TORONTO, April 11,
2022 /CNW/ - Intact Financial Corporation (TSX:
IFC) today announced estimated catastrophe losses1 for
the first quarter of 2022 of approximately $183 million on a pre-tax basis ($0.81 per share after-tax).
- Approximately 60% of the catastrophe losses were in our
UK&I segment, mostly reflecting the impact of three windstorms
in February. Close to 60% of UK&I catastrophe losses were in
personal lines.
- The remaining losses were in the Canadian segment,
approximately three quarters of which were attributable to personal
property.
- Nearly 80% of the catastrophe losses were weather-related.
"Following a number of severe weather events this quarter, our
teams responded quickly to help impacted customers and get them
back on track," said Charles
Brindamour, Chief Executive Officer of Intact Financial
Corporation. "As we continue to face the increasing impacts of
climate change, our commitment to building resilient communities
remains a core element of our strategy."
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, the
anticipated effect of applicable and future tax regulations and the
impact on the Company of the occurrence of and response to the
coronavirus (COVID-19) pandemic and ensuing events. 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 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 March 31, 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