Q3 2024 Intact Financial Corp Earnings Call Transcript
Key Points
- Intact Financial Corp (IFCZF) demonstrated resilience with a net operating income per share of $1.01 and an operating ROE of 15.8% despite severe weather events.
- The company reported a 6% year-over-year increase in premiums, excluding the impact of UK exits and acquisitions.
- Intact Financial Corp (IFCZF) has a strong capital position with a total capital margin of $2.6 billion.
- The company is leveraging advanced AI models to optimize risk selection, particularly in personal property, which is constructed around perils and priced based on climate change models.
- Intact Financial Corp (IFCZF) is making significant investments in technology and digital engagement, leading to an 83% increase in web influence quotes year over year.
- The company faced $1.2 billion in net CAT losses in Q3, significantly impacting financial results.
- The combined ratio was 104%, including 22 points of CAT losses, which was 17 points higher than expected.
- Personal property premiums were heavily affected by CAT losses, with a combined ratio of 147.5% including 72 points of CAT losses.
- The UK and Ireland business faced pressure in large accounts, affecting organic growth despite a 28% increase in premiums due to acquisitions.
- The operating effective tax rate was low at 4%, impacted by the sources and geography of earnings, which could indicate volatility in tax expenses.
Good morning, ladies and gentlemen and welcome to the Intact Financial Corporation Q3 2024 results conference call. (Operator Instructions) Also note that this call is being recorded on November 6, 2024.
And now I would like to turn the conference over to Geoff Kwan, Senior Vice President and Chief Investor Relations Officer. Please go ahead.
Thank you, Eric. Hello, everyone, and thank you for joining the call to discuss our third-quarter financial results. A link to our live webcast and materials for this call have been posted on our website at intactfc.com under the Investors tab.
Before we start, please refer to slide 2 for cautionary language, regarding the use of forward-looking statements, which form part of this morning's remarks and slide 3 for a note on the use of non-GAAP financial measures and important notes on adjustments, terms, and definitions used in this presentation.
To discuss our results today I have with me our CEO,
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