The following is a summary of the Intact Financial Corporation (IFCZF) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Intact Financial Corporation's Q4 operating income per share was $4.22, a 45% increase from 2022 mainly due to strong underwriting, investment, and distribution results.

• The combined ratio for the quarter remained at a strong 90.1%, supported by robust performance across all regions and the decoupling from UK personal lines.

• Organic growth for Q4 was reported at 8% helped by rate actions across all segments.

• The operating return on equity (ROE) for 2023 was 14.2%, and the capital margin was $2.7 billion.

• Intact confirmed its 19th consecutive annual increase with a 10% increase in its quarterly dividend.

• The consolidated expense ratio was 32.5% in the quarter, a slight decrease from last year. The full-year ratio was 33.4%, within the firm's range of 33-34%.

• Operating net investment income showed a 35% increase in the quarter, driven by a higher portfolio turnover and rising book yields throughout the year.

Business Progress:

• Intact's personal auto premiums grew by 12% in the quarter, personal property premium grew by 8%, and commercial lines saw a 4% growth.

• There was substantial digital uptake with 1-in-5 policy transactions being completed online.

• BrokerLink, the Canada-based brokerage, completed 20 acquisitions in 2023, targeting total premiums exceeding $5 billion.

• The company achieved multiple strategic initiatives and sees continuing hard market conditions, making them well-prepared to capture growth opportunities.

• Intact launched a new global renewable energy segment in global specialty lines.

• The company is planning on accelerating profitable organic growth, leveraging strong performance.

• High retention is observed among consumers, even with high rate increases due to the bundling of different auto property services.

• In the US, the company expects mid to upper single-digit growth driven by profitable lines like commercial surety, excess property, and marine.

• In the UK, the company anticipates running the business at a 92 combined ratio, improving it further by realizing synergies and taking remediation action on some acquired segments.

• With the increasing volume of electric vehicles in their portfolio, they are refining their pricing, and similar profitability trends are noted between EVs and internal combustion vehicles.

More details: INTACT FINANCIAL CORPORATION IR

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