Intact Financial Corporation announces Q4, full-year earnings

Intact Financial Corporation announces Q4, full-year earnings | Insurance Business America

Insurance News

CEO points to company’s “tremendous resilience”

Insurance News

By
Terry Gangcuangco

Intact Financial Corporation has published its financial results for the fourth quarter and full-year 2023.

The insurance group reported the following numbers:

Metric

Q4 2023

Q4 2022

FY 2023

FY 2022

Underwriting income

CA$787 million

CA$485 million

CA$2.13 billion

CA$2.06 billion

Net operating income attributable to common shareholders

CA$752 million

CA$508 million

CA$2.06 billion

CA$2.09 billion

Net income

CA$531 million

CA$353 million

CA$1.33 billion

CA$2.45 billion

According to Intact, its combined ratio for Canada in the fourth quarter was 86.7%; UK&I, 104.6%; and in the US, 86.4%.

Commenting on the figures, chief executive Charles Brindamour said in a release: “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 (return on equity) and maintained a strong balance sheet with CA$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.”

The CEO also pointed to the firm’s increased dividends to common shareholders for the 19th consecutive year.

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