(in Canadian dollars except as otherwise noted)
TORONTO, Nov. 5, 2024 /CNW/ - (TSX: IFC)
Highlights
Charles Brindamour, Chief Executive Officer, said:
"The devastating effects from severe weather events in the quarter have impacted the lives of tens of thousands of customers. Our employees were on the ground within the first hours of these events providing immediate assistance to affected communities. We are leveraging our competitive advantages, which include On Side Restoration and Intact Service Centres, to minimize losses for our customers. In this context, our operations have shown great financial resiliency, reflected by our strong capital position and mid-teens operating ROE over the last 12 months. It's in these challenging moments that we demonstrate our purpose - to help people, businesses and society prosper in good times and be resilient in bad."
Consolidated Highlights | Q3-2024 | Q3-2023 | Change | YTD-2024 | YTD-2023 | Change | |
Operating direct premiums written1,2 | 6,207 | 5,925 | 4 % | 17,972 | 16,960 | 5 % | |
Combined ratio1 | 103.9 % | 98.3 % | 5.6 pts | 94.2 % | 95.6 % | (1.4) pts | |
Underwriting (loss) income1 | (215) | 88 | (344) % | 925 | 666 | 39 % | |
Operating net investment income | 394 | 349 | 13 % | 1,161 | 970 | 20 % | |
Distribution income1 | 132 | 116 | 14 % | 401 | 358 | 12 % | |
Net operating income attributable to common shareholders1 | 182 | 349 | (48) % | 1,695 | 1,301 | 30 % | |
Net income | 212 | 163 | 30 % | 1,643 | 800 | 105 % | |
Per share measures (in dollars) | |||||||
Net operating income per share (NOIPS)1,3 | $1.01 | $1.98 | (49) % | $9.49 | $7.41 | 28 % | |
Earnings per share (EPS) – diluted3 | $1.06 | $0.83 | 28 % | $8.78 | $4.19 | 110 % | |
Book value per share1 | $90.60 | $77.24 | 17 % | ||||
Return on equity for the last 12 months | |||||||
Operating ROE1 | 15.8 % | 12.0 % | 3.8 pts | ||||
Adjusted ROE1 | 16.7 % | 10.6 % | 6.1 pts | ||||
ROE1 | 13.8 % | 7.8 % | 6.0 pts | ||||
Total capital margin1 | 2,566 | 2,841 | (275) | ||||
Adjusted debt-to-total capital ratio1 | 20.3 % | 22.7 % | (2.4) pts |
12-Month Industry Outlook
___________________________________________ | |
1 | This release contains Non-GAAP financial measures, Non-GAAP ratios and other financial measures (each as defined in National Instrument 52-112 "Non-GAAP and Other Financial Measures Disclosure"). Refer to Section 14 – Non-GAAP and other financial measures in the Q3-2024 Management's Discussion and Analysis for further details. |
2 | DPW change (growth) is presented in constant currency. |
3 | Per share metric is calculated based on the weighted-average diluted number of common shares. |
Segment Results
(in millions of Canadian dollars except as otherwise noted) | Q3-2024 | Q3-2023 | Change | YTD-2024 | YTD-2023 | Change |
Operating direct premiums written1,2 | ||||||
Canada | 4,261 | 3,943 | 8 % | 12,076 | 11,209 | 8 % |
UK&I3 | 1,075 | 1,157 | (11) % | 3,635 | 3,594 | (2) % |
US | 871 | 825 | 4 % | 2,261 | 2,157 | 4 % |
Total | 6,207 | 5,925 | 4 % | 17,972 | 16,960 | 5 % |
Combined ratio1 | ||||||
Canada | 109.5 % | 101.8 % | 7.7 pts | 95.4 % | 97.3 % | (1.9) pts |
UK&I3 | 91.9 % | 92.5 % | (0.6) pts | 92.9 % | 93.7 % | (0.8) pts |
US | 87.4 % | 88.5 % | (1.1) pts | 88.0 % | 89.6 % | (1.6) pts |
Combined ratio | 103.9 % | 98.3 % | 5.6 pts | 94.2 % | 95.6 % | (1.4) pts |
Q3-2024 Consolidated Performance
Lines of Business
P&C Canada
P&C UK&I2
P&C US2
_____________________________________________ | |
1 | This release contains Non-GAAP financial measures, Non-GAAP ratios and other financial measures (each as defined in National Instrument 52-112 "Non-GAAP and Other Financial Measures Disclosure"). Refer to Section 14 – Non-GAAP and other financial measures in the Q3-2024 Management's Discussion and Analysis for further details. |
2 | DPW change (growth) is presented in constant currency. |
3 | The comparative period results presented in the table are on a reported basis. Following the exit of the UK Personal lines operations in 2023, performance of this segment is now analyzed on a pro-forma basis (which excludes UK Personal lines results) for comparability. Pro-forma growth in constant currency was 28% in Q3-2024 and 33% in YTD-2024. Pro-forma combined ratios were 90.4% for Q3-2023 and 89.7% for YTD-2023. |
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 Q3-2024 MD&A, as well as the Q3-2024 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 437-900-0527 or 1-888-510-2154 (toll-free in North America). Please call 10 minutes before the start of the call. A replay of the call will be available on November 6, 2024 at 1:00 p.m. ET until 11:59 p.m. ET on November 13, 2024. To listen to the replay, call 289-819-1450 or 1-888-660-6345 (toll-free in North America), entry code 05046. 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 UK 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 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.
In the UK, Ireland, and Europe, Intact provides Personal, Commercial and/or Specialty insurance solutions through the RSA, 123.ie, 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 other Company's financial reports include measures related to our consolidated performance, underwriting performance and 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 14 – Non-GAAP and other financial measures in the Q3-2024 MD&A dated September 30, 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 shareholders
Q3-2024 | Q3-2023 | YTD-2024 | YTD-2023 | |
Net income attributable to shareholders, as reported under IFRS | 207 | 163 | 1,630 | 792 |
Remove: pre-tax non-operating results | (23) | 265 | 117 | 613 |
Remove: non-operating tax expense (benefit) | 15 | (62) | 10 | (48) |
NOI attributable to shareholders | 199 | 366 | 1,757 | 1,357 |
Remove: preferred share dividends and other equity distribution | (17) | (17) | (62) | (56) |
NOI attributable to common shareholders | 182 | 349 | 1,695 | 1,301 |
Divided by weighted-average diluted number of common shares (in millions) | 178.6 | 175.9 | 178.6 | 175.5 |
NOIPS (in dollars) | 1.01 | 1.98 | 9.49 | 7.41 |
NOI attributable to common shareholders for the last 12 months | 2,408 | 1,791 | ||
Adjusted average common shareholders' equity, excluding AOCI | 15,277 | 14,894 | ||
OROE for the last 12 months | 15.8 % | 12.0 % |
Table 2 Reconciliation of underwriting results on a MD&A basis with the interim condensed consolidated financial statements (quarterly)
Financial statements | F/S | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | Total | MD&A | MD&A |
Quarter ended September 30, 2024 | |||||||||||||
Insurance revenue | 6,757 | (645) | (354) | (250) | (25) | 22 | (1,252) | 5,505 | Operating net underwriting revenue | ||||
Insurance service expense | (6,809) | 848 | 375 | (130) | 8 | (49) | (230) | 264 | 25 | (22) | 1,089 | (5,720) | Sum of: Operating net claims ($3,934 |
Expense from reinsurance | (645) | 645 | 645 | - | n/a | ||||||||
Income from reinsurance | 848 | (848) | (848) | - | n/a | ||||||||
Insurance service result | 151 | - | 21 | (130) | 8 | (49) | (230) | 14 | - | - | (366) | (215) | Underwriting income (loss) |
Quarter ended September 30, 2023 | |||||||||||||
Insurance revenue | 6,385 | (815) | (63) | (245) | (67) | 31 | (1,159) | 5,226 | Operating net underwriting revenue | ||||
Insurance service expense | (5,948) | 780 | 121 | (97) | 5 | (42) | (252) | 259 | 67 | (31) | 810 | (5,138) | Sum of: Operating net claims ($3,420 |
Expense from reinsurance | (815) | 815 | 815 | - | n/a | ||||||||
Income from reinsurance | 780 | (780) | (780) | - | n/a | ||||||||
Insurance service result | 402 | - | 58 | (97) | 5 | (42) | (252) | 14 | - | - | (314) | 88 | Underwriting income (loss) |
Reconciling items in the table above:
1 | Adjustment to present results net of reinsurance |
2 | Adjustment to exclude net underwriting revenue, net claims, net underwriting expenses from exited lines (treated as non-operating) |
3 | Adjustment to include indirect underwriting expenses (from Other income and expense under IFRS) |
4 | Adjustment to exclude the non-operating pension expense |
5 | Adjustment to reclassify intercompany commissions (to Distribution income & Other operating income (expense)) |
6 | Adjustment to exclude discount build on claims liabilities (treated as non-operating) |
7 | Adjustment to exclude Net insurance service results from claims acquired in a business combination (treated as non-operating) |
8 | Adjustment to reclassify Assumed (ceded) commissions and premium adjustments |
9 | Adjustment to reclassify Net insurance revenue from retroactive reinsurance contracts |
Table 3 Reconciliation of underwriting results on a MD&A basis with the interim condensed consolidated financial statements (year-to-date)
Financial statements | F/S | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | Total | MD&A | MD&A |
Nine-month period ended September 30, 2024 | |||||||||||||
Insurance revenue | 19,756 | (1,937) | (1,069) | (738) | (57) | 44 | (3,757) | 15,999 | Operating net underwriting revenue | ||||
Insurance service expense | (17,363) | 1,527 | 1,165 | (392) | 24 | (142) | (695) | 789 | 57 | (44) | 2,289 | (15,074) | Sum of: Operating net claims ($9,691 |
Expense from reinsurance | (1,937) | 1,937 | 1,937 | - | n/a | ||||||||
Income from reinsurance | 1,527 | (1,527) | (1,527) | - | n/a | ||||||||
Insurance service result | 1,983 | - | 96 | (392) | 24 | (142) | (695) | 51 | - | - | (1,058) | 925 | Underwriting income (loss) |
Nine-month period ended September 30, 2023 | |||||||||||||
Insurance revenue | 18,982 | (2,470) | (216) | (1,107) | (181) | 98 | (3,876) | 15,106 | Operating net underwriting revenue | ||||
Insurance service expense | (17,044) | 2,054 | 371 | (295) | 17 | (111) | (678) | 1,163 | 181 | (98) | 2,604 | (14,440) | Sum of: Operating net claims ($9,347 |
Expense from reinsurance | (2,470) | 2,470 | 2,470 | - | n/a | ||||||||
Income from reinsurance | 2,054 | (2,054) | (2,054) | - | n/a | ||||||||
Insurance service result | 1,522 | - | 155 | (295) | 17 | (111) | (678) | 56 | - | - | (856) | 666 | Underwriting income (loss) |
Reconciling items in the table above:
1 | Adjustment to present results net of reinsurance |
2 | Adjustment to exclude net underwriting revenue, net claims, net underwriting expenses from exited lines (treated as non-operating) |
3 | Adjustment to include indirect underwriting expenses (from Other income and expense under IFRS) |
4 | Adjustment to exclude the non-operating pension expense |
5 | Adjustment to reclassify intercompany commissions (to Distribution income & Other operating income (expense)) |
6 | Adjustment to exclude discount build on claims liabilities (treated as non-operating) |
7 | Adjustment to exclude Net insurance service results from claims acquired in a business combination (treated as non-operating) |
8 | Adjustment to reclassify Assumed (ceded) commissions and premium adjustments |
9 | Adjustment to reclassify Net insurance revenue from retroactive reinsurance contracts |
Table 4 Reconciliation of ROE to Net income attributable to shareholders
Q3-2024 | Q3-2023 | YTD-2024 | YTD-2023 | |
Net income attributable to shareholders, as reported under IFRS | 207 | 163 | 1,630 | 792 |
Remove: preferred share dividends and other equity distribution | (17) | (17) | (62) | (56) |
Net income attributable to common shareholders | 190 | 146 | 1,568 | 736 |
Divided by weighted-average number of common shares (in millions) | 178.4 | 175.9 | 178.3 | 175.5 |
EPS, basic (in dollars) | 1.07 | 0.83 | 8.79 | 4.19 |
Divided by weighted-average diluted number of common shares1 (in millions) | 178.6 | 175.9 | 178.6 | 175.5 |
EPS, diluted (in dollars) | 1.06 | 0.83 | 8.78 | 4.19 |
Net income attributable to common shareholders for the last 12 months | 2,064 | 1,066 | ||
Adjusted average common shareholders' equity | 14,967 | 13,695 | ||
ROE for the last 12 months | 13.8 % | 7.8 % |
1 Includes the net effect of the exercise of stock options. See Note 18 – Earnings per share to the interim condensed consolidated financial statements for more details. |
Table 5 Reconciliation of consolidated results on a MD&A basis with the interim condensed consolidated financial statements (quarterly)
MD&A captions | Pre-tax | |||||||||||
As presented in the Financial | Distribution |
Total | Other | Operating net |
Total |
Non- | Underwriting |
Total F/S | ||||
For the quarter ended September 30, 2024 | ||||||||||||
Insurance service result | 28 | 21 | 187 | (85) | 151 | |||||||
Net investment income | 394 | 394 | ||||||||||
Net gains (losses) on investment | 399 | 399 | ||||||||||
Net insurance financial result | (408) | (408) | ||||||||||
Share of profits from investments in | 31 | (4) | (1) | (7) | (2) | 17 | ||||||
Other net gains (losses) | 5 | 5 | ||||||||||
Other income and expense | 73 | (59) | (81) | (130) | (197) | |||||||
Other finance costs | (55) | (55) | ||||||||||
Acquisition, integration and restructuring | (77) | (77) | ||||||||||
Income tax benefit (expense) | (17) | (17) | ||||||||||
Total, as reported in MD&A | 132 | (59) | (39) | 394 | (24) | 23 | (215) | |||||
For the quarter ended September 30, 2023 | ||||||||||||
Insurance service result | 26 | 16 | 175 | 185 | 402 | |||||||
Net investment income | 349 | 349 | ||||||||||
Net gains (losses) on investment | (137) | (137) | ||||||||||
Net insurance financial result | (149) | (149) | ||||||||||
Share of profits from investments in | 32 | (2) | (7) | (7) | 16 | |||||||
Other net gains (losses) | 9 | 9 | ||||||||||
Other income and expense | 58 | (50) | (47) | (97) | (136) | |||||||
Other finance costs | (61) | (61) | ||||||||||
Acquisition, integration and restructuring | (109) | (109) | ||||||||||
Income tax benefit (expense) | (21) | (21) | ||||||||||
Total, as reported in MD&A | 116 | (63) | (34) | 349 | (28) | (265) | 88 |
Table 6 Reconciliation of consolidated results on a MD&A basis with the interim condensed consolidated financial statements (year-to-date)
MD&A captions | Pre-tax | |||||||||||
As presented in the Financial | Distribution |
Total | Other | Operating net |
Total |
Non- | Underwriting |
Total F/S | ||||
For the nine-month period ended September 30, 2024 | ||||||||||||
Insurance service result | 99 | 43 | 524 | 1,317 | 1,983 | |||||||
Net investment income | 1,161 | 1,161 | ||||||||||
Net gains (losses) on investment | 325 | 325 | ||||||||||
Net insurance financial result | (700) | (700) | ||||||||||
Share of profits from investments | 121 | (12) | (25) | (17) | 67 | |||||||
Other net gains (losses) | 259 | 259 | ||||||||||
Other income and expense | 181 | (170) | (228) | (392) | (609) | |||||||
Other finance costs | (166) | (166) | ||||||||||
Acquisition, integration and | (280) | (280) | ||||||||||
Income tax benefit (expense) | (397) | (397) | ||||||||||
Total, as reported in MD&A | 401 | (178) | (127) | 1,161 | (422) | (117) | 925 | |||||
For the nine-month period ended September 30, 2023 | ||||||||||||
Insurance service result | 71 | 40 | 450 | 961 | 1,522 | |||||||
Net investment income | 970 | 970 | ||||||||||
Net gains (losses) on investment | (283) | (283) | ||||||||||
Net insurance financial result | (321) | (321) | ||||||||||
Share of profits from investments in | 129 | (10) | (1) | (28) | (16) | 74 | ||||||
Other net gains (losses) | 28 | 28 | ||||||||||
Other income and expense | 158 | (151) | (150) | (295) | (438) | |||||||
Other finance costs | (163) | (163) | ||||||||||
Acquisition, integration and | (321) | (321) | ||||||||||
Income tax benefit (expense) | (268) | (268) | ||||||||||
Total, as reported in MD&A | 358 | (173) | (112) | 970 | (296) | (613) | 666 |
Table 7 Reconciliation of AEPS and AROE to Net income attributable to shareholders
Q3-2024 | Q3-2023 | YTD-2024 | YTD-2023 | |
Net income attributable to shareholders, as reported under IFRS | 207 | 163 | 1,630 | 792 |
Remove acquisition-related items, after tax | ||||
Amortization of acquired intangible assets | 58 | 50 | 171 | 149 |
Acquisition and integration costs | 32 | 44 | 128 | 127 |
Tax adjustments on acquisition-related items | 1 | 2 | 4 | 4 |
Net result from claims acquired in a business combination | 1 | 1 | 2 | 2 |
Adjusted net income attributable to shareholders | 299 | 260 | 1,935 | 1,074 |
Remove: preferred share dividends and other equity distribution | (17) | (17) | (62) | (56) |
Adjusted net income attributable to common shareholders | 282 | 243 | 1,873 | 1,018 |
Divided by weighted-average diluted number of common shares (in millions) | 178.6 | 175.9 | 178.6 | 175.5 |
AEPS (in dollars) | 1.58 | 1.38 | 10.49 | 5.80 |
Adjusted net income attributable to common shareholders for the last 12 months | 2,492 | 1,446 | ||
Adjusted average common shareholders' equity | 14,967 | 13,695 | ||
AROE for the last 12 months | 16.7 % | 10.6 % |
Table 8 Calculation of BVPS and BVPS (excluding AOCI)
As at September 30, | 2024 | 2023 |
Equity attributable to shareholders, as reported under IFRS | 17,780 | 15,392 |
Remove: Preferred shares and other equity, as reported under IFRS | (1,619) | (1,619) |
Common shareholders' equity | 16,161 | 13,773 |
Remove: AOCI, as reported under IFRS | (148) | 767 |
Common shareholders' equity (excluding AOCI) | 16,013 | 14,540 |
Number of common shares outstanding at the same date (in millions) | 178.4 | 178.3 |
BVPS | 90.60 | 77.24 |
BVPS (excluding AOCI) | 89.77 | 81.54 |
Table 9 Adjusted average common shareholders' equity and Adjusted average common shareholders' equity, excluding AOCI
As at September 30, | 2024 | 2023 |
Ending common shareholders' equity | 16,161 | 13,370 |
Remove: significant capital transaction in the last 12 months | - | 638 |
Ending common shareholders' equity, excluding significant capital transaction | 16,161 | 14,411 |
Beginning common shareholders' equity | 13,773 | 14,340 |
Average common shareholders' equity, excluding significant capital transaction | 14,967 | 14,376 |
Weighted impact of significant capital transactions1 | - | (681) |
Adjusted average common shareholders' equity | 14,967 | 13,695 |
Ending common shareholders' equity, excluding AOCI | 16,013 | 14,540 |
Remove: significant capital transaction in the last 12 months | - | 638 |
Ending common shareholders' equity, excluding AOCI and significant capital transaction | 16,013 | 15,178 |
Beginning common shareholders' equity, excluding AOCI | 14,540 | 15,972 |
Average common shareholders' equity, excluding AOCI and significant capital transaction | 15,277 | 15,575 |
Weighted impact of significant capital transactions1 | - | (681) |
Adjusted average common shareholders' equity, excluding AOCI | 15,277 | 14,894 |
1 September 30, 2023 figure represents the net weighted impact of the September 13, 2023 and February 27, 2023 significant capital transaction. |
Table 10 Reconciliation of Debt outstanding (excluding hybrid debt) and Total capital to Debt outstanding, Equity attributable to shareholders and Equity attributable to NCI
As at | Sept. 30, 2024 | June 30, 2024 | Dec. 31, 2023 | |
Debt outstanding, as reported under IFRS | 4,843 | 4,650 | 5,081 | |
Remove: hybrid subordinated notes | (247) | (247) | (247) | |
Debt outstanding (excluding hybrid debt) | 4,596 | 4,403 | 4,834 | |
Debt outstanding, as reported under IFRS | 4,843 | 4,650 | 5,081 | |
Equity attributable to shareholders, as reported under IFRS | 17,780 | 17,315 | 16,190 | |
Preferred shares from Equity attributable to non-controlling interests | - | 285 | 285 | |
Adjusted total capital | 22,623 | 22,250 | 21,556 | |
Debt outstanding (excluding hybrid debt) | 4,596 | 4,403 | 4,834 | |
Adjusted total capital | 22,623 | 22,250 | 21,556 | |
Adjusted debt-to-total capital ratio | 20.3 % | 19.8 % | 22.4 % | |
Debt outstanding, as reported under IFRS | 4,843 | 4,650 | 5,081 | |
Preferred shares and other equity, as reported under IFRS | 1,619 | 1,619 | 1,619 | |
Preferred shares from Equity attributable to non-controlling interests | - | 285 | 285 | |
Debt outstanding and preferred shares (including NCI) | 6,462 | 6,554 | 6,985 | |
Adjusted total capital | 22,623 | 22,250 | 21,556 | |
Total leverage ratio | 28.6 % | 29.5 % | 32.4 % | |
Adjusted debt-to-total capital ratio | 20.3 % | 19.8 % | 22.4 % | |
Preferred shares and hybrids | 8.3 % | 9.7 % | 10.0 % |
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 U.K., the Company's business outlook, the Company's growth prospects and the recently acquired Direct Line Insurance Group plc's brokered Commercial lines operations integration. 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 Q3-2024 MD&A.
SOURCE Intact Financial Corporation