(TSX: IFC)
(in Canadian dollars except as otherwise noted)

TORONTO, Nov. 3, 2026 /CNW/ -- Highlights

• Operating DPW¹ growth of 5%, driven by strength in Personal lines and improvements in Commercial lines
• Combined ratio¹ of 94.0% included 4 points of higher-than-expected catastrophe losses, with otherwise strong underwriting performance
• Net operating income per share¹ of $3.63 (EPS of $3.03) was supported by solid contributions from distribution and investment income
• Operating ROE¹ of 15.8% (ROE of 15.3%), while maintaining a robust balance sheet with total capital margin¹ of $3.6 billion and an adjusted debt-to-capital¹ of 16.3%
• BVPS¹ of $111.11 grew by 8% year-over-year, reflecting solid earnings and $581 million of share buybacks over the last 12 months

Charles Brindamour, Chief Executive Officer, said:

"Our teams have again demonstrated their commitment to helping our customers recover quickly following the multiple weather events that took place this quarter. We continue to deliver strong financial performance and underlying results with an operating ROE of 16%, underscoring the resilience of our platform. I am also pleased to see sequential improvement in our top line growth while we maintain our underwriting discipline across our geographies. Our very robust balance sheet also enables us to pursue both organic and inorganic growth opportunities. We remain well positioned to continue to deliver on our financial objectives of exceeding the industry ROE by 500 basis points every year and growing NOIPS 10% annually over time."

Industry Outlook

We continue to expect constructive conditions across all our markets:

• In Personal lines, we expect industry premium growth to be in the high-single-digit range, which now reflects the expected impact of the Alberta auto reforms. 
• In Commercial and Specialty lines overall, we expect industry premium growth to be in the low to mid-single-digit range.

Q3-2026 Consolidated Performance

• Operating net investment income increased by 5% to $422 million, attributable to higher assets year-over-year and the rise in yields during the period. 
• Distribution income of $171 million improved 16% from last year, driven by robust contributions from both BrokerLink and On Side. 
• Net operating income per share of $3.63 reflects higher-than-expected catastrophe losses, while distribution and investment income continued to contribute meaningfully. 
• Operating ROE of 15.8% demonstrated the resilience of our earnings despite elevated CAT losses, below-target leverage and excess capital. 
• Adjusted ROE of 17.1% and ROE of 15.3% remained solid, benefitting from favourable market movements over the last 12 months.

Segment Underwriting Performance

Canada

• Personal auto operating DPW grew by 10%, including unit growth of 2% in hard market conditions. The combined ratio of 91.2% remained strong and improved year-over-year due to our continued focus on profitable growth.
• Personal property operating DPW growth was 7%, including unit growth of 1% in hard market conditions. The combined ratio of 105.0% reflected 33 points of catastrophe losses, while underlying performance remained strong. 
• Commercial lines operating DPW growth improved sequentially to 2%, as our growth initiatives continue to gain traction, particularly in Specialty lines. The combined ratio of 91.9% was strong, with solid underlying performance despite higher catastrophe losses in the period.

UK&I

• Operating DPW growth was flat as solid new business and retention were offset by the impacts of combining the RSA and DLG brokered Commercial lines portfolios under one brand. The combined ratio of 94.1% was broadly in line with expectations.

US

• Operating DPW growth of 3% was driven by strong new business in our most profitable lines. The combined ratio of 85.2% was again strong, reflecting our focus on underwriting discipline and sustained profitability.

Balance Sheet

• The Company ended the quarter in a strong financial position with solid regulatory capital ratios in all jurisdictions. Total capital margin remained strong at $3.6 billion, reflecting solid capital generation despite higher catastrophe losses and unfavourable capital market movements. 
• The adjusted debt-to-total capital ratio was 16.3% as at September 30, 2026, driven by growth in shareholders' equity from continued strong profitability. 
• IFC's book value per share (BVPS) of $111.11 increased 8% year-over-year, driven by solid operating earnings despite the impact of $581 million of share buybacks and unfavourable market movements over the last 12 months.

Common Share Dividend

• The Board of Directors approved the quarterly dividend of $1.47 per share on the Company's outstanding common shares. The common share dividends are payable on December 31, 2026, to shareholders of record on December 17, 2026. 

Preferred Share Dividends

• The Board of Directors also approved a quarterly dividend of 30.25625 cents per share on the Company's Class A Series 1 preferred shares, 32.5 cents per share on the Class A Series 5 preferred shares, 33.125 cents per share on the Class A Series 6 preferred shares, 37.575 cents per share on the Class A Series 7 preferred shares, 33.75 cents per share on the Class A Series 9 preferred shares, 32.8125 cents per share on the Class A Series 11 preferred shares, and 34.375 cents per share on the Class A Series 13 preferred shares. The dividends are payable on December 31, 2026, to shareholders of record on December 17, 2026.

Analysts' Estimates

• The average estimate of earnings per share and net operating income per share for the quarter among the analysts who follow the Company was $2.65 and $3.05, respectively.

Management's Discussion and Analysis (MD&A) and Consolidated Financial Statements

This Press Release, which was approved by the Company's Board of Directors on the Audit Committee's recommendation, should be read in conjunction with the Q3-2026 MD&A, as well as the Q3-2026 interim condensed consolidated financial statements, which are available on the Company's website at www.intactfc.com and later today on SEDAR+ at www.sedarplus.ca. 

For the definitions of measures and other insurance-related terms used in this Press Release, please refer to the MD&A and to the glossary available in the "Investors" section of the Company's website at www.intactfc.com.

Conference Call Details

Intact Financial Corporation will host a conference call to review its earnings results tomorrow at 11:00 a.m. ET. To listen to the call via live audio webcast and to view the Company's interim condensed consolidated financial statements, MD&A, presentation slides, Supplementary financial information and other information not included in this Press Release, visit the Company's website at www.intactfc.com and link to "Investors". The conference call is also available by dialing 416-945-7677 or 1-888-699-1199 (toll-free in North America). Please call 10 minutes before the start of the call. A replay of the call will be available on November 4, 2026, at 2:00 p.m. ET until 11:59 p.m. ET on November 11, 2026. To listen to the replay, call 289-819-1450 or 1-888-660-6345 (toll-free in North America), passcode 36650. A transcript of the call will also be made available on Intact Financial Corporation's website.

About Intact Financial Corporation

Intact Financial Corporation (TSX: IFC) is a global provider of property and casualty insurance founded on core values and a belief that insurance is about people, not things. Intact's success is fueled by its 32,000 employees worldwide who embody the company's purpose: to help people, businesses and society prosper in good times and be resilient in bad times. To achieve its ambitions, Intact seeks to ensure customers are its advocates, its people are engaged, and the company is one of the most respected.

Intact is the largest provider of property and casualty insurance in Canada and has successfully exported its strengths across North America, the UK, and Europe. Its growing commercial and specialty solutions network now spans over 170 countries. With a customer-driven mindset, Intact has expanded its operations to include insurance distribution, restoration, and prevention.

Intact solidifies its outperformance by leveraging its competitive advantages: global leadership in data and AI for pricing and risk selection; deep claims expertise and integrated supply chain network; and strong capital and investment management. Intact's total annual operating Direct Premiums Written has tripled over the last decade to $25 billion.

Non-GAAP and other financial measures 

Non-GAAP financial measures and Non-GAAP ratios (which are calculated using Non-GAAP financial measures) do not have standardized meanings prescribed by IFRS (or GAAP) and may not be comparable to similar measures used by other companies in our industry. Non-GAAP and other financial measures are used by management and financial analysts to assess our performance. Further, they provide users with an enhanced understanding of our financial results and related trends, and increase transparency and clarity into the core results of the business.

Non-GAAP financial measures and Non-GAAP ratios used in this Press Release and other Company's financial reports include measures related to our consolidated performance, underwriting performance and financial strength.

For more information about these supplementary financial measures, Non-GAAP financial measures, and Non-GAAP ratios, including definitions and explanations of how these measures provide useful information, refer to Section 16 – Non-GAAP and other financial measures in the Q3-2026 MD&A dated November 3, 2026, which is available on our website at www.intactfc.com and on SEDAR+ at www.sedarplus.ca.

Table 1 Reconciliation of NOI, NOIPS and OROE to Net income attributable to shareholders

Table 2 Reconciliation of underwriting results on a MD&A basis with the interim condensed consolidated financial statements (quarterly)

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