Intact Financial Corporation, the name behind RSA, reported a 3% increase in operating direct premiums written (DPW) in the first quarter of 2025, supported by growth in its personal lines business.
The company’s combined ratio remained stable at 91.3%, as stronger underlying performance offset higher catastrophe losses.
For the quarter, net operating income attributable to common shareholders rose 11% year-over-year to CA$717 million, driven by gains in both underwriting and investment activities. Earnings per share came in at CA$3.69, relatively flat compared to the prior year.
Book value per share grew 13% year-over-year to CA$96.16, reflecting strong earnings and favourable market movements. Operating return on equity increased to 16.5%, compared to 14.3% in the same period last year.
Segment results were mixed. In Canada, operating DPW rose 7% to CA$3.48 billion, supported by rate adjustments and modest unit growth across personal auto and property. Commercial lines remained stable with low single-digit premium increases and a combined ratio of 81.2%, reflecting favourable prior-year development.
In the US, operating DPW declined 3%, mainly due to the non-renewal of a large account. The region’s combined ratio improved slightly to 86.8%, helped by rate momentum across most lines. In the UK and Ireland, operating DPW fell 4% as portfolio remediation efforts continued. The combined ratio in that segment rose to 97.6%, influenced by elevated weather-related losses.
Investment and distribution income contributed to the overall performance. Operating net investment income rose 9% to CA$415 million, while distribution income increased 17% to CA$117 million, reflecting growth in BrokerLink and M&A activity.
Intact ended the quarter with a capital margin of CA$3.1 billion and an adjusted debt-to-total capital ratio of 19.1%. The board of directors approved a quarterly dividend of CA$1.33 per common share, payable June 30, 2025, to shareholders of record on June 16.
The company expects current insurance market trends, particularly in catastrophe-exposed areas, to continue, and is projecting low double-digit premium growth in Personal lines and mid-single-digit growth in commercial and specialty segments over the next year.
