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TORONTO ( TSX : IFC ) - May 11 , 2021 ( in Canadian dollars except as otherwise noted ) ● Highlights Net operating income per share up 49 % to $ 2.40 and OROE of 19.0 % , driven by strong underwriting performance and distribution results ● ● ● PRESS RELEASE Intact Financial Corporation reports Q1-2021 results Premiums grew 1 % impacted by an additional $ 75 million of COVID - 19 related relief for personal auto customers Combined ratio of 89.3 % was strong , with Canada at 88.2 % and the U.S. at 96.3 % , which included 7.6 points of weather - related catastrophe losses in the U.S. EPS of $ 3.51 for the quarter and BVPS up 20 % year - over - year to $ 62.19 , driven by strong operating results and investment gains Integration and transition planning with the RSA team is progressing well ; all financing is secured , and closing is expected on June 1 , 2021 Charles Brindamour , Chief Executive Officer , said : " We've had a solid start to the year , providing additional relief to our customers and delivering a robust operating performance . Our fundamentals remain strong on both sides of the border . In 2020 , our ROE outperformance versus the industry was 570 basis points , again exceeding our 500 basis point target . We have made great progress collaborating with the RSA teams as we prepare for integration and transition following closing . I look forward to welcoming our new colleagues to the Intact family . We are going to hit the ground running together to deliver on our strategic and financial objectives . " Consolidated Highlights¹ ( in millions of Canadian dollars except as otherwise noted ) Direct premiums written¹ Combined ratio Underwriting income Net investment income Distribution EBITA and Other Net operating income Net income ● Per share measures ( in dollars ) Net operating income per share ( NOIPS ) Earnings per share ( EPS ) Return on equity for the last 12 months Operating ROE ROE Book value per share ( in dollars ) Total capital margin² Debt - to - total - capital ratio intact Q1-2021 2,522 89.3 % 297 141 62 357 514 $ 2.40 $ 3.51 19.0 % 17.6 % 62.19 3,008 22.5 % Q1-2020 2,521 94.3 % 159 150 44 243 107 $ 1.61 $ 0.66 14.0 % 9.2 % 51.71 1,485 24.1 % Change 1 % ( 5.0 ) pts 87 % ( 6 ) % 41 % 47 % 380 % 49 % 432 % 5.0 pts 8.4 pts 20 % 1,523 ( 1.6 ) 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 June 30 , 2021 , to shareholders of record on June 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 . Industry Outlook The Canadian industry combined ratio was 97 % and the industry ROE was above 9 % for the full year 2020. We expect firm to hard market conditions in Canada and hard market conditions in the U.S. to continue , driven by low industry underwriting profitability and low investment yields . In commercial lines on both sides of the border , hard market conditions are expected to continue . In personal lines , firm market conditions are expected in personal property , while in the personal auto market rates increases are prudently lower in the current environment . ¹ This press release contains non - IFRS financial measures . Refer to Section 21 - Non - IFRS financial measures in the Q1-2021 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 ( 165 % MCT effective April 1 , 2020 , previously 170 % MCT , 200 % RBC ) in regulated entities plus available cash and investments in unregulated entities . Refer to Section 16 - Capital management in the Q1-2021 Management's Discussion and Analysis for further details .