Intact CEO "not happy" with financial performance
Intact CEO “not happy” with financial performance | Insurance Business Canada
Insurance News
Intact CEO “not happy” with financial performance
Still, Canadian insurance giant in “stronger” position
Insurance News
By
Abigail Adriatico
Intact Financial Corporation (Intact) has announced the release of its 2023 annual report and its 2024 management proxy circular with CEO Charles Brindamour (pictured) “not happy” with overall financial performance.
According to Brindamour’s letter to shareholders, the insurer paid out more than one billion dollars in natural disaster claims due to the worst wildfire season seen in Canada. It also reported a 14.2% operating ROE and a $2.7 billion total capital margin.
“When all is said and done, we are not happy with our financial performance and total shareholder return (TSR) this year. But we have a clear sense that the organization is stronger today than at the start of 2023,” said Brindamour.
Pointing to the firm’s strengths, he recounted its performance during the year and highlighted its ability to power through an eventful period.
“In 2023, our business demonstrated remarkable resilience navigating a changing world and delivering strong financial results,” said Brindamour.
“Sustained outperformance requires not only a future-proof strategy, but also disciplined high-quality execution, and the agility to be opportunistic. Our performance is a testament to our relentless pursuit of all three, and our capacity to make the most out of challenging times.”
Brindamour said that the strength of the firm’s platforms, as well as its roadmap, made it so that growth and outperformance throughout the rest of 2024 and beyond would be within its reach.
He also noted that Intact was able to show resilience despite 2023 being a challenging year.
“With our strong financial foundation and balance sheet, we withstood substantial pressure from natural disasters which enabled us to get our customers back on track while continuing to invest in our employees and our competitive advantages,” he said.
“Intact is well positioned to make the most of the current environment. In 2024 we will maintain discipline and continue to advance our strategic roadmap everywhere we operate,” he said.
Intact is set to hold its annual meeting of shareholders on May 8.
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