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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-1.61 | -0.72% | 220.79 | 220.18 | 221.00 | 222.02 | 219.75 | 221.51 | 238,516 | 21:14:58 |
TORONTO, Feb. 13, 2024 /CNW/ - (TSX: IFC)
(in Canadian dollars except as otherwise noted)
Highlights
Charles Brindamour, Chief Executive Officer, said:
" The past year has been challenging for society, particularly in the face of numerous natural disasters. Through it all, our people worked relentlessly to ensure customers get back on track quickly. Despite shouldering elevated catastrophe losses as a result, the business demonstrated tremendous resilience. We achieved mid-teens operating ROE and maintained a strong balance sheet with $2.7 billion of total capital margin. As we look ahead to 2024, we are well positioned for outperformance, given strong top line momentum, continued underwriting discipline, and a refocused UK&I segment. We are pleased to increase dividends to common shareholders for the nineteenth consecutive year."
Consolidated Highlights | Q4-2023 | Q4-2022 Restated4 | Change | 2023 | 2022 | Change |
Operating direct premiums written1, 2 | 5,410 | 5,125 | 4 % | 22,370 | 21,005 | 5 % |
Combined ratio (discounted)1 | 85.0 % | 90.4 % | (5.4) pts | 89.5 % | 89.4 % | 0.1 pts |
Combined ratio (undiscounted)1 | 90.1 % | 93.2 % | (3.1) pts | 94.2 % | 91.8 % | 2.4 pts |
Underwriting income1,3 | 787 | 485 | 62 % | 2,131 | 2,064 | 3 % |
Operating net investment income1 | 376 | 279 | 35 % | 1,346 | 927 | 45 % |
Net unwind of discount on claims liabilities1,3 | (217) | (117) | nm | (884) | (378) | nm |
Operating net investment result1 | 159 | 162 | (2) % | 462 | 549 | (16) % |
Distribution income1 | 109 | 94 | 16 % | 467 | 441 | 6 % |
Net operating income attributable to common shareholders1 | 752 | 508 | 48 % | 2,061 | 2,093 | (2) % |
Net income | 531 | 353 | 50 % | 1,331 | 2,450 | (46) % |
Per share measures (in dollars) | ||||||
Net operating income per share (NOIPS)1 | $4.22 | $2.91 | 45 % | $11.70 | $11.92 | (2) % |
Earnings per share (EPS) | $2.78 | $1.88 | 48 % | $6.99 | $13.63 | (49) % |
Book value per share1 | $81.71 | $82.84 | (1) % | |||
Return on equity for the last 12 months | ||||||
Operating ROE1 | 14.2 % | 14.0 % | 0.2 pts | |||
Adjusted ROE1 | 11.7 % | 19.2 % | (7.5) pts | |||
ROE1 | 8.8 % | 16.3 % | (7.5) pts | |||
Total capital margin1 | 2,671 | 2,379 | 292 | |||
Adjusted debt-to-total capital ratio1 | 22.4 % | 20.7 % | 1.7 pts |
12-Month Industry Outlook
__________________________ | |
1 | This release contains Non-GAAP financial measures, Non-GAAP ratios and other financial measures (each as defined in National Instrument 52-112 "Non-GAAP and Other Financial Measures Disclosure"). Refer to Section 31 – Non-GAAP and other financial measures in the Q4-2023 Management's Discussion and Analysis for further details. |
2 | DPW change (growth) is presented in constant currency. |
3 | Underwriting income includes our underlying performance, catastrophe losses, prior year development as well as the discount build on claims liabilities. The discount build is largely offset with the net unwind of discount on claims liabilities presented within operating net investment result. |
4 | Comparatives were restated for IFRS 17 but not for IFRS 9. |
(in millions of Canadian dollars except as otherwise noted) | Q4-2023 | Q4-2022 | Change | 2023 | 2022 | Change | |||
Operating direct premiums written1,2 | |||||||||
Canada | 3,682 | 3,410 | 8 % | 14,891 | 13,995 | 6 % | |||
UK&I4 | 1,112 | 1,150 | (9) % | 4,706 | 4,664 | (3) % | |||
US | 616 | 565 | 9 % | 2,773 | 2,346 | 14 % | |||
Total | 5,410 | 5,125 | 4 % | 22,370 | 21,005 | 5 % | |||
Combined ratio (undiscounted)1 | |||||||||
Canada | 86.7 % | 87.6 % | (0.9) pts | 94.5 % | 90.2 % | 4.3 pts | |||
UK&I4 | 104.6 % | 116.4 % | (11.8) pts | 96.4 % | 99.3 % | (2.9) pts | |||
US | 86.4 % | 84.7 % | 1.7 pts | 88.7 % | 87.8 % | 0.9 pts | |||
Combined ratio (undiscounted) | 90.1 % | 93.2 % | (3.1) pts | 94.2 % | 91.8 % | 2.4 pts | |||
Impact of discounting | (5.1) % | (2.8) % | (2.3) pts | (4.7) % | (2.4) % | (2.3) pts | |||
Combined ratio (discounted) | 85.0 % | 90.4 % | (5.4) pts | 89.5 % | 89.4 % | 0.1 pts | |||
Q4-2023 Consolidated Performance
Lines of Business5
P&C Canada
P&C UK&I
P&C U.S.
__________________________ | |
1 | This release contains Non-GAAP financial measures, Non-GAAP ratios and other financial measures (each as defined in National Instrument 52-112 "Non-GAAP and Other Financial Measures Disclosure"). Refer to Section 31 – Non-GAAP and other financial measures in the Q4-2023 Management's Discussion and Analysis for further details. |
2 | DPW change (growth) is presented in constant currency. |
3 | Comparatives were restated for IFRS 17. |
4 | On a pro-forma basis (which excludes UK Personal Lines results) growth in constant currency was of 26% for Q4-2023 and 7% for 2023. Combined ratio was of 104.6% for Q4-2023 (95.4% in Q4-2022) and of 94.3% for 2023 (89.7% in 2022). |
5 | Combined ratios within the Lines of Business are reported on an undiscounted basis. |
Net Operating Income, EPS and ROE
Balance Sheet
M&A Update
Common Share Dividend
Preferred Share Dividends
Normal Course Issuer Bid
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 Q4-2023 MD&A, as well as the Q4-2023 Consolidated financial statements, which are available on the Company's website at www.intactfc.com and later today on SEDAR+ at www.sedarplus.ca.
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 Details
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 Consolidated 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 416-764-8659 or 1-888-664-6392 (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 14, 2024 at 2:00 p.m. ET until midnight on February 21, 2024. To listen to the replay, call 416-764-8677 or 1-888-390-0541 (toll-free in North America), entry code 042559. 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, a leading provider of global specialty insurance, and, with RSA, a leader in the U.K. and Ireland. Our business has grown organically and through acquisitions to over $22 billion of total annual premiums.
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. Intact also provides affinity insurance solutions through our affinity groups, travel insurance, as well as exclusive and tailored offerings through Intact Prestige.
In the U.S., Intact Insurance Specialty Solutions provides a range of specialty insurance products and services through independent agencies, regional and national brokers, and wholesalers and managing general agencies.
In the U.K., Ireland, and Europe, Intact provides personal, commercial and specialty insurance solutions through the RSA brands.
Non-GAAP and other financial measures
Non-GAAP financial measures and Non-GAAP ratios (which are calculated using Non-GAAP financial measures) do not have standardized meanings prescribed by IFRS (or GAAP) and may not be comparable to similar measures used by other companies in our industry. Non-GAAP and other financial measures are used by management and financial analysts to assess our performance. Further, they provide users with an enhanced understanding of our financial results and related trends, and increase transparency and clarity into the core results of the business.
Non-GAAP financial measures and Non-GAAP ratios used in this Press Release and the Company's financial reports include measures related to our consolidated performance, our underwriting performance and our financial strength.
For more information about these supplementary financial measures, Non-GAAP financial measures, and Non-GAAP ratios, including definitions and explanations of how these measures provide useful information, refer to Section 31 – Non-GAAP and other financial measures in the
Q4-2023 MD&A dated February 13, 2024, which is available on our website at www.intactfc.com and on SEDAR+ at www.sedarplus.ca.
Q4-2023 | Q4-2022 Restated | 2023 | 2022 Restated | |
Net income attributable to shareholders, as reported under IFRS | 524 | 346 | 1,316 | 2,454 |
Remove: pre-tax non-operating results | 205 | 221 | 829 | (341) |
Remove: non-operating tax expense (benefit) | 51 | (43) | - | 64 |
Remove: non-operating component of NCI | - | - | - | (24) |
NOI attributable to shareholders | 780 | 524 | 2,145 | 2,153 |
Remove: preferred share dividends and other equity distribution | (28) | (16) | (84) | (60) |
NOI attributable to common shareholders | 752 | 508 | 2,061 | 2,093 |
Divided by weighted-average number of common shares (in millions) | 178.3 | 175.3 | 176.2 | 175.6 |
NOIPS, basic and diluted (in dollars) | 4.22 | 2.91 | 11.70 | 11.92 |
NOI attributable to common shareholders for the last 12 months | 2,061 | 2,093 | ||
Adjusted average common shareholders' equity, excluding AOCI | 14,518 | 15,001 | ||
OROE for the last 12 months | 14.2 % | 14.0 % |
Financial statements | FS | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | Total | MD&A | MD&A | |
Quarter ended December 31, 2023 | ||||||||||||||
Insurance revenue | 6,525 | (586) | (346) | (311) | (63) | 40 | (1,266) | 5,259 | Operating net underwriting revenue | |||||
Insurance service expense | (5,540) | 388 | 504 | (122) | 5 | (40) | 310 | - | 63 | (40) | 1,068 | (4,472) | Sum of: Operating net claims ($2,757 | |
Expense from reinsurance contracts | (586) | 586 | 586 | - | n/a | |||||||||
Income from reinsurance contracts | 388 | (388) | (388) | - | n/a | |||||||||
Insurance service result | 787 | - | 158 | (122) | 5 | (40) | (1) | - | - | - | - | 787 | Underwriting income (loss) | |
Quarter ended December 31, 2022 | ||||||||||||||
Insurance revenue | 6,404 | (867) | (49) | (446) | (38) | 37 | (1,363) | 5,041 | Operating net underwriting revenue | |||||
Insurance service expense | (5,621) | 757 | 84 | (162) | 18 | (33) | 448 | (48) | 38 | (37) | 1,065 | (4,556) | Sum of: Operating net claims ($2,900 | |
Expense from reinsurance contracts | (867) | 867 | 867 | - | n/a | |||||||||
Income from reinsurance contracts | 757 | (757) | (757) | - | n/a | |||||||||
Insurance service result | 673 | - | 35 | (162) | 18 | (33) | 2 | (48) | - | - | (188) | 485 | Underwriting income (loss) | |
Reconciling items in the table above:
1 | Adjustment to present results net of reinsurance |
2 | Adjustment to exclude net underwriting revenue, net claims, net underwriting expenses from exited lines (treated as non-operating) |
3 | Adjustment to include indirect underwriting expenses (from Other income and expense under IFRS) |
4 | Adjustment to exclude the non-operating pension expense |
5 | Adjustment to reclassify intercompany commissions (to Distribution income & Other corporate income (expense)) |
6 | Adjustment to exclude Net insurance service results from claims acquired in a business combination (treated as non-operating) |
7 | Adjustment to normalize discount build in IFRS 17 transition year (from Net insurance financial result under IFRS) |
8 | Adjustment to reclassify Assumed (ceded) commissions and premium adjustments |
9 | Adjustment to reclassify Net insurance revenue from retroactive reinsurance contracts |
Financial statements | FS | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | Total | MD&A | MD&A |
Twelve-month period ended December 31, 20223 | |||||||||||||
Insurance revenue | 25,507 | (3,056) | (562) | (1,418) | (244) | 138 | (5,142) | 20,365 | Operating net underwriting revenue | ||||
Insurance service expense | (22,584) | 2,442 | 875 | (417) | 22 | (151) | 1,473 | - | 244 | (138) | 4,350 | (18,234) | Sum of: Operating net claims ($11,426 |
Expense from reinsurance contracts | (3,056) | 3,056 | 3,056 | - | n/a | ||||||||
Income from reinsurance contracts | 2,442 | (2,442) | (2,442) | - | n/a | ||||||||
Insurance service result | 2,309 | - | 313 | (417) | 22 | (151) | 55 | - | - | - | (178) | 2,131 | Underwriting income (loss) |
Twelve-month period ended December 31, 2022 | |||||||||||||
Insurance revenue | 25,914 | (3,475) | (406) | (2,472) | (181) | 142 | (6,392) | 19,522 | Operating net underwriting revenue | ||||
Insurance service expense | (22,750) | 2,913 | 536 | (438) | 53 | (132) | 2,487 | (166) | 181 | (142) | 5,292 | (17,458) | Sum of: Operating net claims ($11,016 |
Expense from reinsurance contracts | (3,475) | 3,475 | 3,475 | - | n/a | ||||||||
Income from reinsurance contracts | 2,913 | (2,913) | (2,913) | - | n/a | ||||||||
Insurance service result | 2,602 | - | 130 | (438) | 53 | (132) | 15 | (166) | - | - | (538) | 2,064 | Underwriting income (loss) |
Reconciling items in the table above:
1 | Adjustment to present results net of reinsurance |
2 | Adjustment to exclude net underwriting revenue, net claims, net underwriting expenses from exited lines (treated as non-operating) |
3 | Adjustment to include indirect underwriting expenses (from Other income and expense under IFRS) |
4 | Adjustment to exclude the non-operating pension expense |
5 | Adjustment to reclassify intercompany commissions (to Distribution income & Other corporate income (expense)) |
6 | Adjustment to exclude Net insurance service results from claims acquired in a business combination (treated as non-operating) |
7 | Adjustment to normalize discount build in IFRS 17 transition year (from Net insurance financial result under IFRS) |
8 | Adjustment to reclassify Assumed (ceded) commissions and premium adjustments |
9 | Adjustment to reclassify Net insurance revenue from retroactive reinsurance contracts |
Q4-2023 | Q4-2022 Restated | 2023 | 2022 Restated | |
Operating net claims | 2,757 | 2,900 | 11,426 | 11,016 |
Remove: net current year CAT losses | (199) | (171) | (1,339) | (836) |
Remove: favourable (unfavourable) PYD | 272 | 233 | 958 | 936 |
Operating net claims excluding current year CAT losses and PYD | 2,830 | 2,962 | 11,045 | 11,116 |
Operating net underwriting revenue | 5,259 | 5,041 | 20,365 | 19,522 |
Underlying current year loss ratio | 53.9 % | 58.7 % | 54.2 % | 56.9 % |
CAT loss ratio | 3.8 % | 3.4 % | 6.6 % | 4.3 % |
(Favourable) unfavourable PYD ratio | (5.2) % | (4.6) % | (4.7) % | (4.8) % |
Claims ratio | 52.5 % | 57.5 % | 56.1 % | 56.4 % |
Q4-2023 | Q4-2022 Restated | 2023 | 2022 Restated | |
Operating net underwriting expenses | 1,715 | 1,656 | 6,808 | 6,442 |
Commissions | 834 | 759 | 3,267 | 3,120 |
General expenses | 732 | 754 | 2,979 | 2,770 |
Premium taxes | 149 | 143 | 562 | 552 |
Operating net underwriting revenue | 5,259 | 5,041 | 20,365 | 19,522 |
Commissions ratio | 15.8 % | 15.1 % | 16.0 % | 16.0 % |
General expenses ratio | 13.9 % | 15.0 % | 14.6 % | 14.2 % |
Premium taxes ratio | 2.8 % | 2.8 % | 2.8 % | 2.8 % |
Expense ratio | 32.5 % | 32.9 % | 33.4 % | 33.0 % |
Claims ratio | 52.5 % | 57.5 % | 56.1 % | 56.4 % |
Combined ratio (discounted) | 85.0 % | 90.4 % | 89.5 % | 89.4 % |
Q4-2023 | Q4-2022 Restated | 2023 | 2022 Restated | |
Net investment income, as reported under IFRS | 376 | 279 | 1,346 | 931 |
Remove: investment income from the RSA Middle-East exited operations | - | - | - | (4) |
Operating net investment income | 376 | 279 | 1,346 | 927 |
Q4-2023 | Q4-2022 Restated | 2023 | 2022 Restated | |
Net insurance financial result, as reported under IFRS | (573) | (82) | (894) | 439 |
Remove: Changes in discount rates and other financial assumptions1 | 394 | 39 | 156 | (962) |
Remove: Net foreign currency gains (losses) 1 | (40) | (73) | (94) | 155 |
Remove: Net insurance financial result from claims acquired in a business combination | 2 | (1) | (52) | (10) |
Net unwind of discount on claims liabilities | (217) | (117) | (884) | (378) |
1 Included within Note 24 – Net investment return and net insurance financial result from the Consolidated financial statements. |
Q4-2023 | Q4-2022 Restated | 2023 | 2022 Restated | |
Net income attributable to shareholders, as reported under IFRS | 524 | 346 | 1,316 | 2,454 |
Remove: preferred share dividends and other equity distribution | (28) | (16) | (84) | (60) |
Net income attributable to common shareholders | 496 | 330 | 1,232 | 2,394 |
Divided by weighted-average number of common shares (in millions) | 178.3 | 175.3 | 176.2 | 175.6 |
EPS, basic and diluted (in dollars) | 2.78 | 1.88 | 6.99 | 13.63 |
Net income attributable to common shareholders for the last 12 months1 | 1,232 | 2,394 | ||
Adjusted average common shareholders' equity1 | 14,021 | 14,720 | ||
ROE for the last 12 months1 | 8.8 % | 16.3 % |
MD&A captions | Pre-tax | |||||||||||
As presented in the Financial statements | Distribution | Total | Other | Operating net | Total | Non- | Underwriting | Total F/S | ||||
For the quarter ended December 31, 2023 | ||||||||||||
Insurance service result | 78 | (38) | (162) | 909 | 787 | |||||||
Net investment income | 376 | 376 | ||||||||||
Net gains (losses) on investment portfolio | 532 | 532 | ||||||||||
Net insurance financial result | (217) | (356) | (573) | |||||||||
Share of profits from investments in associates and joint ventures | 38 | (3) | 1 | (7) | (7) | 22 | ||||||
Other net gains (losses) | 22 | 22 | ||||||||||
Other income and expense | (7) | (8) | (52) | (122) | (189) | |||||||
Other finance costs | (59) | (59) | ||||||||||
Acquisition, integration and restructuring costs | (182) | (182) | ||||||||||
Income tax benefit (expense) | (205) | (205) | ||||||||||
Total, as reported in MD&A | 109 | (62) | (45) | 159 | (212) | (205) | 787 | |||||
For the quarter ended December 31, 2022 (Restated) | ||||||||||||
Insurance service result | 37 | (4) | (55) | 695 | 673 | |||||||
Net investment income | 279 | 279 | ||||||||||
Net gains (losses) on investment portfolio | (139) | (139) | ||||||||||
Net insurance financial result | (117) | 83 | (48) | (82) | ||||||||
Share of profits from investments in associates and joint ventures | 35 | (5) | (6) | (6) | 18 | |||||||
Other net gains (losses) | 38 | 38 | ||||||||||
Other income and expense | 22 | (34) | (58) | (162) | (232) | |||||||
Other finance costs | (50) | (50) | ||||||||||
Acquisition, integration and restructuring costs | (84) | (84) | ||||||||||
Income tax benefit (expense) | (68) | (68) | ||||||||||
Total, as reported in MD&A | 94 | (55) | (38) | 162 | (74) | (221) | 485 | |||||
MD&A captions | Pre-tax | ||||||||
As presented in the Financial statements | Distribution | Total | Other | Operating net investment | Total | Non- | Underwriting | Total F/S | |
For the twelve-month period ended December 31, 2023 | |||||||||
Insurance service result | 149 | 2 | (390) | 2,548 | 2,309 | ||||
Net investment income | 1,346 | 1,346 | |||||||
Net gains (losses) on investment portfolio | 249 | 249 | |||||||
Net insurance financial result | (884) | (10) | (894) | ||||||
Share of profits from investments in associates and joint ventures | 167 | (13) | (35) | (23) | 96 | ||||
Other net gains (losses) | 50 | 50 | |||||||
Other income and expense | 151 | (159) | (202) | (417) | (627) | ||||
Other finance costs | (222) | (222) | |||||||
Acquisition, integration and restructuring costs | (503) | (503) | |||||||
Income tax benefit (expense) | (473) | (473) | |||||||
Total, as reported in MD&A | 467 | (235) | (157) | 462 | (508) | (829) | 2,131 | ||
For the twelve-month period ended December 31, 2022 (Restated) | |||||||||
Insurance service result | 121 | 11 | (198) | 2,668 | 2,602 | ||||
Net investment income | 927 | 4 | 931 | ||||||
Net gains (losses) on investment portfolio | (326) | (326) | |||||||
Net insurance financial result | (378) | 983 | (166) | 439 | |||||
Share of profits from investments in associates and joint ventures | 169 | (12) | (36) | (18) | 103 | ||||
Other net gains (losses) | 477 | 477 | |||||||
Other income and expense | 151 | (174) | (228) | (438) | (689) | ||||
Other finance costs | (177) | (177) | |||||||
Acquisition, integration and restructuring costs | (353) | (353) | |||||||
Income tax benefit (expense) | (557) | (557) | |||||||
Total, as reported in MD&A | 441 | (189) | (163) | 549 | (593) | 341 | 2,064 | ||
Q4-2023 | Q4-2022 Restated | 2023 | 2022 Restated | |
Net income attributable to shareholders, as reported under IFRS | 524 | 346 | 1,316 | 2,454 |
Adjustments, after tax | ||||
Remove: amortization of acquired intangible assets | 55 | 49 | 204 | 193 |
Remove: acquisition and integration costs | 66 | 46 | 193 | 228 |
Remove: net loss (gain) on currency derivative hedges (acquisitions) | - | - | - | - |
Remove: tax adjustments on acquisition-related items | 2 | 1 | 6 | 4 |
Remove: net result from claims acquired in a business combination | - | 2 | 2 | 5 |
Adjusted net income attributable to shareholders | 647 | 444 | 1,721 | 2,884 |
Remove: preferred share dividends and other equity distribution | (28) | (16) | (84) | (60) |
Adjusted net income attributable to common shareholders | 619 | 428 | 1,637 | 2,824 |
Divided by weighted-average number of common shares (in millions) | 178.3 | 175.3 | 176.2 | 175.6 |
AEPS, basic and diluted (in dollars) | 3.47 | 2.43 | 9.29 | 16.08 |
Adjusted net income attributable to common shareholders for the last 12 months | 1,637 | 2,824 | ||
Adjusted average common shareholders' equity | 14,021 | 14,720 | ||
AROE for the last 12 months | 11.7 % | 19.2 % |
As at December 31, | 2023 | 2022 Restated |
Equity attributable to shareholders, as reported under IFRS | 16,190 | 15,843 |
Remove: Preferred shares and other equity, as reported under IFRS | (1,619) | (1,322) |
Common shareholders' equity | 14,571 | 14,521 |
Remove: AOCI, as reported under IFRS | 321 | 1,091 |
Common shareholders' equity (excluding AOCI) | 14,892 | 15,612 |
Number of common shares outstanding at the same date (in millions) | 178.3 | 175.3 |
BVPS | 81.71 | 82.84 |
BVPS (excluding AOCI)1 | 83.51 | 89.07 |
1 The Company adopted IFRS 9 retrospectively on January 1, 2023 and elected to recognize any IFRS 9 measurement differences by adjusting its Consolidated balance sheet on January 1, 2023, as a result comparative information was not restated. Prior periods continue to be reported under IAS 39 – Financial instruments: recognition and measurement ("IAS 39"). |
Table 13 Adjusted average common shareholders' equity and Adjusted average common shareholders' equity, excluding AOCI |
As at December 31, | 2023 | 2022 Restated |
Ending common shareholders' equity | 14,571 | 14,521 |
Remove: significant capital transactions during the period | 638 | - |
Ending common shareholders' equity, excluding significant capital transaction | 15,209 | 14,521 |
Beginning common shareholders' equity | 14,521 | 14,919 |
Impact of the initial application of IFRS 9 | (2) | n/a |
Beginning common shareholders' equity, adjusted for the impact of IFRS 9 | 14,519 | n/a |
Average common shareholders' equity, excluding significant capital transaction | 14,864 | 14,720 |
Weighted impact of significant capital transactions1 | (843) | - |
Adjusted average common shareholders' equity | 14,021 | 14,720 |
Ending common shareholders' equity, excluding AOCI | 14,892 | 15,612 |
Remove: significant capital transaction during the period | 638 | - |
Ending common shareholders' equity, excluding AOCI and significant capital transaction | 15,530 | 15,612 |
Beginning common shareholders' equity, excluding AOCI | 15,612 | 14,389 |
Impact of the initial application of IFRS 9 | (420) | n/a |
Beginning common shareholders' equity, excluding AOCI adjusted with the impact of the initial application of IFRS 9 | 15,192 | n/a |
Average common shareholders' equity, excluding AOCI and significant capital transaction | 15,361 | 15,001 |
Weighted impact of significant capital transactions1 | (843) | - |
Adjusted average common shareholders' equity, excluding AOCI | 14,518 | 15,001 |
1 Represents the net weighted impact of the September 13, 2023 and February 27, 2023 significant capital transactions. |
As at | Dec. 31, 2023 | Sept. 30, 2023 | Dec. 31, 2022 |
Debt outstanding, as reported under IFRS | 5,081 | 4,927 | 4,522 |
Remove: hybrid subordinated notes | (247) | (247) | (247) |
Debt outstanding (excluding hybrid debt) | 4,834 | 4,680 | 4,275 |
Debt outstanding, as reported under IFRS | 5,081 | 4,927 | 4,522 |
Equity attributable to shareholders, as reported under IFRS | 16,190 | 15,392 | 15,843 |
Preferred shares from Equity attributable to non-controlling interests | 285 | 285 | 285 |
Adjusted total capital | 21,556 | 20,604 | 20,650 |
Debt outstanding (excluding hybrid debt) | 4,834 | 4,680 | 4,275 |
Adjusted total capital | 21,556 | 20,604 | 20,650 |
Adjusted debt-to-total capital ratio | 22.4 % | 22.7 % | 20.7 % |
Debt outstanding, as reported under IFRS | 5,081 | 4,927 | 4,522 |
Preferred shares and other equity, as reported under IFRS | 1,619 | 1,619 | 1,322 |
Preferred shares from Equity attributable to non-controlling interests | 285 | 285 | 285 |
Debt outstanding and preferred shares (including NCI) | 6,985 | 6,831 | 6,129 |
Adjusted total capital | 21,556 | 20,604 | 20,650 |
Total leverage ratio | 32.4 % | 33.2 % | 29.7 % |
Adjusted debt-to-total capital ratio | 22.4 % | 22.7 % | 20.7 % |
Preferred shares and hybrids | 10.0 % | 10.5 % | 9.0 % |
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, the U.S. and the UK, the Company's business outlook, the Company's growth prospects, the Direct Line Insurance Group plc's brokered Commercial Lines operations acquisition and the exit of Royal & Sun Alliance Insurance Limited ("RSA") from the UK personal lines market, including the sale of our UK direct personal lines operations to Admiral Group plc. 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 dated February 13, 2024 and available on SEDAR+ at www.sedarplus.ca. 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 Q4-2023 MD&A.
SOURCE Intact Financial Corporation
Copyright 2024 Canada NewsWire
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