Definity improves key metrics in quarterly results

Definity Financial Corporation has reason to be pleased this earnings season, improving on key metrics in its latest set of interim financial reports.

Here are the results of the Canadian property and casualty insurer in the second quarter of 2024:

Commenting on the positive numbers, Definity President and CEO Rowan Saunders (pictured) said: “Our second quarter results significantly exceeded our key financial targets from both a revenue and profit perspective. Premiums increased to almost $1.25 billion, while our combined ratio of 90.1% benefited from strong results across the business, as well as favourable weather conditions.

“This resulted in significant issuance proceeds of $93.7 million, which, combined with healthy levels of net investment income and distribution income, generated operating income of $0.94 per share – significantly higher than a year ago. At mid-year, we are in an excellent position to continue building on our profitable growth momentum.”

Meanwhile, executive vice president and chief financial officer Philip Mather called the results “solid,” highlighting a 10.8% operating return on equity for the 12 months ended June 30.

“It is worth noting that the strong seasonally driven contribution from our broker distribution platform in the second quarter puts the first half of 2024 on track to meet our full-year expectations for this business,” Mather emphasized.

“Our results also contributed to strong book value per share growth of 11.7% compared to the prior year. With financial capacity approaching $1.4 billion, we remain confident in our ability to execute on our strategic objectives while achieving our financial targets.”

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