Definity Financial Corporation has reported a 7.4% increase in gross written premiums for the fourth quarter of 2024, reaching C$1.11 billion, compared with C$1.03 billion a year ago.
Excluding premiums from the exited Sonnet Alberta personal auto line, GWP growth was 9%.
For the full year, GWP rose by 11.1% to C$4.45 billion, driven by strong performances in commercial lines and personal auto. Personal lines GWP grew by 5.7%, while commercial lines saw a 10.7% increase.
Operating net income was C$0.95 per share, up from C$0.87 a year ago. For the full year, operating net income was C$310.2 million, up from C$248.2 million in the previous year.
“We again met or exceeded all financial targets for 2024,” said Rowan Saunders (pictured), president and chief executive officer of Definity.
The company’s combined ratio for the fourth quarter was 90.3%, reflecting overall business strength, with particularly good results in personal property.
For the full year, the combined ratio was 94.5%, despite significant industry-wide catastrophe losses. Underwriting income for the fourth quarter increased to $97 million, up from C$87 million a year ago. Underwriting income grew by C$67.5 million.
Book value per share increased by 17.6% to C$29.13 in 2024, up from C$24.78 in 2023, driven by net income attributable to common shareholders and the return of restricted cash.
The company declared a quarterly dividend of C$0.1875 per share, up 17.2% from the previous quarter, reflecting the company’s strong financial position.
