INTACT FINANCIAL $84.98 (Toronto symbol IFC; TSINetwork Rating: Speculative) (416-341-1464; www.intactfc.com; Shares outstanding: 131.5 million; Market cap: $11.2 billion; Dividend yield: 2.7%) is Canada’s largest provider of property and casualty insurance. Its brands include Intact Insurance, Canada BrokerLink and belairdirect.
In the three months ended December 31, 2015, Intact’s revenue rose 7.5%, to $1.91 billion from $1.78 billion a year earlier.
Revenue improved across all of the company’s insurance lines and geographic regions. Canadian Direct Insurance, which Intact purchased for $197 million in early 2015, also added to its sales.
Growth by acquisition adds risk, but Canadian Direct was a great fit. Intact has successfully integrated a number of other companies in the past few years, including AXA Canada, Jevco and Metro General.
Earnings rose 7.3%, to $265 million, or $1.97 a share, from $247 million, or $1.84. The company reported a combined ratio, or claims paid out divided by premiums taken in (the lower, the better), of 88.6%, slightly under the 88.2% of a year earlier.
The stock trades at 13.0 times Intact’s forecast 2016 earnings of $6.54 a share. The company is raising its quarterly dividend by 9.4% in March 2016, to $0.58 from $0.53. The shares yield 2.7%.
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