Definitie sees net profit fall 41.4%

Société financière Definition setback early 2022.

The company, which includes Economic Insurance, Sonet insuranceto Petline Insurance Company et Family insurance solutionsreported net income of $ 48.3 million ($ 9 million) in the first quarter of 2022, compared to $ 82.4 million in the first quarter of 2021.

Financial markets weighed in on this result, down 41.4% or $ 34.1 million.

Combined ratio

Definity recorded a combined ratio of 92.2% in the first quarter of 2022, up from 91.3% in the first quarter of 2021. This is a 0.9 point deterioration.

This result is “supported by the strength of corporate insurance and personal property insurance,” but also reflects “a higher frequency and severity of claims in private auto insurance than in the first quarter of 2021. ».

The technique of the result

Definity reported a technical gain of $ 60.2 million in the first quarter of 2022, up from $ 58 million in the first quarter of 2021. This is an increase of 3.8% or $ 2.2 million.

First

Definite’s gross premiums were $ 742.5 million in the first quarter of 2022, compared to $ 658.7 million in the first quarter of 2021. This increase of 12.7% or $ 83.8 million was driven by strong growth of Sonnetbusiness insurance, property insurance for individuals as well as always firm market conditions, ”the company explained.

In the details, on the note:

  • In business insurance, gross premiums issued reached $ 219.9 million in the first quarter of 2022, compared to $ 184.8 million in the first quarter of 2021. This increase of 19% or $ 35.1 million reflects “our expanded subscription and our focus on growth in this industry, ”says Definity.
  • In Personal Insurance: Gross premiums issued reached $ 522.6 million in the first quarter of 2022, compared to $ 473.9 million in the first quarter of 2021. They increased by 10.3% or $ 48.7 million. with increases in both our brokerage and direct activities ”.

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