Definity Financial Corp T.DFY

Alternate Symbol(s): DFYFF

Financial Services Insurance - Property & Casualty

Definity Financial Corporation is a property and casualty insurer in Canada. It provides service and reliable insurance coverage, whether through a licensed broker or its digital direct channel. It offers both personal and commercial insurance products. It offers auto, property, liability, and pet insurance products to individual customers. Its commercial lines insurance operations include fleet, individually rated commercial auto, property, liability and specialty insurance products, which are provided to businesses of all sizes in Canada. The Company’s brands include Economical Insurance, Sonnet Insurance Company, Family Insurance Solutions Inc., and Petline Insurance Company. Petline Insurance Company is a pet health insurance company. Family Insurance Solutions Inc. is a distributor of home and optional auto insurance in British Columbia. Economical Insurance is a property and casualty insurance company. Sonnet Insurance Company helps to purchase insurance directly online.

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Definity Financial Corp

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Post by retiredcfon May 12, 2023 10:14am

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Post# 35445261

RBC

For some reason, the cutting and pasting for this report was a nightmare so you've only got the intro. GLTA

May 11, 2023

Definity Financial Corporation
Q1/23 operating EPS was better than our forecast

TSX: DFY | CAD 37.08 | Outperform | Price Target CAD 49.00

Sentiment: Neutral

Our take: Definity Financial reported Q1/23 operating EPS of $0.54, a penny ahead of our $0.53 forecast, but below $0.58 consensus (consensus range of $0.52 – $0.65) with the variance from our forecast primarily due to better-than-forecast underwriting income (see Exhibit 1 on page 2). Definity transitioned to IFRS 17 in Q1/23, which introduced new revenue and expense recognition and allocation criteria and made results less comparable to prior periods.

Key metrics from the Q1/23 results that we believe investors are focused on include: • Gross written premiums of $847MM were better than our $809M estimates and $822M consensus.