INTACT FINANCIAL CORP. $60.40 (Toronto symbol IFC; TSINetwork Rating: Speculative) (416-341- 1464; www.intactfc.com; Shares outstanding: 133.3 million; Market cap: $8.0 billion; Dividend yield: 2.9%) is Canada’s largest provider of property and casualty insurance, based on premiums. Its brands include Intact Insurance, Canada BrokerLink, belairdirect and Grey Power.
In the three months ended March 31, 2013, Intact’s revenue rose 8.6%, to $1.52 billion from $1.40 billion a year earlier. Before one-time items, it earned $1.36 a share, down 12.2% from $1.55 a year earlier. The insurance business was hit by higher snow and windrelated claims compared to the year-earlier quarter.
Intact’s shares are down from over $65 in March 2013 because Ontario’s minority Liberal government looks like it will vote for an NDP motion calling for a 15% cut to auto insurance premiums. The vote would be in exchange for NDP support on the next provincial budget, which would avoid triggering an election.
The NDP points to premiums charged by insurers rising in 2011 even after the Ontario government introduced reforms that lowered benefits for drivers and cut payouts on auto accident claims.
Intact has enjoyed improved profits from its Ontario auto insurance business since the reforms were put in place, so it has some room to accommodate a rate reduction.
At the same time, the Liberals and NDP may work out a compromise, such as pushing insurers to lower premiums in exchange for the government doing more to combat fraud and clear a backlog of unresolved disputes between insurers and claimants.
However, personal auto insurance is a significant line of business for Intact, accounting for 45% of the company’s annual premiums. And drivers in Ontario supply 40% of those premiums.
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Privacy Policy and Terms of Use
The Successful Investor Inc. and its affiliate Successful Investor Wealth Management (referred to hereafter as TSI Network) know that you care how information about you is used and shared, and we appreciate your trust that we will do so carefully and sensibly. This notice describes our privacy policy. By visiting websites owned by or associated with TSI Network, you are accepting the practices described in this Privacy Policy.
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The information we receive from customers helps us personalize and continually improve your online experience at TSI Network. TSI Network may collect personal information online for all legal purposes, which include, but are not limited to:
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