Intact Financial reports Q1 results
Intact Financial Corporation reported net operating income for the quarter ended March 31, 2011 of $101 million or $0.91 per share, down 4% on a per share basis from the first quarter of 2010. Operating return on equity for the last twelve months was 14.8% with a strong combined ratio of 94.6%. Direct premiums written increased by 3% to reach $943 million.
Net income for the first three months of 2011 increased to $157 million, or $1.42 per share, a 19% improvement on a per share basis, as a result of higher investment gains. The return on equity for the last twelve months reached 17.8%.
“The strong performance we delivered throughout 2010 prevailed again during the early months of this year. We continue to reap the benefits of the action plans we have adopted over the past two years while winter weather conditions remained generally favourable,” said Charles Brindamour, President and CEO of Intact Financial Corporation, in a statement.
“The strong results of our home and commercial insurance activities during the quarter confirmed the sustainability of these action plans. The performance of our auto insurance portfolio remains robust as we maintain a prudent approach to managing our growth in Ontario and continue to deploy effective initiatives to counter the high prevalence of fraud in that province.
“Given the quality of our operational platforms and the flexibility provided by our strong financial position, we believe that we will continue to outperform the industry and strengthen our leadership position,” said Charles Brindamour.
