INTACT FINANCIAL CORP. $81.73 (Toronto symbol IFC; TSINetwork Rating: Speculative) (416-341-1464; www.intactfc.com; Shares outstanding: 131.5 million; Market cap: $10.8 billion; Dividend yield: 2.4%) 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 September 30, 2014, Intact’s revenue was virtually unchanged from a year earlier, at $1.91 billion. The company earned $204 million, or $1.55 a share, up sharply from $51 million, or $0.39. However, the year-earlier results include a pre-tax loss of $270 million, mostly related to weather. Similar losses in the 2014 quarter were $125 million.
Thanks to the lower catastrophe losses, Intact reported an improved combined ratio, or claims paid out divided by premiums taken in (the lower, the better) of 93.2% in the latest quarter, down from 102.8%.
Personal auto insurance premiums account for 48% of Intact’s total, and Ontario drivers supply 40% of those premiums.
In September 2010, the Ontario government brought in measures targeting fraud by drivers. They were effective, so in August 2013, the government set a target of 15% lower insurance rates by August 2015.
To date, the industry has cut rates by an average of 6%, thanks in part to the lower fraud costs. Insurers have also focused their rate reductions on safer drivers. Intact now feels it can keep raising profit margins at its Ontario auto business.
The stock trades at 12.8 times Intact’s forecast 2015 earnings of $6.39 a share. It yields 2.4%.
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Privacy Policy and Terms of Use
The Successful Investor Inc. and its affiliate Successful Investor Wealth Management (referred to hereafter as TSI Network) know that you care how information about you is used and shared, and we appreciate your trust that we will do so carefully and sensibly. This notice describes our privacy policy. By visiting websites owned by or associated with TSI Network, you are accepting the practices described in this Privacy Policy.
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We do not collect or disclose personal information, except when it is provided to us voluntarily by the site/store visitor with their consent.
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We are continuously in the process of improving our sites and services. If any new features or policies require a change to this current policy, we will post a clear notice of this change on pages of our site where the privacy policy appears. The principle behind this privacy policy is to collect information with your knowledge and consent.
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:
Information You Give Us: We receive and store any information you enter on our website or give us in any other way through sign-up forms or ordering forms for publications and services. You can choose not to provide certain information, but then you might not be able to take advantage of many of our services and features. We use the information that you provide for such purposes as responding to your requests, customizing your web browsing experience for you, improving our website, and communicating with you.
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Does TSI Network Use the Information It Receives?
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Changes to this Policy
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