INTACT FINANCIAL CORP. $63.01 - Toronto symbol IFC

INTACT FINANCIAL CORP. $63.01 (Toronto symbol IFC; TSINetwork Rating: Speculative) (416-341- 1464; www.intactfc.com; Shares outstanding: 133.3 million; Market cap: $8.4 billion; Dividend yield: 2.8%) is Canada’s largest provider of property and casualty insurance, based on premiums. Its brands include Intact Insurance, Canada BrokerLink, belairdirect and Grey Power.

In the three months ended December 31, 2012, Intact’s revenue rose 7.2%, to $1.69 billion from $1.58 billion a year earlier.

Part of the gain came from Jevco Insurance, which Intact bought from the Westaim Corporation for $530 million in early 2012. Jevco sells insurance to highrisk drivers, as well as owners of motorcycles, snowmobiles, recreational vehicles and tow trucks. It operates in Ontario, Quebec and Alberta.

Before one-time items, Intact earned $1.51 a share in the quarter, up 32.5% from $1.14 a share a year earlier. The insurance business was helped by generally favourable weather. The company also saw higher gains on its investments in the latest quarter.

The improved results have prompted the company to raise its quarterly dividend by 10.0%, to $0.44 from $0.40. The shares now yield 2.8%. The stock trades at 10.4 times Intact’s forecast 2013 earnings of $6.05 a share.

Intact Financial is still a buy.

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