Intact quarterly results: CEO talks profitability momentum

Intact quarterly results: CEO talks profitability momentum | Insurance Business Canada

Insurance News

Intact quarterly results: CEO talks profitability momentum

Increases seen in key metrics

Insurance News

By
Terry Gangcuangco

Intact Financial Corporation has published its financial results for the second quarter of 2024, a period that the company said it ended with a total capital margin of $2.9 billion.

Here’s how the insurance group performed in the three months ended June 30:

Metric

Q2 2024

Q2 2023

Operating direct premiums written (DPW)

$6.66 billion

$6.23 billion

Combined ratio

87.1%

96.3%

Underwriting income

$681 million

$184 million

Net operating income attributable to common shareholders

$866 million

$410 million

Net income

$758 million

$260 million

Total capital margin

$2.88 billion

$2.48 billion

Broken down, Intact’s operating DPW in Canada amounted to $4.56 billion; in UK&I, $1.32 billion; and in the US, $777 million. All segments saw increases from last year’s second quarter.

Commenting on the numbers, Intact chief executive Charles Brindamour (pictured) said: “With the recent flooding and wildfire events in Canada, our teams have been quick to respond and are actively helping customers get back on track. In these difficult times, we are reminded of how important our purpose is and why our work matters.

“For the second quarter, our business delivered strong results, predominately due to excellent underlying performance across all lines of business. Operating ROE (return on equity) was in the high-teens on the back of solid earnings growth. Top-line momentum continues to be strong, especially in personal lines, and we are focused on making the most of the current market conditions in commercial lines by leveraging our distribution channels and pricing expertise.

“With our profitability momentum, balance sheet strength, and investments in our competitive advantages, we are well on our way to return to our 10% net operating income per share growth trajectory and to outperform the industry ROE by at least 500 basis points every year.”

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