Highlights
Premiums written of
The business mix at the end of the second quarter of 2022 is Commercial Lines of 53% and Personal Lines 47% compared to Commercial Lines of 46% and Personal Lines 54% in the same period last year. The growth is in line with our strategy to expand geographically in
A Combined ratio of 93.8% resulting in an underwriting income of
Investment income recorded a loss of
The book value per share was increased by
Non-IFRS Financial Measures
The Company uses both IFRS and certain non-IFRS measures to assess performance. Securities regulators require that companies caution readers about non-IFRS measures that do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures used by other companies. The Company analyzes performance based on underwriting income and underwriting ratios such as combined, expense and loss ratios, which are non-IFRS measures. Underwriting income is defined as net earned premiums less net claims incurred, net acquisition costs, operating expenses, and excludes any impact of change in discount rate on claims and corporate expenses. Loss ratio is net claims incurred divided by net earned premiums. Expense ratio is net acquisition costs plus operating expenses divided by net earned premiums. Combined ratio is the sum of loss ratio and expense ratio. Return on Equity ('ROE') is based on trailing twelve months net income attributable to shareholders on continued operations divided by average total equity. Book value per share ('BVPS') is calculated by dividing total equity by the number of common shares outstanding
Forward-looking Information
This news release contains forward-looking information based on current expectations. This information includes, but is not limited to, statements about the operations, business, financial condition, priorities, targets, ongoing objectives, strategies, litigation outcomes and outlook of the Company. These statements, which appear in this press release generally can be identified by the use of forward-looking words such as 'may', 'will', 'expect', 'intend', 'estimate', 'anticipate', 'believe', 'plan', 'would', 'should', 'could', 'trend', 'predict', 'likely', 'potential' or 'continue' or the negative thereof and similar variations.
This information is based upon certain material factors or assumptions that were applied in drawing a conclusion or making a projection as reflected in the forward-looking information. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific. A variety of material factors, many of which are beyond the Company's control, affect the operations, performance and results of its business and could cause actual results to differ materially from the expectations expressed in any of this forward-looking information.
About
Founded in 1998,
The Company's name was changed from
Contact:
Investor
T: 905-602-2150
E: ir@icpeiholdings.ca
(C) 2022 Electronic News Publishing, source