Intact Financial Corporation reports Q3-2017 Results

TORONTO, Nov. 7, 2017

• Net operating income per share up 59% to $1.61 on improved underwriting performance
• Combined ratio of 91.8% reflecting lower catastrophe losses, strong underlying performance in personal property and commercial lines and challenging results in personal auto
• OneBeacon Insurance Group, Ltd. (OneBeacon) transaction closed; profitability action plan under way and growth initiatives launched
• Operating ROE of 13.3% and book value per share increase of 12% over the last twelve months

(TSX: IFC)  

TORONTO, Nov. 7, 2017 /CNW/ -

Charles Brindamour, Chief Executive Officer, said:
"Overall our results for the quarter were strong, driven by excellent performance in our personal property and commercial lines. Our personal auto results were disappointing. We took a more cautious reserve position following detailed file-by-file and actuarial reviews and we are increasing our actions to address higher than expected physical damage inflation. Our discipline in this line should bring the combined ratio to a mid-90's level in the coming year.

We are pleased to welcome OneBeacon to the Intact family, creating a leading North American specialty lines insurer. Together we are working towards a low 90's combined ratio for the U.S. specialty business. We have exited underperforming lines, launched risk selection and claims initiatives and are moving fast to realize synergies. Growth initiatives are also underway, including the recent opening of cross border underwriting desks to serve our customers."