Definity Financial Corporation

DFY

Equity

ISIN CA24477T1003 / Valor 113471580

Toronto Stock Exchange (2024-12-24)

CAD 58.34+0.50%

Definity Financial Corporation
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About company

Definity Financial Corporation is a leading parent company in Canada's property and casualty insurance industry, overseeing well-known brands such as Economical, Sonnet, Family, and Petline. The company offers a range of insurance products to protect homes, vehicles, businesses, farms, and pets, providing reliable service to its customers. Additionally, Definity Insurance Foundation, a Canadian registered charity, focuses on supporting marginalized and underserved communities through grants to charities addressing health and environmental inequalities.

Summarized from source with an LLMView SourceSector: Finance

Gross Written Premiums

Definity Financial Corporation reported a 14.2% increase in gross written premiums for Q2 2024, reaching $1,239.7 million. This growth was driven by robust personal auto activity and continued momentum in commercial insurance. Year-to-date, gross written premiums increased by 13.6% compared to the same period in 2023.

Combined Ratio

Definity Financial Corporation achieved a combined ratio of 90.1% in Q2 2024, a significant improvement from 95.3% in Q2 2023. This improvement was attributed to a low level of catastrophe losses and ongoing operational expense efficiencies. Year-to-date, the combined ratio was 92.0%, compared to 95.3% in 2023.

Operating Net Income

Operating net income for Definity Financial Corporation in Q2 2024 was $109.1 million, a substantial increase from $65.1 million in Q2 2023. This resulted in a 68% increase in operating earnings per share to $0.94. The trailing 12-month operating return on equity was 10.8%.

Net Investment Income

Definity Financial Corporation's net investment income increased by $7.1 million in Q2 2024, primarily due to higher interest income driven by higher fixed income yields within the portfolio. Year-to-date, net investment income increased by $14.3 million compared to the same period in 2023.

Book Value Per Share

Definity Financial Corporation's book value per share was $26.17 at the end of Q2 2024, representing an 11.7% increase from a year ago. This strong financial position reflects the company's ability to advance its strategic objectives while delivering on financial targets.

Summarized from source with an LLMView Source

Key figures

58.5%1Y

94.5%3Y

%5Y

Performance

20.5%1Y

22.9%3Y

22.9%5Y

Volatility