INTACT FINANCIAL CORP. $69.42 (Toronto symbol IFC; TSINetwork Rating: Speculative) (416-341-1464; www.intactfc.com; Shares outstanding: 131.5 million; Market cap: $9.2 billion; Dividend yield: 2.8%) 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 December 31, 2013, Intact’s revenue rose slightly, to $1.70 billion from $1.69 billion a year earlier. The company earned $143 million, or $1.05 a share, down sharply from $194 million, or $1.42.
However, the latest results include a pre-tax loss of $55 million related to December ice storms in Ontario and Quebec.
Intact’s personal auto insurance business reported improved results in the latest quarter, with a combined ratio, or claims paid out divided by premiums taken in (the lower, the better), of 98.4%, down from 103.1%.
The longer-term outlook for the car insurance market is uncertain, partly because Ontario’s Liberal government agreed to an NDP demand for a 15% premium cut in early 2013. Still, Intact has enjoyed improved profits from its Ontario auto insurance business, so it has some room to accommodate a reduction. As well, the terms of the cut are still under negotiation.
However, personal auto insurance premiums account for 45% of Intact’s total. Ontario drivers supply 40% of those premiums.
The company has just raised its quarterly dividend by 9.1%, to $0.48 from $0.44. The shares now yield 2.8%.
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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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What personal information do we collect?
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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