RSA parent's quarterly results: CEO talks profit momentum

RSA's parent company Intact Financial Corporation has published its financial results for the second quarter of 2024, a period the company says ended with net cash of CA $2.9 billion.

Here's how the insurance group performed in the three months ended June 30:

When broken down, Intact's DPW operating in Canada reached CA$4.56 billion; in UK&I, CA$1.32 billion; and in the US, CA $777 million. All segments saw an increase from last year's second quarter.

Commenting on these numbers, Intact CEO, Charles Brindamor (pictured) said: “Due to the recent floods and wildfires in Canada, our teams have responded quickly and are actively helping customers recover. In these difficult times, we are reminded of how important our purpose is and why our work matters.

“In the second quarter, our business delivered strong results, mainly due to good fundamental performance in all business areas. Operating ROE (return on equity) was at a new high after strong earnings growth. Top-line momentum continues to be strong, particularly in personal lines, and we are focused on taking advantage of current market conditions in commercial lines through our distribution channels and pricing expertise.

“With our profitability momentum, balance sheet strength, and investment in our competitive strategies, we are on track to return to 10% of our net operating income per share growth and achieve sector ROE of at least 500 basis points annually. .”

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