TD Bank Group said it expects zero catastrophe insurance claims after reinsurance and before tax in its wealth management & insurance segment's first-quarter results.
This announcement comes ahead of the bank's full financial results release scheduled for February 27, 2025.
The bank established specific criteria for defining catastrophe claims in its reporting structure. According to TD's guidelines, catastrophe claims are classified as insurance claims arising from any single event within a fiscal quarter where the total aggregate claims reach nor exceed an internal threshold of $5 million before reinsurance.
This threshold may be adjusted by the bank periodically to reflect changing market conditions and risk assessments.
In its financial reporting framework, TD accounts for these claims through multiple channels. The catastrophe claims are documented under Insurance service expenses in the bank's financial statements.
Meanwhile, any amounts related to reinsurance coverage are recorded separately under “other income (loss)” in the bank's Consolidated Statement of Income. This separation provides transparency in how the bank manages and accounts for significant insurance events.
The total amount reported for catastrophe claims includes the estimated pre-tax cost net of any recoveries from related reinsurance coverage.
When applicable, these figures also incorporate the cost of reinsurance reinstatement premiums.
A week ago, the group appointed its new platforms and technology division lead Vladimir Shpilsky.
Reporting to incoming group president and chief executive officer Raymond Chun, Shpilsky joined the bank’s senior executive team.
He joined TD as executive vice president and US chief information officer and has extensive experience in technology.
As of this writing, Shpilsky continues to serve as the US CIO until the appointment of his successor.
The bank's operations include TD Canada Trust, TD Auto Finance Canada, TD Bank (America's Most Convenient Bank®), TD Auto Finance US, TD Wealth, TD Insurance, TD Securities, TD Cowen, and an investment in The Charles Schwab Corporation.
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