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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 | |
---|---|---|---|---|---|---|---|---|---|---|
1.30 | 0.57% | 229.63 | 228.98 | 230.00 | 230.24 | 228.65 | 228.65 | 295,765 | 21:14:58 |
Highlights
(TSX: IFC)
(in Canadian dollars except as otherwise noted)
TORONTO, Feb. 5, 2019 /CNW/ -
Charles Brindamour, Chief Executive Officer, said:
"We delivered strong earnings performance across our businesses in the fourth quarter, with growth momentum building. In personal auto, we reached our mid-90's combined ratio run-rate and are focused on sustaining that performance. OneBeacon remains on track towards a low 90's combined ratio and becoming a leading North American specialty insurer. In the past year we made substantial investments in digital and artificial intelligence as we continue our customer-driven transformation and position ourselves for continued outperformance. Our balance sheet remains strong and we are pleased to again increase dividends to our common shareholders."
Consolidated Highlights1 | ||||||
(in millions of Canadian dollars except as otherwise noted) | Q4-2018 | Q4-2017 | Change | 2018 | 2017 | Change |
Direct premiums written | 2,392 | 2,293 | 4% | 10,090 | 8,730 | 16% |
Combined ratio | 91.7% | 92.6% | (0.9) pts | 95.1% | 94.3% | 0.8 pts |
Underwriting income | 210 | 178 | 18% | 474 | 486 | (2)% |
Net investment income | 140 | 121 | 16% | 529 | 432 | 22% |
Net distribution income | 36 | 28 | 29% | 146 | 132 | 11% |
Net operating income | 281 | 236 | 19% | 839 | 771 | 9% |
Net income | 244 | 232 | 5% | 707 | 792 | (11)% |
Per share measures (in dollars) | ||||||
Net operating income per share (NOIPS) | 1.93 | 1.63 | 19% | 5.74 | 5.60 | 3% |
Earnings per share (EPS) | 1.67 | 1.60 | 4% | 4.79 | 5.75 | (17)% |
Return on equity for the last 12 months | ||||||
Operating ROE | 12.1% | 12.9% | (0.8) pts | |||
ROE | 9.9% | 12.8% | (2.9) pts | |||
Book value per share (in dollars) | 48.73 | 48.00 | 2% | |||
Total capital margin2 | 1,333 | 1,135 | 198 | |||
Debt-to-total-capital ratio | 22.0% | 23.1% | (1.1) pts | |||
(1) This press release contains non-IFRS financial measures. Refer to Section 27 – Non-IFRS financial measures in the Management's Discussion and Analysis for further details. 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. | ||||||
(2) 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 18– Capital management in the Management's Discussion and Analysis for further details. |
Dividend Increase
Industry Outlook
Insurance Business Performance
(in millions of Canadian dollars except as | Q4-2018 | Q4-2017 | Change | 2018 | 2017 | Change |
Direct premiums written | ||||||
Canada | 2,067 | 1,986 | 4% | 8,601 | 8,423 | 2% |
U.S. | 325 | 307 | 1,489 | 307 | ||
Growth as reported | 6% | nm | ||||
Growth in constant currency | 2% | nm | ||||
2,392 | 2,293 | 4% | 10,090 | 8,730 | 16% | |
Combined ratio | ||||||
Canada | 90.8% | 91.9% | (1.1) pts | 95.2% | 94.2% | 1.0 pts |
U.S. | 96.7% | 97.4% | (0.7) pts | 94.8% | 97.4% | nm |
91.7% | 92.6% | (0.9) pts | 95.1% | 94.3% | 0.8 pts | |
Underwriting income | ||||||
Canada | 196 | 170 | 26 | 400 | 478 | (78) |
U.S. | 13 | 8 | 5 | 71 | 8 | nm |
Corporate & other1 | 1 | - | 1 | 3 | - | 3 |
210 | 178 | 32 | 474 | 486 | (12) | |
1 Corporate & other segment reflects the impact of our internal 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 Q4-2018 MD&A as well as the Q4-2018 Consolidated Financial Statements, which are available on the Company's website at www.intactfc.com and on SEDAR at www.sedar.com.
For the definitions of measures and other insurance-related terms used in this Press Release, 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 February 6, 2019 at 2:00 p.m. ET until midnight on February 13. To listen to the replay, call 1-855-859-2056 (toll-free in North America), passcode 4279984. 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 annual MD&A.
SOURCE Intact Financial Corporation
Copyright 2019 Canada NewsWire
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