(in Canadian dollars except as otherwise noted)
Highlights
- Net operating income per share1 was
$3.14 with meaningful accretion from RSA and strong investment and underwriting results - Operating DPW2 grew 36% in the quarter, driven by the RSA acquisition and 4% organic growth, led by commercial lines
- Operating combined ratio1 of 90.7% was strong across all geographies, but higher than last year mainly due to catastrophe losses
- EPS of
$6.64 in the quarter reflecting strong operating results, significant gains on investments and the sale of Codan Denmark - OROE1 of 15.4% and ROE1 of 18.5% reflecting robust operating and non-operating performance
- Total capital margin remains strong at
$2.5 billion despite a volatile macroeconomic environment - After one year, NOIPS1 accretion from the RSA acquisition was well above expectations at 15%, and integration remains on track
"We delivered strong results in Q2-2022 with contribution from all segments. In the one year since the close of the RSA acquisition, we have achieved
Consolidated Highlights1 | |||||||||
(in millions of Canadian dollars except as otherwise noted) | Q2-2022 | Q2-2021 | Change | H1-2022 | H1-2021 | Change | |||
Operating direct premiums written1 | 5,807 | 4,297 | 36 % | 10,485 | 6,819 | 54 % | |||
Direct premiums written | 6,238 | 4,414 | 41 % | 11,331 | 6,957 | 63 % | |||
Operating combined ratio1 | 90.7 % | 86.7 % | 4.0 pts | 91.2 % | 87.8 % | 3.4 pts | |||
Underwriting income1 | 441 | 464 | (5) % | 837 | 761 | 10 % | |||
Operating net investment income1 | 211 | 154 | 37 % | 416 | 295 | 41 % | |||
Distribution income1 | 141 | 118 | 19 % | 233 | 180 | 29 % | |||
Net operating income attributable to common shareholders1 | 553 | 502 | 10 % | 1,028 | 846 | 22 % | |||
Net income | 1,184 | 573 | 107 % | 1,631 | 1,087 | 50 % | |||
Per share measures (in dollars) | |||||||||
Net operating income per share (NOIPS)1 | (4) % | 3 % | |||||||
Earnings per share (EPS) | 85 % | 29 % | |||||||
Return on equity for the last 12 months | |||||||||
Operating ROE1 | 15.4 % | 19.8 % | (4.4) pts | ||||||
ROE | 18.5 % | 19.6 % | (1.1) pts | ||||||
Book value per share (in dollars)1 | 4 % | ||||||||
Total capital margin | 2,479 | 2,558 | (79) | ||||||
Adjusted debt-to-total-capital ratio1 | 20.3 % | 24.1 % | (3.8) pts | ||||||
___________________________________________ |
1 This press release contains non-GAAP financial measures and Non-GAAP ratios (each as defined in National Instrument 52-112 "Non-GAAP and Other Financial Measures Disclosure". Refer to Section 19 – Non-GAAP and other financial measures in the Q2-2022 Management's Discussion and Analysis for further details. |
2 DPW change (growth) is presented in constant currency |
Common Share Dividend
- The Board of Directors approved the quarterly dividend of
$1.00 per share on the Company's issued and outstanding common shares. The dividend is payable onSeptember 30, 2022 , to all shareholders of record as atSeptember 15, 2022 .
Normal Course Issuer Bid
- As at
June 30, 2022 , the Company had repurchased and cancelled 556,440 common shares for approximately$100 million under its normal course issuer bid ("NCIB") program. The NCIB program allows to purchase for cancellation up to 5,282,458 common shares untilFebruary 15, 2023 , representing approximately 3% of the Company's issued and outstanding common shares as atFebruary 8, 2022 .
12-Month Industry Outlook
- Over the next twelve months, we expect firm-to-hard insurance market conditions to continue in most lines of business, supported by high pre-pandemic combined ratios, inflation, and climate change.
- In
Canada , we expect firm market conditions to continue in personal property. Personal auto premium growth is expected to progress towards the mid-single-digit range to reflect inflation and evolving driving patterns. - In commercial lines, in both the US and
Canada , hard market conditions are expected to continue. - In the UK&I, hard market conditions are expected to continue across commercial lines. In personal lines, near term industry growth levels are uncertain as companies navigate pricing reforms and inflation.
Segment Results
(in millions of Canadian dollars except as otherwise noted) | Q2-2022 | Q2-2021 | Change | H1-2022 | H1-2021 | Change |
Operating direct premiums written | ||||||
4,047 | 3,051 | 33 % | 6,956 | 5,176 | 34 % | |
UK&I | 1,157 | n/a | n/a | 2,456 | n/a | n/a |
US | 603 | 512 | 14 % | 1,073 | 909 | 16 % |
Corporate (RSA - | n/a | 734 | nm | n/a | 734 | nm |
Total | 5,807 | 4,297 | 36 % | 10,485 | 6,819 | 54 % |
Operating combined ratio | ||||||
90.6 % | 85.0 % | 5.6 pts | 90.4 % | 86.5 % | 3.9 pts | |
UK&I | 91.3 % | n/a | n/a | 95.2 % | n/a | n/a |
US | 91.1 % | 90.3 % | 0.8 pts | 89.0 % | 93.3 % | (4.3) pts |
Corporate (RSA - | n/a | 90.7 % | n/a | n/a | 90.7 % | nm |
Total | 90.7 % | 86.7 % | 4.0 pts | 91.2 % | 87.8 % | 3.4 pts |
Underwriting income | ||||||
312 | 374 | (62) | 633 | 656 | (23) | |
UK&I | 89 | n/a | n/a | 101 | n/a | n/a |
US | 38 | 37 | 1 | 93 | 51 | 42 |
Corporate and Other | 2 | (4) | 6 | 10 | (3) | 13 |
RSA – | n/a | 57 | n/a | n/a | 57 | nm |
Total | 441 | 464 | (23) | 837 | 761 | 76 |
Q2-2022 Insurance Business Performance
- Operating DPW growth of 36% in constant currency mainly reflected the RSA acquisition. Organic growth was 4%, led by 7% growth in commercial lines.
- Operating combined ratio was strong at 90.7%, but 4.0 points higher than last year due to a
$175 million increase in catastrophe losses. The operating combined ratio inCanada was a solid 90.6%, 5.6 points above last year, driven by higher catastrophe losses and driving activity, partially offset by a reduction in variable commissions. In the UK&I, the operating combined ratio was a strong 91.3% in a seasonally favourable quarter. In the US, the operating combined ratio of 91.1% was in line with expectations.
Lines of Business
P&C Canada
- Personal auto premiums grew by 28%, driven by RSA and 1% organic growth. The operating combined ratio was a strong 89.8%, but 7.4 points higher than last year reflecting increased driving activity and higher severity driven in part by inflation. This was offset in part by lower variable commissions. Although driving activity was up from the prior year, claims frequency remained below pre-pandemic levels.
- Personal property premiums grew by 28%, driven by RSA and 6 points of organic growth in firm market conditions. The operating combined ratio of 97.6% was 14.3 points higher than last year as a result of elevated weather activity, compared to very mild weather in the comparable period.
- Commercial lines premium growth of 42% was driven by RSA and strong organic growth of 7%, supported by hard market conditions. The operating combined ratio improved by 3.6 points to a very strong 86.0%, helped by our profitability actions over time and lower variable commissions.
- Distribution income grew by 19%, driven by accretive acquisitions over the past 12 months and higher income from our On Side Restoration business.
P&C UK&I
- Personal lines operating DPW was
$424 million . We remained disciplined in competitive market conditions, with recent pricing reforms impactingUK home and motor. The strong operating combined ratio of 88.3% reflects 5.2 points of favourable development in catastrophe losses driven by a revised estimate of the February windstorms, bolstered by favourable seasonality in Q2. - Commercial lines operating DPW was
$733 million in hard market conditions. The operating combined ratio was 93.6%, reflecting elevated catastrophe losses, offset in part by a lower-than-expected expense ratio.
P&C US
- US Commercial premium growth was strong at 14% driven by new business, increased exposures, and rate increases in favourable market conditions. The operating combined ratio remained solid at 91.1%, and 0.8 points higher than last year due to non-weather catastrophe losses.
Investments
- Operating net investment income of
$211 million for the quarter increased 37% year-over-year, mainly driven by the RSA acquisition and higher yields captured against the backdrop of rising interest rates. - Net gains excluding FVTPL bonds of $400 million reflects significant gains on equity securities as we repositioned certain portfolios in a volatile environment.
Net Operating Income, EPS and ROE
- Net operating income attributable to common shareholders of
$553 million is up 10% from a year ago, reflecting a meaningful contribution from the RSA acquisition and strong investment and underwriting results, offset in part by higher catastrophe losses. - Earnings per share of
$6.64 was 85% higher than last year, as robust operating results were bolstered by realized gains on investments and the sale of RSA's Danish business,Codan Forsikring A/S ("Codan Denmark"). - Operating ROE of 15.4% and ROE of 18.5% for the 12 months to
June 30, 2022 reflected strong performance across the business.
Balance Sheet
- The Company ended the quarter in a strong financial position, with a total capital margin of
$2 .5 billion, in line with Q1-2022 levels. - IFC's book value per share (BVPS) of
$80.86 as atJune 30, 2022 increased 4% from a year ago driven by strong earnings, partially offset by mark-to-market losses on our investments due to the increase in interest rates and the recent volatility in capital markets. - The adjusted debt-to-total capital ratio decreased to 20.3% as at
June 30, 2022 , in line with our long term target, as proceeds from the sale of Codan Denmark were used to pay down debt during the quarter.
RSA Acquisition
- RSA contributed approximately 15% to NOIPS for the 13-month period since closing. Given the overall strength of Intact's results, double-digit accretion is evidence of the quality of the acquired businesses.
- We remain on track to realize at least
$250 million of pre-tax annual run-rate synergies in 2024. As atJune 30, 2022 we estimate that we have delivered$175 million in run-rate synergies. - Integration activities are progressing well. In Canada, policy conversion in the broker channel remains a top priority. In Q2, we started the conversion of the larger Commercial lines policies, while nearly 85% of Personal lines broker policies and Commercial lines small business and fleet policies have been converted to Intact systems to date.
- On
May 2, 2022 , the sale of Codan Denmark to Alm. brand A/S Group was completed for a total base cash consideration ofDKK 12.6 billion ($2.3 billion ), subject to post-closing adjustments. IFC received 50% of the proceeds. - On
July 7, 2022 we completed the sale of our 50% stake in RSA Middle East toNational Life & General Insurance Company (NLGIC), majority owned by Oman International Development and Investment Co. (OMINVEST) for proceeds of approximately$175 million (USD135 million ), subject to post-closing adjustments.
Preferred Share Dividends
The Board of Directors also approved a quarterly dividend of
Analysts' Estimates
- The average estimates of earnings per share and net operating income per share for the quarter among the analysts who follow the Company were
$3.36 and$2.71 , respectively.
Management's Discussion and Analysis (MD&A) and Consolidated Financial Statements
This Press Release, which was approved by the Company's Board of Directors on the Audit Committee's recommendation, should be read in conjunction with the Q2-2022 MD&A as well as the Q2-2022 Consolidated Financial Statements, which are available on the Company's website at www.intactfc.com and later today on SEDAR at www.sedar.com.
For the definitions of measures and other insurance-related terms used in this Press Release, please refer to the MD&A and to the glossary available in the "Investors" section of the Company's website at www.intactfc.com.
Conference Call Details
About
In
In the US, Intact Insurance Specialty Solutions provides a range of specialty insurance products and services through independent agencies, regional and national brokers, and wholesalers and managing general agencies.
Non-GAAP and other financial measures
Non-GAAP financial measures and Non-GAAP ratios (which are calculated using Non-GAAP financial measures) do not have standardized meanings prescribed by IFRS (or GAAP) and may not be comparable to similar measures used by other companies in our industry. Non-GAAP and other financial measures are used by management and financial analysts to assess our performance. Further, they provide users with an enhanced understanding of our financial results and related trends, and increase transparency and clarity into the core results of the business.
Non-GAAP financial measures and Non-GAAP ratios used in this Press Release and the Company's financial reports include measures related to our consolidated performance, our underwriting performance and our financial strength.
For more information about these supplementary financial measures, Non-GAAP financial measures, and Non-GAAP ratios, including definitions and explanations of how these measures provide useful information, refer to Section 19 – Non-GAAP and other financial measures in the Q2-2022 MD&A dated
Q2-2022 | Q2-2021 | H1-2022 | H1-2021 | |
Net income attributable to shareholders, as reported under IFRS | 1,183 | 566 | 1,642 | 1,080 |
Remove: pre-tax non-operating losses (gains) | (697) | (6) | (697) | (178) |
Remove: non-operating tax expense (benefit) | 89 | (45) | 136 | (30) |
Remove: non-operating component of NCI | (6) | - | (24) | - |
NOI | 569 | 515 | 1,057 | 872 |
Remove: preferred share dividends | (16) | (13) | (29) | (26) |
NOI attributable to common shareholders | 553 | 502 | 1,028 | 846 |
Divided by weighted-average number of common shares (in millions) | 175.8 | 153.9 | 175.9 | 148.5 |
NOIPS, basic and diluted (in dollars) | 3.14 | 3.26 | 5.84 | 5.69 |
NOI to common shareholders for the last 12 months | 2,199 | 1,698 | ||
Adjusted average common shareholders' equity, excluding AOCI | 14,275 | 8,567 | ||
OROE for the last 12 months | 15.4 % | 19.8 % |
Q2-2022 | Q2-2021 | H1-2022 | H1-2021 | |
DPW, as reported under IFRS | 6,238 | 4,414 | 11,331 | 6,957 |
Remove: impact of industry pools and fronting | (300) | (114) | (585) | (133) |
Remove: DPW from exited lines | (149) | (5) | (290) | (7) |
Add: impact of the normalization for multi-year policies | 18 | 2 | 29 | 2 |
Operating DPW, as reported in the MD&A | 5,807 | 4,297 | 10,485 | 6,819 |
Operating DPW growth | 35 % | 27 % | 54 % | 16 % |
Operating DPW growth (in constant currency) | 36 % | 29 % | 54 % | 17 % |
Q2-2022 | Q2-2021 | H1-2022 | H1-2021 | |
Net earned premiums, as reported under IFRS | 4,902 | 3,508 | 9,793 | 6,285 |
Other underwriting revenues, as reported under IFRS | 78 | 45 | 151 | 80 |
Net claims incurred, as reported under IFRS | (2,585) | (1,857) | (5,132) | (3,288) |
Underwriting expenses, as reported under IFRS | (1,640) | (1,272) | (3,237) | (2,228) |
Underwriting income (loss), as calculated under IFRS | 755 | 424 | 1,575 | 849 |
Remove: impact of MYA on underwriting results | (363) | 29 | (829) | (117) |
Remove: non-operating pension expense | 14 | 16 | 27 | 32 |
Remove: underwriting loss (income) from exited lines | 35 | (5) | 64 | (3) |
Underwriting income (loss), as reported in the MD&A | 441 | 464 | 837 | 761 |
Operating NEP | 4,758 | 3,482 | 9,500 | 6,241 |
Operating combined ratio | 90.7 % | 86.7 % | 91.2 % | 87.8 % |
Q2-2022 | Q2-2021 | H1-2022 | H1-2021 | |
Net claims incurred, as reported under IFRS | 2,585 | 1,857 | 5,132 | 3,288 |
Remove: positive (negative) impact of MYA on underwriting results | 363 | (29) | 829 | 117 |
Remove: adjustment for non-operating pension expense | (5) | (6) | (10) | (12) |
Remove: net claims from exited lines | (118) | (12) | (233) | (26) |
Net with: other underwriting revenues | (11) | - | (21) | - |
Operating net claims, as reported in the MD&A | 2,814 | 1,810 | 5,697 | 3,367 |
Remove: net current year CAT losses | (248) | (73) | (430) | (125) |
Remove: favourable (unfavourable) PYD | 179 | 136 | 402 | 286 |
Operating net claims excluding current year CAT losses and PYD | 2,745 | 1,873 | 5,669 | 3,528 |
Operating NEP | 4,758 | 3,482 | 9,500 | 6,241 |
Remove: reinstatement premiums ceded (recovered) | 3 | - | 3 | 1 |
Operating NEP before reinstatement premiums | 4,761 | 3,482 | 9,503 | 6,242 |
Underlying current year loss ratio1 | 57.6 % | 53.8 % | 59.6 % | 56.6 % |
CAT loss ratio (including reinstatement premiums) 1 | 5.3 % | 2.1 % | 4.6 % | 2.0 % |
(Favourable) unfavourable PYD ratio2 | (3.8) % | (3.9) % | (4.2) % | (4.6) % |
Claims ratio2 | 59.1 % | 52.0 % | 60.0 % | 54.0 % |
1 Calculated using Operating NEP before reinstatement premiums. |
2 Calculated using Operating NEP. |
Q2-2022 | Q2-2021 | H1-2022 | H1-2021 | |
Underwriting expenses, as reported under IFRS | 1,640 | 1,272 | 3,237 | 2,228 |
Net with: other underwriting revenues | (67) | (45) | (130) | (80) |
Remove: adjustment for non-operating pension expense | (9) | (10) | (17) | (20) |
Remove: underwriting expenses from exited lines | (61) | (9) | (124) | (15) |
Operating net underwriting expenses, as reported in the MD&A | 1,503 | 1,208 | 2,966 | 2,113 |
Commissions | 787 | 673 | 1,528 | 1,155 |
General expenses | 583 | 422 | 1,172 | 747 |
Premium taxes | 133 | 113 | 266 | 211 |
Operating NEP | 4,758 | 3,482 | 9,500 | 6,241 |
Commissions ratio | 16.6 % | 19.4 % | 16.1 % | 18.5 % |
General expenses ratio | 12.2 % | 12.1 % | 12.3 % | 11.9 % |
Premium taxes ratio | 2.8 % | 3.2 % | 2.8 % | 3.4 % |
Expense ratio | 31.6 % | 34.7 % | 31.2 % | 33.8 % |
Q2-2022 | Q2-2021 | H1-2022 | H1-2021 | ||||
Net income attributable to shareholders | 1,183 | 566 | 1,642 | 1,080 | |||
Remove: preferred share dividends | (16) | (13) | (29) | (26) | |||
Net income attributable to common shareholders | 1,167 | 553 | 1,613 | 1,054 | |||
Divided by weighted-average number of common shares (in millions) | 175.8 | 153.9 | 175.9 | 148.5 | |||
EPS, basic and diluted (in dollars) | 6.64 | 3.59 | 9.17 | 7.10 | |||
Net income attributable to common shareholders for the last 12 months | 2,573 | 1,740 | |||||
Adjusted average common shareholders' equity | 13,934 | 8,895 | |||||
ROE for the last 12 months | 18.5 % | 19.6 % | |||||
MD&A captions | Pre-tax | ||||||||
As presented in the Financial statements | Distribution income |
Total | Other |
Operating |
Total |
Non- |
Underwriting income |
Total F/S caption | |
For the quarter ended | |||||||||
Underwriting income1 | - | - | - | - | - | 314 | 441 | 755 | |
Investment income | - | - | - | 220 | - | 2 | - | 222 | |
Other revenues | 137 | - | 1 | - | - | - | - | 138 | |
Net gains (losses) | - | - | - | - | - | 123 | - | 123 | |
Gain on sale of business | - | - | - | - | - | 423 | - | 423 | |
Share of profits from investments in associates and joint ventures | 59 | (3) | - | - | (14) | (5) | - | 37 | |
Finance costs | - | (43) | - | - | - | - | - | (43) | |
Acquisition, integration and restructuring costs | - | - | - | - | - | (103) | - | (103) | |
Other expenses | (55) | - | (32) | - | - | (57) | - | (144) | |
Income tax benefit (expense) | - | - | - | - | (215) | - | - | (215) | |
Total, as reported in MD&A | 141 | (46) | (31) | 220 | (229) | 697 | 441 | ||
For the quarter ended | |||||||||
Underwriting income1 | - | - | - | - | - | (40) | 464 | 424 | |
Investment income | - | - | - | 161 | - | - | - | 161 | |
Other revenues | 92 | - | 13 | - | - | - | - | 105 | |
Net gains (losses) | - | - | - | - | - | 25 | - | 25 | |
Gain on the RSA Acquisition | - | - | - | - | - | 200 | - | 200 | |
Share of profits from investments in associates and joint ventures | 60 | (2) | - | - | (14) | (6) | - | 38 | |
Finance costs | - | (38) | - | - | - | - | - | (38) | |
Acquisition, integration and restructuring costs | - | - | - | - | - | (138) | - | (138) | |
Other expenses | (34) | - | (25) | - | - | (35) | - | (94) | |
Income tax benefit (expense) | - | - | - | - | (103) | - | - | (103) | |
- | |||||||||
Total, as reported in MD&A | 118 | (40) | (12) | 161 | (117) | 6 | 464 | ||
MD&A captions | Pre-tax | ||||||||
As presented in the Financial statements | Distribution income |
Total | Other |
Operating |
Total |
Non- |
Underwriting income |
Total F/S caption | |
For the six-month period ended | |||||||||
Underwriting income1 | - | - | - | - | - | 738 | 837 | 1,575 | |
Investment income | - | - | - | 433 | - | 4 | - | 437 | |
Other revenues | 268 | - | 4 | - | - | - | - | 272 | |
Net gains (losses) | - | - | - | - | - | (173) | - | (173) | |
Gain on sale of business | - | - | - | - | - | 423 | - | 423 | |
Share of profits from investments in associates and joint ventures | 97 | (4) | - | - | (22) | (9) | - | 62 | |
Finance costs | - | (84) | - | - | - | - | - | (84) | |
Acquisition, integration and restructuring costs | - | - | - | - | - | (167) | - | (167) | |
Other expenses | (132) | - | (66) | - | - | (119) | - | (317) | |
Income tax benefit (expense) | - | - | - | - | (380) | - | - | (380) | |
Total, as reported in MD&A | 233 | (88) | (62) | 433 | (402) | 697 | 837 | ||
For the six-month period ended | |||||||||
Underwriting income1 | - | - | - | - | - | 88 | 761 | 849 | |
Investment income | - | - | - | 307 | - | - | - | 307 | |
Other revenues | 181 | - | 16 | - | - | - | - | 197 | |
Net gains (losses) | - | - | - | - | - | 143 | - | 143 | |
Gain on the RSA Acquisition | - | - | - | - | - | 200 | - | 200 | |
Share of profits from investments in associates and joint ventures | 83 | (6) | - | - | (18) | (10) | - | 49 | |
Finance costs | - | (66) | - | - | - | - | - | (66) | |
Acquisition, integration and restructuring costs | - | - | - | - | - | (181) | - | (181) | |
Other expenses | (84) | - | (34) | - | - | (62) | - | (180) | |
Income tax benefit (expense) | - | - | - | - | (219) | - | - | (219) | |
Total, as reported in MD&A | 180 | (72) | (18) | 307 | (237) | 178 | 761 | ||
1 Comprised of the following captions in the Consolidated statements of income: Net earned premiums, Other underwriting revenues, Net claims incurred and Underwriting expenses. |
Table 9 Calculation of BVPS and BVPS (excluding AOCI) | |||||
As at | 2022 | 2021 | |||
Equity attributable to shareholders, as reported under IFRS | 15,515 | 14,851 | |||
Remove: Preferred shares, as reported under IFRS | (1,322) | (1,175) | |||
Common shareholders' equity | 14,193 | 13,676 | |||
Remove: AOCI, as reported under IFRS | 1,165 | (483) | |||
Common shareholders' equity (excluding AOCI) | 15,358 | 13,193 | |||
Number of common shares outstanding at the same date (in millions) | 175.5 | 176.1 | |||
BVPS | 80.86 | 77.67 | |||
BVPS (excluding AOCI) | 87.50 | 74.93 | |||
As at | 2022 | 2021 |
Ending common shareholders' equity | 14,193 | 13,676 |
Remove: common shares issued during the period | - | (4,311) |
Ending common shareholders' equity, excluding common shares issued during the period | 14,193 | 9,365 |
Beginning common shareholders' equity | 13,676 | 7,716 |
Average common shareholders' equity, excluding common shares issued during the period | 13,934 | 8,541 |
Weighted impact of | - | 354 |
Adjusted average common shareholders' equity | 13,934 | 8,895 |
Ending common shareholders' equity (excluding AOCI) | 15,358 | 13,193 |
Remove: common shares issued during the period | - | (4,311) |
Ending common shareholders' equity, excluding AOCI and common shares issued during the period | 15,358 | 8,882 |
Beginning common shareholders' equity, excluding AOCI | 13,193 | 7,544 |
Average common shareholders' equity, excluding AOCI and common shares issued during the period | 14,275 | 8,213 |
Weighted impact of | - | 354 |
Adjusted average common shareholders' equity, excluding AOCI | 14,275 | 8,567 |
As at | 2022 | 2022 | 2021 |
Debt outstanding, as reported under IFRS | 4,345 | 5,370 | 5,229 |
Remove: hybrid subordinated notes | (247) | (247) | (247) |
Debt outstanding (excluding hybrid debt) | 4,098 | 5,123 | 4,982 |
Debt outstanding, as reported under IFRS | 4,345 | 5,370 | 5,229 |
Equity attributable to shareholders, as reported under IFRS | 15,515 | 15,787 | 15,674 |
Equity attributable to NCI, as reported under IFRS | |||
Include: RSA Insurance Group plc, as reported under IFRS Tier 1 notes | - | - | 510 |
Preferred shares | 285 | 285 | 285 |
Adjusted total capital | 20,145 | 21,442 | 21,698 |
Debt outstanding (excluding hybrid debt) | 4,098 | 5,123 | 4,982 |
Adjusted total capital | 20,145 | 21,442 | 21,698 |
Adjusted debt-to-total capital ratio | 20.3 % | 23.9 % | 23.0 % |
Debt outstanding, as reported under IFRS | 4,345 | 5,370 | 5,229 |
Preferred shares, as reported under IFRS | 1,322 | 1,322 | 1,175 |
Equity attributable to NCI: RSA Insurance Group plc, as reported under IFRS Tier 1 notes | - | - | 510 |
Preferred shares | 285 | 285 | 285 |
Debt outstanding and preferred shares (including NCI) | 5,952 | 6,977 | 7,199 |
Adjusted total capital (see above) | 20,145 | 21,442 | 21,698 |
Total leverage ratio | 29.5 % | 32.5 % | 33.2 % |
Adjusted debt-to-total capital ratio | 20.3 % | 23.9 % | 23.0 % |
Preferred shares and hybrids | 9.2 % | 8.6 % | 10.2 % |
Forward Looking Statements
Certain statements made in this news release are forward-looking statements. These forward-looking statements include, without limitation, statements relating to the outlook for the property and casualty insurance industry in
Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements as a result of various factors, including those discussed in the Company's most recently filed Annual Information Form dated
SOURCE
© Canada Newswire, source