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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