TORONTO, Jan. 12,
2023 /CNW/ - Intact Financial Corporation (TSX:
IFC) today announced estimated catastrophe
losses1 for the fourth quarter of 2022 of
approximately $143 million on a
pre-tax basis ($0.63 per share
after-tax).
The table below provides a breakdown of the catastrophe losses
by reporting segment:
(in millions of
Canadian dollars)
|
Canada
|
US
|
UK&I
|
Corp &
Other
|
Total
|
Personal
Lines
|
13
|
-
|
63
|
-
|
76
|
Commercial
Lines
|
64
|
-
|
3
|
-
|
67
|
Total
|
77
|
-
|
66
|
-
|
143
|
- Catastrophe losses in the Canadian segment mostly reflected the
impact of windstorms in late December across eastern Canada, as well as further development of
losses from earlier in the year.
- In the UK&I, catastrophe losses in personal lines were
primarily attributable to a prolonged period of freezing weather in
December, resulting in burst pipes in homes.
"Our teams have been working tirelessly to get customers back on
track after recent severe weather events," said Charles Brindamour, Chief Executive Officer of
Intact Financial Corporation. "Despite challenging winter weather
in the fourth quarter, I am pleased with the resilience of our
platform."
1 For
details on our catastrophe loss expectations, definition and
disclosure policy, please refer to Section 16 in our Q4-2021
Management's Discussion and Analysis, which is incorporated by
reference. This document is available on our website at
www.intactfc.com and on SEDAR at www.sedar.com.
|
About Intact Financial Corporation
Intact Financial Corporation (TSX: IFC) is the largest provider
of property and casualty (P&C) insurance in Canada, a leading provider of global specialty
insurance, and, with RSA, a leader in the U.K. and Ireland. Our business has grown organically
and through acquisitions to over $20
billion of total annual premiums.
In Canada, Intact distributes
insurance under the Intact Insurance brand through a wide network
of brokers, including its wholly-owned subsidiary BrokerLink, and
directly to consumers through belairdirect. Intact also provides
affinity insurance solutions through the Johnson Affinity
Groups.
In the U.S., Intact Insurance Specialty Solutions provides a
range of specialty insurance products and services through
independent agencies, regional and national brokers, and
wholesalers and managing general agencies.
Outside of North America, the
Company provides personal, commercial and specialty insurance
solutions across the U.K., Ireland
and Europe through the RSA
brands.
Forward-Looking Statements
Certain statements made in this press release are
forward-looking statements. These statements include, without
limitation, on a per share basis and by line of business:
statements relating to claims, catastrophe losses and
non-catastrophe losses, their origin and geographic location, the
anticipated effect on performance and combined ratio and the
anticipated effect of applicable and future tax regulations. All
such forward-looking statements are made pursuant to the 'safe
harbour' provisions of applicable Canadian securities laws.
Forward-looking statements are based on estimates and
assumptions made by management based on management's experience and
perception of historical trends, current conditions and expected
future developments, as well as other factors that management
believes are appropriate in the circumstances. Many factors could
cause the Company's actual results, performance or achievements or
future events or developments to differ materially from those
expressed or implied by the forward-looking statements. In the case
of estimated claims and losses, due to the preliminary nature of
the information available to prepare estimates, future estimates
and the actual amount and categorization of claims and losses
associated with events described above may be materially different
from current estimates.
All of the forward-looking statements included in this press
release are qualified by these cautionary statements and those made
in our Q3-2022 Management's Discussion and Analysis, in the "Risk
Management" sections of our 2021 Management's Discussion and
Analysis (Sections 30-35), in Notes 10 and 13 of our Consolidated
Financial Statements for the year ended December 31, 2021 and in our Annual Information
Form dated February 8, 2022, all of
which are available on our web site at www.intactfc.com or on SEDAR
at www.sedar.com. These factors are not intended to represent a
complete list of the factors that could affect the Company. These
factors should, however, be considered carefully. Although the
forward-looking statements are based upon what management believes
to be reasonable assumptions, the Company cannot assure investors
that actual results will be consistent with these forward-looking
statements. When relying on forward-looking statements to make
decisions, investors should ensure the preceding information is
carefully considered. Undue reliance should not be placed on
forward-looking statements made in this press release. The Company
has no intention and undertakes no obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
SOURCE Intact Financial Corporation