Intact Financial posts net income of $2.4bn in full-year results

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Intact Financial Corporation a Toronto-based property and casualty (P&C) insurer, has reported a full-year net income of $2.4 billion, a 16% increase from $2.0 billion from 2021.

In its Canada segment, operating direct written premiums (DWP) increased 17% for the full-year to $14 billion, from $12 billion from 2021.

The firms UK&I segment also saw a huge increase in operating DWP for 2022, as it rose from $2.5 billion to $4.6 billion.

Additionally, the US segment also posted a strong performance in operating DWP for the full-year, as it increased 14% from $1.9 billion to $2.3 billion.

Operating combined ratio for 2022 came in at 91.6%, compared to 88.8% from 2021.

In Q4, net income fell 40% to $419 million from $701 million in Q421.

However, operating DWP for the quarter increased 3% to $5.1 billion, compared to $5.0 billion from the same period last year.

Operating combined ratio for Q4 was 91.5%, compared to 87.8% from the prior year quarter.

Charles Brindamour, Chief Executive Officer, commented on the firms Q4 results: “The resilience of our platform was again evident in 2022 with a mid-teens ROE despite elevated catastrophe losses and inflation pressures. At the same time, we made significant progress on the RSA integration, which contributed 16% to net operating income per share for the full year and drove 23% growth in premiums.

“With the business operating at a low 90s combined ratio, positive top line momentum across all segments and a strong balance sheet, we are well positioned to deliver on our financial and strategic objectives in the year ahead. We are therefore pleased to increase dividends to common shareholders for the eighteenth consecutive year.”

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