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TORONTO ( TSX : IFC ) - February 9 , 2021 ( in Canadian dollars except as otherwise noted ) [ intact ] = Highlights • • • • PRESS RELEASE Intact Financial Corporation reports Q4-2020 results Net operating income per share of $ 3.18 in Q4-2020 and OROE of 18.4 % , driven by strong underwriting performance and distribution results Premiums grew 8 % in the quarter and 9 % for the full year with solid growth in all lines and The Guarantee Company of North America ( " The Guarantee " ) acquisition Combined ratio of 85.6 % in Q4-2020 included $ 74 million of CAT losses , with $ 23 million related to the COVID - 19 crisis Our COVID - 19 related relief has helped more than 1.2 million customers , with $ 530 million of support provided in 2020 Full year EPS of $ 7.20 and BVPS up 9 % in 2020 to $ 58.79 • RSA acquisition is progressing well and on track for Q2-2021 closing Charles Brindamour , Chief Executive Officer , said : " Our solid results and resilient operations have enabled us to provide much needed relief to over 1.2 million customers since the COVID - 19 pandemic began . Our Canadian business is performing very well , and our U.S. business is positioned for low - 90s performance . We are assessing additional relief options given wave two of the pandemic . At the same time , we continue to enhance our strategies across the business to best protect people and support our most impacted customers . The RSA transition and integration planning are progressing well and provide increased confidence in the strategic and financial merits of the transaction . " ( in millions of Canadian dollars except as otherwise noted ) Consolidated Highlights ' Q4-2020 Q4-2019 Change 2020 Direct premiums written¹ 2,872 2,670 8 % 12,039 2019 11,049 Change 9 % Combined ratio 85.6 % 91.5 % ( 5.9 ) pts 89.1 % 95.4 % Underwriting income 415 229 81 % 1,227 465 ( 6.3 ) pts 164 % Net investment income 143 142 1 % 577 576 nm Distribution EBITA and Other 72 45 60 % 275 209 32 % Net operating income 467 303 54 % 1,471 905 63 % Net income 378 240 58 % 1,082 754 44 % Per share measures ( in dollars ) Net operating income pershare ( NOIPS ) $ 3.18 $ 2.08 53 % $ 9.92 $ 6.16 61 % Earnings per share ( EPS ) $ 2.55 $ 1.63 56 % $ 7.20 $ 5.08 42 % Return on equity for the last 12 months Operating ROE 18.4 % 12.5 % 5.9 pts ROE 12.8 % 10.0 % 2.8 pts Book value per share ( in dollars ) $ 58.79 $ 53.97 9 % Total capital margin² Debt - to - total - capital ratio 2,729 24.1 % 1,222 1,507 21.3 % 2.8 pts Common Share Dividend The Board of Directors approved the quarterly dividend of $ 0.83 per share on the Company's outstanding common shares . The dividends are payable on March 31 , 2021 , to shareholders of record on March 15 , 2021 . With a strong financial position and confidence in earnings growth , we will continue to protect our people , support our customers and advance on our strategic objectives . We intend to increase our dividend this year as we have in the past 15 years . However , given the current regulatory environment , we are postponing our dividend increase to a later quarter in 2021 . 1 This press release contains non - IFRS financial measures . Refer to Section 36 - Non - IFRS financial measures in the Management's Discussion and Analysis for further details . DPW change ( growth ) is presented in constant currency . 2 Aggregate of capital in excess of company action levels in regulated entities ( 165 % MCT effective April 1 , 2020 , previously 170 % MCT , 200 % RBC ) plus available cash and investments in unregulated entities . Refer to Section 25 - Capital management in the Management's Discussion and Analysis for further details .