Futures and Commodity Market News

TORONTO, May 7, 2024 (CNW Group via COMTEX) --

(in Canadian dollars except as otherwise noted)

(TSX: IFC) 

Highlights

Charles Brindamour, Chief Executive Officer, said:

"We delivered strong results again this quarter with contribution from all segments, resulting in mid-teens ROE and solid book value growth. We also continued to make good progress on the integration of DLG, closed the sale of our UK direct Personal Lines operations and advanced on all other aspects of our strategic roadmap. With our strong balance sheet and business fundamentals, we are on course to grow net operating income per share by 10% per year over time and outperform the industry ROE by at least 500 basis points."

12-Month Industry Outlook

Segment Results

Q1-2024 Consolidated Performance

Lines of Business4

P&C Canada

P&C UK&I

P&C US

Net Operating Income, EPS and ROE

Balance Sheet

Common Share Dividend

Preferred Share Dividends

Analysts' Estimates

Management's Discussion and Analysis (MD&A) and Interim Condensed 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 Q1-2024 MD&A, as well as the Q1-2024 interim condensed consolidated financial statements, which are available on the Company's website at www.intactfc.com and later today on SEDAR+ at www.sedarplus.ca.

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

Intact Financial Corporation will host a conference call to review its earnings results tomorrow at 11:00 a.m. ET. To listen to the call via live audio webcast and to view the Company's interim condensed Consolidated Financial Statements, MD&A, presentation slides, Supplementary financial information and other information not included in this press release, visit the Company's website at www.intactfc.com and link to "Investors". The conference call is also available by dialing 416-764-8659 or 1-888-664-6392 (toll-free in North America). Please call 10 minutes before the start of the call. A replay of the call will be available on May 8, 2024 at 2:00 p.m. ET until midnight on May 15, 2024. To listen to the replay, call 416-764-8677 or 1-888-390-0541 (toll-free in North America), entry code 498474. A transcript of the call will also be made available on Intact Financial Corporation's website.

About Intact Financial Corporation

Intact Financial Corporation (TSX: IFC) is the largest provider of property and casualty (P&C) insurance in Canada, a leading provider of global specialty insurance, and, with RSA, a leader in the U.K. and Ireland. Our business has grown organically and through acquisitions to over $22 billion of total annual operating DPW.

In Canada, Intact distributes insurance under the Intact Insurance brand through agencies and a wide network of brokers, including its wholly owned subsidiary BrokerLink. Through belairdirect, Intact distributes directly to consumers. Intact also provides affinity insurance solutions through affinity groups, travel insurance, as well as exclusive and tailored offerings through Intact Prestige.

In the U.S., 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.

In the U.K., Ireland, and Europe, Intact provides personal, commercial and specialty insurance solutions through the RSA, NIG and FarmWeb brands.

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 16 â?? Non-GAAP and other financial measures in the Q1-2024 MD&A dated May 7, 2024, which is available on our website at www.intactfc.com and on SEDAR+ at www.sedarplus.ca.

Table 1  Reconciliation of NOI, NOIPS and OROE to Net income attributable to common shareholders, as reported under IFRS

Table 2  Reconciliation of underwriting results on a MD&A basis with the interim condensed consolidated financial statements

Reconciling items in the table above:

Table 3  Reconciliation of Net unwind of discount on claims liabilities to Net insurance financial result, as reported under IFRS

Table 4  Reconciliation of ROE to Net income attributable to shareholders, as reported under IFRS

Table 5  Reconciliation of consolidated results on a MD&A basis with the interim condensed consolidated financial statements

Table 6  Reconciliation of AEPS and AROE to Net income attributable to shareholders, as reported under IFRS

Table 7  Calculation of BVPS and BVPS, excluding AOCI

Table 8  Adjusted average common shareholders' equity and Adjusted average common shareholders' equity, excluding AOCI

Table 9  Reconciliation of Debt outstanding (excluding hybrid debt) and Total capital to Debt outstanding, Equity attributable to shareholders and Equity attributable to NCI, as reported under IFRS

Forward Looking Statements

Certain statements made in this news release are forward-looking statements. These statements include, without limitation, statements relating to the outlook for the property and casualty insurance industry in Canada, the U.S. and the UK, the Company's business outlook, the Company's growth prospects, the Direct Line Insurance Group plc's brokered Commercial Lines operations acquisition and the exit of Royal & Sun Alliance Insurance Limited ("RSA") from the UK personal lines market, including the sale of our UK direct personal lines operations to Admiral Group plc. All such forward-looking statements are made pursuant to the 'safe harbour' provisions of applicable Canadian securities laws.

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 February 13, 2024 and available on SEDAR+ at www.sedarplus.ca. As a result, we cannot guarantee that any forward-looking statement will materialize and we caution you against relying on any of these forward-looking statements. Except as may be required by Canadian securities laws, we do not undertake any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise. Please read the cautionary note at the beginning of the Q1-2024 MD&A.

SOURCE Intact Financial Corporation

SOURCE: Intact Financial Corporation

Media Inquiries, David Barrett, Director, Media, Social and Owned Channels, 416
227-7905 / 514 985-7165, media@intact.net; Investor Inquiries, Shubha Khan, Vice
President, Investor Relations, 416 341-1464 ext. 41004, shubha.khan@intact.net

COMTEX_452027200/2197/2024-05-07T17:01:00

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