Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
Open platformOpen platform

Canadian insurer Intact Financial Q3 adj EPS misses estimates

By Reuters News


Overview

  • Canada property and casualty insurer's Q3 adjusted EPS for Q3 missed analyst expectations

  • Combined ratio rose to 94.0% due to higher catastrophe losses


Outlook

  • Company expects industry premium growth in Personal lines to be in the high-single-digit range

  • Intact sees industry premium growth in Commercial and Specialty lines in the low to mid-single-digit range


Result Drivers

  • CATASTROPHE LOSSES - Co said higher-than-expected catastrophe losses weighed on underwriting results and combined ratio

  • PERSONAL LINES GROWTH - Co cited strength in Personal lines, including 10% growth in Personal auto DPW and 7% in Personal property DPW

  • DISTRIBUTION AND INVESTMENT INCOME - Co said distribution and investment income contributed meaningfully to net operating income per share


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 AEPS

Miss

C$3.45

C$3.47 (12 Analysts)

Q3 EPS

C$3.03

Q3 Net Income

C$562 mln

Q3 Operating Income

C$641 mln


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the property & casualty insurance peer group is "hold."

  • Wall Street's median 12-month price target for Intact Financial Corp is C$310.00, about 17.1% above its November 2 closing price of C$264.66

  • The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 15 three months ago


Reuters Recommended Reads

  • Nov 3 - AIG Q3 net premiums written rise on commercial, personal insurance growth

  • Nov 3 - United Fire Group Q3 profit falls 10% as combined ratio worsens

  • Nov 3 - British insurer Hiscox's nine-month premiums rise on retail demand


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.
The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.
To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.
 

Cryptocurrency-related content is intended solely as news and market commentary. Crypto Derivatives are not available to Retail clients registered with Capital Com (UK) Ltd.