Financial Performance and Risk Management Overview
SELECTED FINANCIAL RATIOS
IFRS 17 IFRS 9
IFRS 4/IAS 39
Q1-2023
Q1-2022
2022
2021
2020
2019
Gross written premiums YOY growth (1)
11.4%
14.1%
12.4%
15.2%
11.7%
1.5%
Claims ratio (1)
62.6%
59.1%
61.2%
60.8%
62.3%
73.1%
Expense ratio (1)
32.7%
33.3%
32.9%
32.3%
32.3%
31.9%
Combined ratio (1)
95.3%
92.4%
94.1%
93.1%
94.6%
105.0%
ROE (TTM) (1,2)
Operating ROE (TTM) (1,2)
Minimum capital test (MCT) ratio (3)
9.5%
9.3%
219%
10.6%
10.7%
9.0%
1.1%
10.0%
11.5%
11.0%
-0.3%
204%
275%
268%
239%
Earnings (loss) per common share, basic
$0.88
($0.28)
$2.19
$2.03
$1.48
$0.17
Earnings (loss) per common share, diluted
$0.87
($0.28)
$2.15
$2.02
$1.48
$0.17
Operating earnings (loss) per common share (1)
$0.54
$0.54
$2.04
$2.09
$1.77
($0.05)
Book value per share (1)
$22.90
$21.68
$20.74
$20.68
$17.48
$15.49
Note: Figures in millions, unless otherwise noted.
1. This is a supplementary financial measure, non-GAAP financial measure, or a non-GAAP ratio. Refer to Supplementary Financial Measures and Non-GAAP Financial Measures and Ratios advisory and Section 12 - Supplementary financial
measures and non-GAAP financial measures and ratios in the Q1-2023 MD&A for further details.
2. ROE and Operating ROE are calculated for the 12 months ended December 31, 2019, 2020, 2021, and 2022. ROE stands for Return on equity.
3. Consolidated Definity Insurance Company. Under the ICA, property and casualty insurance companies must maintain adequate capital and appropriate forms of liquidity. OSFI has published the Minimum Capital Test guideline which provides
the framework within which OSFI assesses whether a property and casualty insurance company maintains adequate capital for purposes of the ICA.
definity.
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