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TORONTO ( TSX : IFC ) - November 9 , 2021 ( in Canadian dollars except as otherwise noted ) Highlights • • • • • PRESS RELEASE Intact Financial Corporation reports Q3-2021 results [ intact ] Net operating income per share of $ 2.87 driven by strong underwriting performance and an accretive contribution from RSA Premiums grew 68 % , reflecting the first full quarter of RSA in our results and continued strength in commercial lines Combined ratio of 91.3 % , driven by strength in all business segments despite an elevated 7.5 pts of catastrophe losses OROE of 18.3 % with a total capital margin of $ 2.7 billion EPS of $ 1.60 reflects strong operating results tempered by an investment loss and integration costs Quarterly dividend increased by 10 % to $ 0.91 per common share Charles Brindamour , Chief Executive Officer , said : " The strength of our business was again evident this quarter , with robust operating performance across the platform , despite an elevated level of catastrophes . Our people have worked hard to get customers back on track following many severe weather events . We are making great progress on the integration of RSA , with synergies being realized as expected . The acquisition is already delivering high single - digit accretion to NOIPS since closing on June 1 , and we remain on track to generate upper teens accretion within 36 months . With a strong and resilient balance sheet and momentum in all segments , we are increasing dividends to our common shareholders for the sixteenth consecutive year . " ( in millions of Canadian dollars except as otherwise noted ) Consolidated Highlights ' Q3-2021 Q3-2020 Change YTD 2021 YTD 2020 Change Direct premiums written¹ 5,447 3,264 68 % 12,266 9,167 35 % Combined ratio 91.3 % 87.1 % 4.2 pts 89.3 % 90.3 % ( 1.0 ) pts Underwriting income 426 369 15 % 1,187 812 46 % Net investment income 191 143 34 % 486 434 12 % Distribution EBITA and Other 105 81 30 % 285 203 40 % Net operating income 519 411 26 % 1,391 1,004 39 % Net income 300 334 ( 10 ) % 1,387 704 97 % Per share measures ( in dollars ) Net operating income per share ( NOIPS ) $ 2.87 $ 2.78 3 % $ 8.56 $ 6.74 27 % Earnings per share ( EPS ) $ 1.60 $ 2.25 ( 29 ) % $ 8.46 $ 4.65 82 % Return on equity for the last 12 months Operating ROE 18.3 % 16.9 % 1.4 pts ROE 16.5 % 11.5 % 5.0 pts Book value per share ( in dollars ) $ 79.21 $ 56.22 41 % Total capital margin² 2,693 1,871 822 Adjusted debt - to - total capital ratio 23.9 % 21.2 % 2.7 pts Common Share Dividend • The Board of Directors approved a $ 0.08 per share increase in the quarterly dividend to $ 0.91 per share on the Company's outstanding common shares . This represents a 10 % increase and marks the sixteenth consecutive annual increase in our dividend since our IPO in 2004 . Industry Outlook • Canadian industry profitability improved in the twelve months to June 30 , 2021 , helped in part by benign weather , favourable PYD and reduced driving activity . However , high pre - pandemic combined ratios , potential inflation , and a relatively low interest rate environment support continuation of favourable market conditions . In personal lines in Canada , we expect firm market conditions to continue in personal property , while personal auto rates remain tempered in the current environment . 1 This press release contains non - IFRS financial measures . Refer to Section 23 - Non - IFRS financial measures in the Q3-2021 Management's Discussion and Analysis for further details . DPW change ( growth ) is presented in constant currency . 2 Refer to Section 18- Capital management in the Q3-2021 Management's Discussion and Analysis for further details .