Intact Financial Corporation (IFC) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen, and welcome to the Intact Financial Corporation Q1 2026 Results Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session, and if at any time during this call you require needed assistance, please press star 0 for the operator. Also note that this call is being recorded on May 6, 2026. And now, I would like to turn the conference over to Jeff Kwan, Chief Investor Relations Officer. Please go ahead. Thank you, Sylvie. Hello, everyone, and thank you for joining the call to discuss our first quarter financial results. A link to our live webcast and materials for this call have been posted on our website at impactfc.com under the Investors tab. Before we start, please refer to slide two for a disclaimer regarding the use of forward-looking statements, which form part of this morning's remarks. and slide three for a note on the use of non-GAAP financial measures and other terms used in this presentation. To discuss our results today, I have with me our CEO, Charles Brindamore, our CFO, Ken Anderson, and Patrick Barbeau, Chief Operating Officer. We will begin with prepared remarks followed by Q&A, and with that, I will turn the call over to Charles. Good morning, and thanks for joining us. Last night, we announced another very strong quarter. Net operating income per share increased 8% to $4.33, our highest ever in Q1. Norwich has grown at a compounded rate of 14% in the past five years and 12% over a decade. Just as important, our operating ROE came in at 19.4%, the third consecutive quarter above 19%, despite a very strong balance sheet. For 25, we estimate that our REO performance reached 740 basis points, well above our 500 basis points objective, and...