For 2023, we have singled out growth stocks we think offer exceptional prospects in the year ahead. This one is a market leader in its sector.
What’s more, a recent general and specialty insurance acquisition has expanded the company’s reach into the U.K.
The stock trades at 15.6 times the 2023 forecast earnings.
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INTACT FINANCIAL, (Toronto symbol IFC; www.intactfc.com) provides investors exposure to Canada’s largest property and casualty insurer. Specifically, Intact insures more than five million individuals and businesses. Its major brands are Intact Insurance, Canada BrokerLink and belairdirect.
In a bid to add value for investors, the company acquired OneBeacon Insurance Group for $1.7 billion U.S. in September 2017. Through its businesses, the Minnesota-based insurance holding company provides a range of specialty insurance products. That acquisition has been a big success for Intact.
Then, on June 1, 2021, to further add value, the company—in conjunction with Danish insurer Tryg A/S—completed its $9.3 billion U.S. takeover of U.K.-based RSA Insurance Group plc.
RSA offers a range of general and specialty insurance products. Under the transaction, Intact took RSA’s Canadian business as well as its U.K. and international division. RSA’s Denmark business remained jointly owned by the two firms, but in June 2022 they completed the sale of the unit for $2.52 billion. Intact received 50% of the proceeds.
For the three months ended December 31, 2022, Intact’s revenue rose 3.9%, to $5.53 billion from $5.32 billion a year earlier. Overall earnings per share fell 11.6%, to $3.34 from $3.78.
Higher investment income only partly offset higher claims in part due to higher catastrophe-related losses and increased driving by Canadians as lockdowns ended.
With the March 2023 payment, the company will raise its quarterly dividend for investors by 10.0%, to $1.10 a share from $1.00. The new annual rate of $4.40 yields a solid 2.2%. What’s more, it trades at just 15.6 times the forecast 2023 earnings of $12.86 a share.
Growth by acquisition adds risk, especially with a string of deals as big as RSA. However, Intact has a successful track record of integrating its acquisitions to further accelerate revenue and, ultimately, earnings.
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What personal information do we collect?
The information we receive from customers helps us personalize and continually improve your online experience at TSI Network. TSI Network may collect personal information online for all legal purposes, which include, but are not limited to:
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Changes to this Policy
This Policy is the sole authorized statement of TSI Network's practices with respect to the collection of personal information through TSI Network's websites and the subsequent use and disclosure of such information. Any summaries of this Policy generated by third party software or otherwise (for example, in connection with the "Platform for Privacy Preferences" or "P3P") shall have no legal effect, are in no way binding upon TSI Network, shall not be relied upon in substitute for this Policy, and neither supersede nor modify this Policy.
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