Property and casualty insurer Definity Financial Corporation has released its earnings report for the fourth quarter and full-year 2023.
Here’s how the Canadian provider performed in the periods:
|
Metric |
Q4 2023 |
Q4 2022 (restated) |
FY 2023 |
FY 2022 (restated) |
|---|---|---|---|---|
|
Gross written premium (GWP) |
$1 billion |
$951.9 million |
$4 billion |
$3.7 billion |
|
Combined ratio (COR) |
90.6% |
92.2% |
95.9% |
94.2% |
|
Underwriting income |
$87 million |
$66.7 million |
$144.9 million |
$189.4 million |
|
Net investment income |
$49.4 million |
$39.5 million |
$179.5 million |
$133.1 million |
|
Net income attributable to common shareholders |
$225.9 million |
$185 million |
$350.1 million |
$110.9 million |
|
Operating net income |
$100.7 million |
$76.6 million |
$246.5 million |
$236.8 million |
Commenting on the results, president and chief executive Rowan Saunders said in a release: “I am proud of our company’s delivery of results to shareholders while at the same time having been there for our customers and brokers.
“We continued to leverage our strong broker proposition and digital platforms to drive solid overall premium growth of 9.4%, ending the year with GWP exceeding $4 billion for the first time. Our full-year COR of 95.9% demonstrates the strength of our operating model, which enabled us to deliver on our mid-90s combined ratio target despite 6.2 points of catastrophe losses.
“In the fourth quarter, strong underwriting income combined with robust net investment income and growing contributions from our insurance broker platform resulted in record operating net income of $100.7 million or $0.86 per share. We leveraged our M&A (mergers and acquisitions) expertise in 2023, completing two notable broker acquisitions which enabled us to deploy excess capital in an accretive manner.”
Executive vice president and chief financial officer Philip Mather described Definity as being in a “robust” financial position while citing the company’s “resilient” operations.
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