The fourth quarter of 2021 was a particularly high-performance period for Intact Financial, which posted net operating income per share of $3.78 (approx. £2.19) in Q4 2021 – a 19% increase from the previous year quarter.
Intact Financial revealed that its net operating income per share for the entirety of 2021 was $12.41, which represents a 25% year-over-year increase from 2020. The insurer noted that these increases were driven by “robust” underwriting and distribution income, as well as accretion from its acquisition of RSA.
The company also posted operating direct premiums written growth of 75% in Q4 2021, and 45% growth for the year 2021 – mainly due to RSA, supplemented by organic growth in the company’s commercial lines.
Intact Financial’s operating combined ratio for the fourth quarter of 2021 was 87.8%. Intact Financial has cited its “strong underlying performance” outweighing its catastrophe losses in the quarter. In a previous report, it had estimated catastrophe losses of approximately $186 million, pre-tax. Just over a half of Intact’s catastrophe losses in the quarter were from its Canadian segment, noting the severe flooding in BC and the windstorms that hit Ontario and Quebec during the period.
"We had a milestone year, successfully closing our largest acquisition to date, and delivering strong results for both the fourth quarter and full year,” commented Intact Financial CEO Charles Brindamour. “We achieved mid-teens organic growth in net operating income per share, while RSA delivered 12% accretion in the seven months since the transaction closed. The acquisition has clearly enhanced our leadership position in Canada, and we are focused on achieving outperformance in the UK&I.
Brindamour also stated that the integration with RSA remains on track thanks to Intact’s staff, “who have shown extraordinary commitment in supporting our customers amid a new wave of the COVID-19 pandemic.”
“With momentum across all segments, we are pleased to increase dividends to common shareholders for the seventeenth consecutive year."
