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Intact improves its performance in the last quarter of 2018, but not for the full year

by

Frédérique De Simone

February 7, 2019 11:00

Photo : Freepik

Intact financial Corporation has ended 2018 with a net income of $ 707 million (M$), or$ 85 Million less than in 2017.

The insurer asserts that the improvement of its results in individual insurance, especially motor insurance, was offset by higher large claims and catastrophe losses in the insurance business.

The insurer, however, has improved its performance in the last quarter of 208, its net income from $ 232 Million to$ 244 M$. This was his quarter, the most cost-effective in 2018, and also the one where it presented its combined ratio the lowest 91.7 %.

In his comments to the publication of these results, Charles Brindamour, ceo of Intact, has focused on the results of the insurer in automobile insurance. He stressed that Intact had achieved its aim of presenting a combined ratio of 95 % in this business segment.

“Our goal now is to maintain this performance. OneBeacon remains on track to achieve a combined ratio equal to, or slightly greater than 90 % and become a leader in north american specialized insurance products. “

Business insurance : different realities in Canada and the United States

For the insurance companies, the result is different, but the insurer remains in good shape, ” he says. Thus, in Canada, the combined ratio deteriorated in this business segment, increasing from 86.5 per cent in 2017 94.6 % in 2018. It has however improved in the United States, amounting to 96.7 % for 2018.

“During the year, we have invested significantly in digital technology and in artificial intelligence in the context of our transformation is focused on customers that we can position ourselves to stay ahead of the competition “, has also commented on Mr. Brindamour.

In Canada, Intact financial Corporation includes Intact insurance, Belairdirect , and BrokerLink, which represents a premium volume of$ 8.6 billion. In the United States, it has acquired OneBeacon in 2017, which has a premium volume of$1.5 billion.

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