refer to Section 16 – Non-IFRS financial measures in the Management's Discussion and Analysis for further details. DPW change (growth) is presented in constant currency. The impact of fluctuations in foreign exchange rates was not material to our consolidated results. Impact on the U.S. segment's performance is outlined in the Insurance Business Performance section hereafter. |
(2) | Refer to Section 14 – Presentation changes in the Management's Discussion and Analysis for further details on the reclassification of comparatives. |
(3) | Aggregate of capital in excess of company action levels in regulated entities (170% MCT, 200% RBC) plus available cash in unregulated entities. Refer to Section 12 – Capital management in the Management's Discussion and Analysis for further details. |
Dividend
12-month Industry Outlook
Insurance Business Performance
(in millions of Canadian dollars except as otherwise | Q2-2019 | Q2-2018 | Change | YTD 2019 | YTD 2018 | Change |
Direct premiums written1 | ||||||
Canada | 2,727 | 2,534 | 8% | 4,580 | 4,295 | 7% |
U.S.1 | 425 | 374 | 10% | 787 | 695 | 9% |
3,152 | 2,908 | 8% | 5,367 | 4,990 | 7% | |
Combined ratio | ||||||
Canada | 97.4% | 96.6% | 0.8 pts | 100.1% | 98.2% | 1.9 pts |
U.S. | 94.8% | 93.8% | 1.0 pts | 94.4% | 94.5% | (0.1) pts |
97.0% | 96.1% | 0.9 pts | 99.2% | 97.6% | 1.6 pts | |
Underwriting income | ||||||
Canada | 55 | 71 | (16) | (4) | 75 | (79) |
U.S. | 18 | 21 | (3) | 39 | 36 | 3 |
Corporate & other2 | 2 | 1 | 1 | 3 | 1 | 2 |
75 | 93 | (18) | 38 | 112 | (74) |
1 | DPW change (growth) is presented in constant currency. Refer to Section 16 – Non-IFRS financial measures in the Management's Discussion and Analysis for further details. In the U.S., DPW change (growth) as reported was 14% for the quarter and 13% year-to-date. |
2 | Reflects the impact of our internal catastrophe reinsurance treaty. |
Lines of Business
P&C Canada
P&C U.S.
Investments
Net Income
Balance Sheet
Analysts' Estimates
Management's Discussion and Analysis (MD&A) and Consolidated Financial Statements
This Press Release, which was approved by the Company's Board of Directors on the Audit Committee's recommendation, should be read in conjunction with the Q2-2019 MD&A as well as the Q2-2019 Consolidated Financial Statements, which are available on the Company's website at www.intactfc.com and later today on SEDAR at www.sedar.com.
For the definitions of measures and other insurance-related terms used in this Press Release, please refer to the MD&A and to the glossary available in the "Investors" section of the Company's website at www.intactfc.com.
Conference Call
Intact Financial Corporation will host a conference call to review its earnings results tomorrow at 11:00 a.m. ET. To listen to the call via live audio webcast and to view the Company's Financial Statements, MD&A, presentation slides, Supplementary financial information and other information not included in this press release, visit the Company's website at www.intactfc.com and link to "Investors". The conference call is also available by dialing 647-427-7450 or 1-888-231-8191 (toll-free in North America). Please call 10 minutes before the start of the call. A replay of the call will be available on July 31st, 2019 at 2:00 p.m. ET until midnight on August 7th. To listen to the replay, call 1- 855- 859-2056 (toll-free in North America), passcode 6729129. A transcript of the call will also be made available on Intact Financial Corporation's website.
About Intact Financial Corporation
Intact Financial Corporation (TSX: IFC) is the largest provider of property and casualty (P&C) insurance in Canada and a leading provider of specialty insurance in North America, with over $10 billion in total annual premiums. The Company has approximately 14,000 full- and part-time employees who serve more than five million personal, business and public-sector clients through offices in Canada and the U.S. In Canada, Intact distributes insurance under the Intact Insurance brand through a wide network of brokers, including its wholly-owned subsidiary BrokerLink, and directly to consumers through belairdirect. In the U.S., OneBeacon Insurance Group, a wholly-owned subsidiary, provides specialty insurance products through independent agencies, brokers, wholesalers and managing general agencies.
Forward Looking Statements
Certain statements made in this news release are forward-looking statements. These statements include, without limitation, statements relating to the outlook for the property and casualty insurance industry in Canada and the U.S., the Company's business outlook and the Company's growth prospects. All such forward-looking statements are made pursuant to the 'safe harbour' provisions of applicable Canadian securities laws.
Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements as a result of various factors, including those discussed in the Company's most recently filed Annual Information Form and annual MD&A. As a result, we cannot guarantee that any forward-looking statement will materialize, and we caution you against relying on any of these forward-looking statements. Except as may be required by Canadian securities laws, we do not undertake any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise. Please read the cautionary note at the beginning of the MD&A.
SOURCE Intact Financial Corporation
Copyright 2019 Canada NewsWire
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