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Exam Code: 050-6201-ARCHERASC01 Practice test 2022 by Killexams.com team
050-6201-ARCHERASC01 RSA Archer Associate

The RSA Archer Associate examination is based on the critical job functions that an individual would typically be expected to perform with competence when providing RSA Archer deployment services.

An RSA Archer Associate is a person who works in a technical support, technical sales, professional services and/or other technical implementation role within RSA, within an RSA Partner organization, or within an organization using RSA Archer.

The major job functions expected of an RSA Archer Associate typically consist of four major areas of job role responsibility:
General knowledge about RSA Archer solutions
Aptitude with managing common RSA Archer application configurations
Familiarity with RSA Archer communication strategies
Understanding the basics RSA Archer access control

An RSA Archer Associate candidate should have completed the RSA Archer 6 Administration I course, or have a minimum of six months experience working with the RSA Archer Platform. Candidates should also have a basic understanding of governance, risk, and compliance (GRC) concepts, as well as RSA Archer solutions areas.

1.0: RSA Archer Solution Knowledge 25 %
2.0: Application Configuration 35 %
3.0: Communication Strategies 25%
4.0: Access Control 15%
Total: 100%

The RSA Archer Associate must have fundamental knowledge of RSA Archer solutions to explain how Archer assists in the maturity of an organizations GRC program.
Content Area
RSA Archer Business Solutions
High-level solution concepts and goals

Domain 2.0: Application Configuration
RSA Archer Associates must understand how to configure fields, applications, dashboards, and workspaces within RSA Archer. Configuring RSA Archer with the end users in mind is an important component for successful user adoption. RSA Archer Associates should also be able to import data into an instance of RSA Archer to assist with data migration from legacy systems.

Content Areas
Application-level configurations
- Data-Driven Events and Workflows
- Layout Objects and User Experience
Field Options
- Required fields
- Calculations
Data Import

Domain 3.0: Communication Strategies
The RSA Archer Associate must understand and be able to configure the various notification types with RSA Archer. The RSA Archer Associate is expected to know how to perform advanced searches within Archer and create statistical reports in order to assist in communicating relevant data in a digestible format.

Content Areas
Subscription Notifications
Advanced Search
- Conducting statistical reports
Report Management
- Charting options
Workspaces and Dashboards

Domain 4.0: Access Control
An RSA Archer Associate is expected to have a fundamental understanding of access control in RSA Archer to ensure the right people see the right data at the right time.

Content Areas
Security Parameters
Access Roles and Groups
Record permission options and page privileges

Examination Preparation
Product Training
Although RSA Archer product training is not a strict requirement in preparation for the RSA Archer Associate Examination, it is highly recommended
.
Product Experience
Many of the areas addressed by the RSA Archer Associate test will be familiar to the candidate who has worked with the RSA Archer product.

The RSA Archer Associate test content areas cover a wide range of RSA Archer product functions because an RSA Archer Associate may be called upon to perform deployments, work closely with and educate system administrators and other personnel, and maintain the day-to-day operation of an RSA Archer implementation.

Examination Details
Testing Centers, Locations, and Registration
The RSA Archer Administrator examination is administered by the Pearson VUE organization – an internationally known examination provider. Examination centers are located worldwide. Visit the Pearson VUE web site (www.pearsonvue.com/rsa/) and use the Exam Center Locator to find a testing facility convenient to you.
You may also use the Pearson VUE site to create a personal login account and register for an exam. The RSA Archer Associate test code is 050-6201-ARCHERASC01.
Exam Questions
The RSA Archer Associate test consists of 70 questions to be completed in 85 minutes. The test consists of multiple-choice, multiple-response, or true/false type questions. The test is computer-based and closed book – you may not utilize any printed material, personal computers, calculators, cell phones, etc. during the test.
The minimum passing score is 70%. Test results are calculated automatically at the conclusion of the test and testing center personnel can often provide you with an authorized copy of your results before you leave the testing center.

RSA Archer Associate
RSA Associate information
Killexams : RSA Associate information - BingNews https://killexams.com/pass4sure/exam-detail/050-6201-ARCHERASC01 Search results Killexams : RSA Associate information - BingNews https://killexams.com/pass4sure/exam-detail/050-6201-ARCHERASC01 https://killexams.com/exam_list/RSA Killexams : Leon Morrocco: a kaleidoscopic artist

Leon Morrocco RSA – an artist widely regarded as one of the greatest Scottish painters of his generation – is being celebrated in his 80th year with a solo exhibition at the Royal Scottish Academy of Art and Architecture, highlighting some of the lesser-known aspects of his long career.

House Contents

House Contents 1965

Leon Francesco Morrocco (b.1942)

NHS Lothian (Edinburgh & Lothians Health Foundation)

The eldest son of the painter and teacher Alberto Morrocco RSA (1917–1998), Leon Morrocco was born in Edinburgh in 1942, and is an elected Member of the RSA. He is surpassed in length of tenure only by the Inverness-born painter Peter Collins and the painter and printmaker Frances Walker.

Morrocco was first elected as an RSA Associate (ARSA) in 1971, exactly 20 years after his father had enjoyed the same honour – Alberto was aged 34, and Leon just 29.

In 2002, four years after his father's death, Leon Morrocco was elevated to full Academician rank. Of all of those elected Associates in 1971, only Morrocco and the architect Robert Steedman are still alive.

Morrocco is one of only 14 artists who have followed one of their parents onto the Membership roll of the RSA. Robbie Bushe RSA, who until 2021 was the RSA Secretary, is the only other living Member who is also the child of a past Academician.

Robbie Bushe's election came after the death of his father, the sculptor Fred Bushe (1931–2009), who, among other achievements, set up the Scottish Sculpture Workshop in Aberdeenshire in the 1970s.

Untitled

Untitled c.1971–1975

Frederick Joseph William Bushe (1931–2009)

Royal Scottish Academy of Art & Architecture

Morrocco undertook his training at Duncan of Jordanstone College of Art in Dundee, the Slade School of Fine Art in London, and Edinburgh College of Art (ECA).

It was at the end of three years on the teaching staff at ECA that Morrocco was awarded an Italian government scholarship, which took him to the Accademia di Brera in Milan in 1969.

Italian Landscape

Italian Landscape

Leon Francesco Morrocco (b.1942)

Edinburgh College of Art (University of Edinburgh)

On his return to Scotland the same year, he took up a similar teaching post, this time at Glasgow School of Art, where he stayed for a full ten years before emigrating to Australia to become Head of the Department of Fine Art at Melbourne's Chisholm Institute.

After four years at the Chisholm, Morrocco gave up teaching in 1983 to concentrate on painting full time. Following a number of successful exhibitions, he returned to the UK in 1992, settling in London, which remains his base 30 years on.

Dried Corn

Dried Corn 1966

Leon Francesco Morrocco (b.1942)

Museums & Galleries Edinburgh – City of Edinburgh Council

To follow a parent is challenging at the best of times, but to do so successfully in the same field is perhaps a challenge of even greater magnitude.

There are elements of Morrocco's work that bear more than a nod in the direction of the work of his father, but there is little risk of their work being mistaken, such is the stamp that Morrocco junior has placed on his own practice.

Objects on Chest

Objects on Chest 1965

Leon Francesco Morrocco (b.1942)

NHS Lothian (Edinburgh & Lothians Health Foundation)

Perhaps it is a manifestation of his surname (allowing for the spelling difference), with its evocation of sunny climes and joyous colours, that makes a Leon Morrocco painting so immediately recognisable.

He is a consummate draughtsman, as evidenced by his early Basket Chair and Lamp, and he has been prolific in his output, constantly striving to produce, in his own words, the best that he possibly can.

If at times his work presents a sense of déjà vu, that can be put down to his doing exactly that – striving to produce the best that he possibly can. A subject tackled more than once is a reflection that he didn't quite 'get it right' at the first attempt.

His work is kaleidoscopic. Kaleidoscopic not only in terms of the richly juxtaposed and at times textured arrangement of the paint on the canvas, but kaleidoscopic too in terms of the fragmented references to twentieth-century Scottish art, which – consciously or not – it contains.

Two Mackerel does not seek to impersonate but nonetheless pays homage to the masterful late still-life paintings of William Gillies, for example, whilst works like White Town in Green suggest the Corsican and Spanish townscapes of Anne Redpath's late years.

Boats and Boats and Houses speak of Ian Fleming and William Burns, whilst the interest of placing still lifes in windows with a wider landscape beyond, or of placing the still life within the landscape itself, are reminiscent of the work of William Littlejohn and ultimately of the significant influence of James Cowie.

Boats

Boats 1965

Leon Francesco Morrocco (b.1942)

NHS Lothian (Edinburgh & Lothians Health Foundation)
Boats and Houses

Boats and Houses 1965

Leon Francesco Morrocco (b.1942)

NHS Lothian (Edinburgh & Lothians Health Foundation)

Studio Window has a bit of David McClure or Robert Henderson Blyth to it.

Fish Market has similarities with the paintings of Morrocco's friend and colleague David Michie.

But whatever the influences, real or perceived, at heart Morrocco is a colourist, and a rather good one at that. This has evolved through his career even if early works such as Profile of Woman or Italian Landscape do not yet show that.

Profile of Woman

Profile of Woman 1963

Leon Francesco Morrocco (b.1942)

Edinburgh College of Art (University of Edinburgh)

Figure in Landscape suggests a promise of the feast to come.

His celebration of the joie de vivre is in the same vein as the work of J. D. Fergusson, but in his ability to capture sunlight, as in his RSA Diploma Collection deposit The Cyclist, Via Giolitti, he lies much closer to S. J. Peploe.

Morrocco works from sketches, often highly detailed, and invariably in his own words containing much more information than he will ever need. In his paintings of places, he seeks not to recreate photographic renditions but rather to evoke the sense of place.

His most recent major collection is of truly monumental works inspired by the Alpes-Maritimes in France. Talking of these works, Morrocco has spoken of his excitement in the studio. Having done his preparatory sketches and transferred these to the canvas, and prepared his palette, he picks up his brushes to apply the first colour. A peace-loving individual, nonetheless he perceives a sense of battle; 'taking the fight' to the canvas.

He is also aware that he is looking to find new solutions to the challenges his subject matter poses, and, hearteningly for a man so mature in his years, he is constantly learning, even now. These all go together to produce a series of landscapes which must rank among the finest landscapes ever painted by a Scottish artist.

Robin Rodger, Documentation Officer at the RSA

'Leon Morrocco: Long Road Home' is at the Royal Scottish Academy of Art and Architecture until 28th August 2022

Thu, 28 Jul 2022 21:27:00 -0500 en text/html https://artuk.org/discover/stories/leon-morrocco-a-kaleidoscopic-artist
Killexams : 5 reasons why an IT staffing company is expanding to the U.S. and joining the Tech Titans No result found, try new keyword!Kibernum has more than 30 years of experience in information technology, with international presence in three countries. Tue, 09 Aug 2022 00:52:00 -0500 text/html https://www.bizjournals.com/dallas/news/2022/08/09/5-reasons-why-kibernum-is-expanding-to-the-us.html Killexams : Guidance Document - EXRC Access Request Process

Purpose

In order to establish a documented and uniform process whereby project personnel engaged in research that requires EXRC can properly request access to the cluster. This process is meant to minimize unnecessary communications, decrease time to resolution, and ensure security requirements are met to provide access to needed resources.

Scope

Any Purdue University projects that require access to the EXRC Cluster.

Compliance

It is the policy of Purdue University (i) to comply with all Export Controls and OFAC (U. S. Department of Treasury Office of Foreign Assets Control) Regulations applicable to University activities, and (ii) to develop and maintain an EC Compliance program to enable Purdue Associates to understand and comply with these laws and regulations. No Purdue Associate may engage in any activity, or commit the University to engage in any activity, (i) that is prohibited by Export Controls or OFAC Regulations, or (ii) that requires a license or other agency approval under Export Controls or OFAC Regulations, unless such license or approval has been obtained.

Roles & Responsibilities

Primary Investigator – Instruct the project participates needing EXRC cluster access to generate an SSH key pair using these instructions:

* When following these instructions, please select RSA key and 2048 key length to minimize issues.

https://www.vandyke.com/support/tips/publickeyauth.html

Using the RCAC user management website, add the personnel to the desired workgroups.

Access Requester – After generating an SSH key pair using the preceding instructions, attach and email the generated public key to IT Security & Policy (itap-securityhelp@purdue.edu). In the email include project / TCP name, justification, and directory path requested for access. The PI should be able to provide this information.

IT Security Research Analyst – Verify with Export Control to ensure the individual requesting access has met the prerequisite citizenship and training requirements. Send an email to exportcontrols@purdue.edu with the subject line EXRC access request – (PI Name) and the requested access in the body. On confirmation that conditions for access are met, update the request to proceed with access and add Research Computing support to assignees. If requirements are not met, update the request as to what is needed to proceed.

Export Control – Conduct investigation including but not limited to data security training, citizenship verification, and background check. Once the investigation is complete, communicate the status to the Research Security Analyst.

RCAC – On receipt of:

  • Request for access
  • Key pair
  • Confirmation of export security requirements

Process the request for access to EXRC and close the request.

Management Commitment

Purdue University maintains a campus wide commitment and management support for the security of our infrastructure and data to include public facing infrastructure, sensitive data projects, and everything in between.

Coordination

This process depends on the continued coordination between IT Security and Policy, Export Control Administration, ITaP Research Computing, and participating colleges engaged in export-controlled research projects.

Need Help?

Contact the Purdue Export Controls team by email at exportcontrols@purdue.edu, by phone at (765) 494-6840, or in person on the 10th floor of Young Hall (155 S Grant St.).

Wed, 12 Jan 2022 23:51:00 -0600 en text/html https://purdue.edu/research/oevprp/regulatory-affairs/export-controls/guidance-documents/exrc-access-request.php
Killexams : Yuliang Zheng
Yuliang Zheng. Professor and Chair
This email address is being protected from spambots. You need JavaScript enabled to view it.
University Hall 4111
(205) 934-8655
Website

Research and Teaching Interests: Cryptocurrency, Cyber Security, Digital Privacy, Modern Cryptography

Office Hours: By appointment

Education:

  • B.S., Nanjing Institute of Technology, China
  • M.S., Yokohama National University, Japan
  • Ph.D., Yokohama National University, Japan
  • Postdoctoral Fellowship, Australian Defence Force Academy, Australia

Dr. Yuliang Zheng joined the University of Alabama at Birmingham in July 2015 to serve as the Chair of the Department of Computer Science. An innovator in education, Dr. Zheng has been spearheading UAB’s efforts to establish an interdisciplinary academic program in Big Data Analytics as well as nano-degrees that can be stacked towards a full degree in computer science and related fields.

He is widely known as the father of the signcryption technology, which is now an ISO international standard for cyber security. His pioneering research in immunizing public key encryption against adaptive attacks has been embodied in a multiple number of industry standards including those from ISO, IEEE and IETF. A prolific researcher with more than 230 refereed publications, Dr. Zheng has been at the forefront of establishing international standards for cryptographic engineering. He plays an active leadership role in international research communities, co-founding the annual Public Key Cryptography (PKC) conference sponsored by the International Association for Cryptologic Research (IACR) and the annual International Conference on Information Theoretic Security (ICITS).

Dr. Zheng serves on the steering committees for a number of research and industrial forums including PKC (Chair of the PKC steering committee since 2007), International Conference on Information Theoretic Security, Information Security Conference, IEEE Security in Storage Workshop, and IEEE Information Assurance Standards Committee. He was invited to serve as an associate editor of The Computer Journal published by the Oxford University Press and as a guest editor for the IEEE Transactions on Information Theory. Dr. Zheng is among a small group of international experts who have been invited to serve as a member of a program committee for all the five most important annual international conference series in cyber security and cryptography, namely ACM-CCS, RSA, CRYPTO, EUROCRYPT and ASIACRYPT.

Dr. Zheng’s research focuses on data encryption and authentication algorithms and protocols, and their applications in cyber security and privacy. His interest in efficient data security algorithms for low-powered devices such as smart cards and cell phones led to the invention of signcryption that simultaneously provides the functions of both confidentiality and authenticity. Signcryption has since been adopted by the International Standardization Organization (ISO) as a global standard for cyber security.

Dr. Zheng’s recent research interests include security for the Internet of Things, security in cloud computing and storage, privacy, cryptocurrencies and security algorithms that are resilient against powerful attacks using future quantum computers.

Follow the linked course names to see demo syllabi which describe course aims, learning objectives, requirements, and schedules. These are samples only. The instructor may make changes to these syllabi in future courses.
  • Puwen Wei and Yuliang Zheng. 2015. On the Construction of Public Key Encryption with Sender Recovery. International Journal of Foundations of Computer Science 26, 1 (2015), 1-31.
  • Graham Enos and Yuliang Zheng. 2015. An ID-based Signcryption Scheme with Compartmented Secret Sharing for Unsigncryption. Information Processing Letters 115 (2015), 128-33.
  • Alex Dent and Yuliang Zheng. 2010. Applied Signcryption. Springer Verlag.
  • Joonsang Baek, Ron Steinfeld, and Yuliang Zheng. 2007. Formal Proofs for the Security of Signcryption. Journal of Cryptology 20 (No. 2, April 2007), 203-35.
  • Ron Steinfeld and Yuliang Zheng. 2004. On the Security of RSA with Primes Sharing Least-Significant Bits. AAECC — Applied Algebra in Engineering, Communication and Computing 15, 3-4 (2004), 179-200.
  • Yuliang Zheng. 1997. Digital Signcryption or How to Achieve Cost(Signature & Encryption) << Cost(Signature) + Cost(Encryption). Advances in Cryptology — CRYPTO’97, LNCS 1294 (1997), 165-79.
  • Jennifer Seberry, Xian-Mo Zhang, and Yuliang Zheng. 1995. Nonlinearity and Propagation Characteristics of Balanced Boolean Functions. Information and Computation 119, 1 (1995), 1-13.
  • Yuliang Zheng and Jennifer Seberry. 1993. Immunizing Public Key Cryptosystems against Chosen Ciphertext Attacks. Special Issue on Secure Communications, IEEE Journal on Selected Areas in Communications 11, 5 (June 1993), 715-24.
  • Yuliang Zheng, Josef Pieprzyk, and Jennifer Seberry. 1993. HAVAL — A One-Way Hashing Algorithm with Variable Length of Output. Advances in Cryptology — AUSCRYPT'92, LNCS 718 (1993), 83-104.
  • Telecom System Technology Award, The Telecommunications Advancement Foundation, Japan (www.taf.or.jp), 2003.
  • Essam El-Kwae Student-Faculty Research Award, College of Information technology, UNC Charlotte, April 2004.
  • Award for Distinguished Contributions to International Standardization, Information Technology Standards Commission of Japan (ITSCJ, 情報処理学会 情報規格調査会), 2012.
  • Thinker in Residence, Deakin University, Australia, 2013.
SaveSaveSave
Tue, 20 Apr 2021 06:06:00 -0500 en-US text/html https://www.uab.edu/cas/computerscience/people/faculty-directory/faculty/yuliang-zheng
Killexams : Proactive Security Market Demand, Business Opportunity, New Innovations, Industry Growth and Share Report and Forecast to 2029

This report provides in-depth study on the current state of the Global Proactive Security Market 2022-2029. Key players in the Global Proactive Security Market have been identified through the secondary research and their market share has been determined through primary and secondary research. the Laeding Players are Swimlane, Aricent, Demisto, Corvil, Trustwave, Siemplify, IBM, Firemon, Logrhythm, Rapid7, Cybersponse, Threatconnect, Symantec, Mcafee, Fireeye, Cisco, Alienvault, Oracle, Palo Alto Networks, Skybox Security, Phantom, Securonix, Centrify, Qualys, RSA Security.

The “Proactive Security Market” is projected to achieve significant growth by the end of the forecast period as per the research study conducted by research analysts. The report explains that this business is predicted to record a remarkable growth rate over the forecast period. This report provides important information regarding the total valuation that this industry holds presently and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.

Global Proactive Security Market includes profiling of leading players of the Proactive Security market. All of the segments studied in the report are analysed based on different factors such as market share, revenue, and CAGR. The analysts have also thoroughly analysed different regions such as North America, Europe, and the Asia Pacific on the basis of production, revenue, and sales in the Proactive Security market. The researchers used advanced primary and secondary research methodologies and tools for preparing this report on the Proactive Security market.

Get a demo PDF of the report at –https://www.businessgrowthreports.com/enquiry/request-sample/21082287

List of TOP KEY PLAYERS in Proactive Security Market Report are: –

  • Swimlane
  • Aricent
  • Demisto
  • Corvil
  • Trustwave
  • Siemplify
  • IBM
  • Firemon
  • Logrhythm
  • Rapid7
  • Cybersponse
  • Threatconnect
  • Symantec
  • Mcafee
  • Fireeye
  • Cisco
  • Alienvault
  • Oracle
  • Palo Alto Networks
  • Skybox Security
  • Phantom
  • Securonix
  • Centrify
  • Qualys
  • RSA Security

Market Analysis and Insights:

The global Constipation market size is projected to reach USD million by 2029, from USD million in 2022, at a CAGR during 2022-2029.

Get a demo Copy of the Proactive Security Market Report 2022

Proactive Security Market Segmentation:

This report provides comprehensive analysis of the emerging Point-of-Care testing market segments, including their dynamics, size, growth, regulatory requirements, technological trends, competitive landscape, and emerging opportunities for instrument and consumable suppliers. This report will help diagnostic instrument and reagent suppliers develop more effective business, RandD and marketing strategies.

The Proactive Security market is primarily split into Product Type

End-users/Application, this report covers the following segments

  • Small and Medium-sized Enterprises (SMEs)
  • Large Enterprises

Enquire before purchasing this reporthttps://www.businessgrowthreports.com/enquiry/pre-order-enquiry/21082287

Proactive Security Market Revenue and Sales Estimation – Historical Revenue and sales volume is presented and further data is triangulated with top-down and bottom-up approaches to forecast complete market size and to estimate forecast numbers for key regions covered in the report along with classified and well recognized Types and end-use industry.

SWOT Analysis on Proactive Security Players

In additional Market Share analysis of players, in-depth profiling, product/service and business overview, the study also concentrates on Matrix, Map Analysis, Figures along with SWOT analysis to better associate market competitiveness.

Proactive Security Market Trends Analysis:

In order to better understand Market condition forces analysis is conducted that includes Trading power of buyers, Trading power of suppliers, Threat of new players, Threat of substitutes, Threat of conflict.

  • Political (Political policy and stability as well as trade, fiscal and taxation policies)
  • Economical (Interest rates, employment or unemployment rates, raw material costs and foreign exchange rates)
  • Social (Changing family demographics, education levels, cultural trends, attitude changes and changes in lifestyles)
  • Technological (Changes in digital or mobile technology, automation, research and development)
  • Legal (Employment legislation, consumer law, health and safety, international as well as trade regulation and restrictions)
  • Environmental (Climate, recycling procedures, carbon footprint, waste disposal and sustainability)

Purchase this report (3450 USD for a single-user license) –https://www.businessgrowthreports.com/purchase/21082287

Proactive Security Market Regional Analysis:

  • APAC (Japan, China, South Korea, Australia, India, and Rest of APAC; Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
  • Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, The Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
  • North America (U.S., Canada, and Mexico)
  • South America (Brazil, Chile, Argentina, Rest of South America)
  • And Rest of the World

Proactive Security Market Forecast:

  • Historical Years: 2017-2022
  • Base Year: 2022
  • Estimated Year: 2022
  • Forecast Period: 2022-2029

Major Points from Table of Contents:

1 Study Coverage

1.1 Proactive Security Product Introduction

1.2 Market by Type

1.2.1 Global Proactive Security Market Size Growth Rate by Type

1.3 Market by Application

1.3.1 Global Proactive Security Market Size Growth Rate by Application

1.4 Study Objectives

1.5 Years Considered

2 Global Proactive Security Production

2.1 Global Proactive Security Production Capacity (2017-2029)

2.2 Global Proactive Security Production by Region: 2017 VS 2022 VS 2029

2.3 Global Proactive Security Production by Region

2.3.1 Global Proactive Security Historic Production by Region (2017-2022)

2.3.2 Global Proactive Security Forecasted Production by Region (2022-2029)

3 Global Proactive Security Sales in Volume and Value Estimates and Forecasts

4 Competition by Manufactures

5 Market Size by Type

6 Market Size by Application

7 Proactive Security Consumption by Regions

……………..

12 Corporate Profiles

12.1.1 Company Corporation Information

12.1.2 Company Overview

12.1.3 Company Proactive Security Sales, Price, Revenue and Gross Margin (2017-2022)

12.1.4 Company Proactive Security Product Description

12.1.5 Company Related Developments

13 Industry Chain and Sales Channels Analysis

13.1 Proactive Security Industry Chain Analysis

13.2 Proactive Security Key Raw Materials

13.2.1 Key Raw Materials

13.2.2 Raw Materials Key Suppliers

13.3 Proactive Security Production Mode and Process

13.4 Proactive Security Sales and Marketing

13.4.1 Proactive Security Sales Channels

13.4.2 Proactive Security Distributors

13.5 Proactive Security Customers

14 Market Drivers, Opportunities, Challenges and Risks Factors Analysis

14.1 Proactive Security Industry Trends

14.2 Proactive Security Market Drivers

14.3 Proactive Security Market Challenges

14.4 Proactive Security Market Restraints

15 Key Finding in The Global Proactive Security Study

16 Appendix

Continued…

Browse complete table of contents athttps://www.businessgrowthreports.com/TOC/21082287#TOC

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To view the original version on The Express Wire visit Proactive Security Market Demand, Business Opportunity, New Innovations, Industry Growth and Share Report and Forecast to 2029

Thu, 21 Jul 2022 23:26:00 -0500 TheExpressWire en-US text/html https://www.digitaljournal.com/pr/proactive-security-market-demand-business-opportunity-new-innovations-industry-growth-and-share-report-and-forecast-to-2029
Killexams : Intact Financial Corporation reports Q2-2022 results

The MarketWatch News Department was not involved in the creation of this content.

(in Canadian dollars except as otherwise noted)

TORONTO, July 28, 2022 /CNW/ - (TSX: IFC)

Highlights

  • Net operating income per share1 was $3.14with meaningful accretion from RSA and strong investment and underwriting results
  • Operating DPW2 grew 36% in the quarter, driven by the RSA acquisition and 4% organic growth, led by commercial lines
  • Operating combined ratio1 of 90.7% was strong across all geographies, but higher than last year mainly due to catastrophe losses
  • EPS of $6.64 in the quarter reflecting strong operating results, significant gains on investments and the sale of Codan Denmark
  • OROE1 of 15.4% and ROE1 of 18.5% reflecting robust operating and non-operating performance
  • Total capital margin remains strong at $2.5 billiondespite a volatile macroeconomic environment
  • After one year, NOIPS1 accretion from the RSA acquisition was well above expectations at 15%, and integration remains on track

Charles Brindamour, Chief Executive Officer, said:

"We delivered strong results in Q2-2022 with contribution from all segments. In the one year since the close of the RSA acquisition, we have achieved $175M in run-rate synergies and greatly strengthened our Canadian and specialty lines platforms. We remain optimistic about the growth opportunities across our business and particularly in specialty lines. We expect that our disciplined underwriting and deep claims expertise will continue to be assets in navigating inflation pressures, climate change and evolving driving patterns."

Consolidated Highlights1

(in millions of Canadian dollars except as otherwise noted)

Q2-2022

Q2-2021

Change

H1-2022

H1-2021

Change

Operating direct premiums written1

5,807

4,297

36 %

10,485

6,819

54 %

Direct premiums written

6,238

4,414

41 %

11,331

6,957

63 %

Operating combined ratio1

90.7 %

86.7 %

4.0 pts

91.2 %

87.8 %

3.4 pts

Underwriting income1

441

464

(5) %

837

761

10 %

Operating net investment income1

211

154

37 %

416

295

41 %

Distribution income1

141

118

19 %

233

180

29 %

Net operating income attributable to common shareholders1

553

502

10 %

1,028

846

22 %

Net income

1,184

573

107 %

1,631

1,087

50 %

Per share measures (in dollars)

Net operating income per share (NOIPS)1

$3.14

$3.26

(4) %

$5.84

$5.69

3 %

Earnings per share (EPS)

$6.64

$3.59

85 %

$9.17

$7.10

29 %

Return on equity for the last 12 months

Operating ROE1

15.4 %

19.8 %

(4.4) pts

ROE

18.5 %

19.6 %

(1.1) pts

Book value per share (in dollars)1

$80.86

$77.67

4 %

Total capital margin

2,479

2,558

(79)

Adjusted debt-to-total-capital ratio1

20.3 %

24.1 %

(3.8) pts

___________________________________________

1 This press release contains non-GAAP financial measures and Non-GAAP ratios (each as defined in National Instrument 52-112 "Non-GAAP and Other Financial Measures Disclosure". Refer to Section 19 - Non-GAAP and other financial measures in the Q2-2022 Management's Discussion and Analysis for further details.

2 DPW change (growth) is presented in constant currency

Common Share Dividend

  • The Board of Directors approved the quarterly dividend of $1.00 per share on the Company's issued and outstanding common shares. The dividend is payable on September 30, 2022, to all shareholders of record as at September 15, 2022.

Normal Course Issuer Bid

  • As at June 30, 2022, the Company had repurchased and cancelled 556,440 common shares for approximately $100 million under its normal course issuer bid ("NCIB") program. The NCIB program allows to purchase for cancellation up to 5,282,458 common shares until February 15, 2023, representing approximately 3% of the Company's issued and outstanding common shares as at February 8, 2022.

12-Month Industry Outlook

  • Over the next twelve months, we expect firm-to-hard insurance market conditions to continue in most lines of business, supported by high pre-pandemic combined ratios, inflation, and climate change.
  • In Canada, we expect firm market conditions to continue in personal property. Personal auto premium growth is expected to progress towards the mid-single-digit range to reflect inflation and evolving driving patterns.
  • In commercial lines, in both the US and Canada, hard market conditions are expected to continue.
  • In the UK&I, hard market conditions are expected to continue across commercial lines. In personal lines, near term industry growth levels are uncertain as companies navigate pricing reforms and inflation.

Segment Results

(in millions of Canadian dollars except as otherwise noted)

Q2-2022

Q2-2021

Change

H1-2022

H1-2021

Change

Operating direct premiums written

Canada

4,047

3,051

33 %

6,956

5,176

34 %

UK&I

1,157

n/a

n/a

2,456

n/a

n/a

US

603

512

14 %

1,073

909

16 %

Corporate (RSA - June 2021)

n/a

734

nm

n/a

734

nm

Total

5,807

4,297

36 %

10,485

6,819

54 %

Operating combined ratio

Canada

90.6 %

85.0 %

5.6 pts

90.4 %

86.5 %

3.9 pts

UK&I

91.3 %

n/a

n/a

95.2 %

n/a

n/a

US

91.1 %

90.3 %

0.8 pts

89.0 %

93.3 %

(4.3) pts

Corporate (RSA - June 2021)

n/a

90.7 %

n/a

n/a

90.7 %

nm

Total

90.7 %

86.7 %

4.0 pts

91.2 %

87.8 %

3.4 pts

Underwriting income

Canada

312

374

(62)

633

656

(23)

UK&I

89

n/a

n/a

101

n/a

n/a

US

38

37

1

93

51

42

Corporate and Other

2

(4)

6

10

(3)

13

RSA - June 2021

n/a

57

n/a

n/a

57

nm

Total

441

464

(23)

837

761

76

Q2-2022 Insurance Business Performance

  • Operating DPW growth of 36% in constant currency mainly reflected the RSA acquisition. Organic growth was 4%, led by 7% growth in commercial lines.
  • Operating combined ratio was strong at 90.7%, but 4.0 points higher than last year due to a $175 million increase in catastrophe losses. The operating combined ratio in Canada was a solid 90.6%, 5.6 points above last year, driven by higher catastrophe losses and driving activity, partially offset by a reduction in variable commissions. In the UK&I, the operating combined ratio was a strong 91.3% in a seasonally favourable quarter. In the US, the operating combined ratio of 91.1% was in line with expectations.

Lines of Business

P&C Canada

  • Personal auto premiums grew by 28%, driven by RSA and 1% organic growth. The operating combined ratio was a strong 89.8%, but 7.4 points higher than last year reflecting increased driving activity and higher severity driven in part by inflation. This was offset in part by lower variable commissions. Although driving activity was up from the prior year, claims frequency remained below pre-pandemic levels.
  • Personal property premiums grew by 28%, driven by RSA and 6 points of organic growth in firm market conditions. The operating combined ratio of 97.6% was 14.3 points higher than last year as a result of elevated weather activity, compared to very mild weather in the comparable period.
  • Commercial lines premium growth of 42% was driven by RSA and strong organic growth of 7%, supported by hard market conditions. The operating combined ratio improved by 3.6 points to a very strong 86.0%, helped by our profitability actions over time and lower variable commissions.
  • Distribution income grew by 19%, driven by accretive acquisitions over the past 12 months and higher income from our On Side Restoration business.

P&C UK&I

  • Personal lines operating DPW was $424 million. We remained disciplined in competitive market conditions, with recent pricing reforms impacting UK home and motor. The strong operating combined ratio of 88.3% reflects 5.2 points of favourable development in catastrophe losses driven by a revised estimate of the February windstorms, bolstered by favourable seasonality in Q2.
  • Commercial lines operating DPW was $733 million in hard market conditions. The operating combined ratio was 93.6%, reflecting elevated catastrophe losses, offset in part by a lower-than-expected expense ratio.

P&C US

  • US Commercial premium growth was strong at 14% driven by new business, increased exposures, and rate increases in favourable market conditions. The operating combined ratio remained solid at 91.1%, and 0.8 points higher than last year due to non-weather catastrophe losses.

Investments

  • Operating net investment income of $211 millionfor the quarter increased 37% year-over-year, mainly driven by the RSA acquisition and higher yields captured against the backdrop of rising interest rates.
  • Net gains excluding FVTPL bondsof $400 million reflects significant gains on equity securities as we repositioned certain portfolios in a volatile environment.

Net Operating Income, EPS and ROE

  • Net operating income attributable to common shareholdersof $553 millionis up 10% from a year ago, reflecting a meaningful contribution from the RSA acquisition and strong investment and underwriting results, offset in part by higher catastrophe losses.
  • Earnings per shareof $6.64 was 85% higher than last year, as robust operating results were bolstered by realized gains on investments and the sale of RSA's Danish business, Codan Forsikring A/S ("Codan Denmark").
  • Operating ROE of 15.4% and ROE of 18.5% for the 12 months to June 30, 2022 reflected strong performance across the business.

Balance Sheet

  • The Company ended the quarter in a strong financial position, with a total capital margin of $2.5 billion, in line with Q1-2022 levels.
  • IFC's book value per share(BVPS) of $80.86 as at June 30, 2022 increased 4% from a year ago driven by strong earnings, partially offset by mark-to-market losses on our investments due to the increase in interest rates and the recent volatility in capital markets.
  • The adjusted debt-to-total capital ratio decreased to 20.3% as at June 30, 2022, in line with our long term target, as proceeds from the sale of Codan Denmark were used to pay down debt during the quarter.

RSA Acquisition

  • RSA contributed approximately 15% to NOIPS for the 13-month period since closing. Given the overall strength of Intact's results, double-digit accretion is evidence of the quality of the acquired businesses.
  • We remain on track to realize at least $250 million of pre-tax annual run-rate synergies in 2024. As at June 30, 2022 we estimate that we have delivered $175 million in run-rate synergies.
  • Integration activities are progressing well. In Canada, policy conversion in the broker channel remains a top priority. In Q2, we started the conversion of the larger Commercial lines policies, while nearly 85% of Personal lines broker policies and Commercial lines small business and fleet policies have been converted to Intact systems to date.
  • On May 2, 2022, the sale of Codan Denmark to Alm. brand A/S Group was completed for a total base cash consideration of DKK 12.6 billion ($2.3 billion), subject to post-closing adjustments. IFC received 50% of the proceeds.
  • On July 7, 2022 we completed the sale of our 50% stake in RSA Middle East to National Life & General Insurance Company (NLGIC), majority owned by Oman International Development and Investment Co. (OMINVEST) for proceeds of approximately $175 million (USD135 million), subject to post-closing adjustments.

Preferred Share Dividends

The Board of Directors also approved a quarterly dividend of 21.225 cents per share on the Company's Class A Series 1 preferred shares, 21.60625 cents per share on the Class A Series 3 preferred shares, 32.5 cents per share on the Class A Series 5 preferred shares, 33.125 cents per share on the Class A Series 6 preferred shares, 30.625 cents per share on the Class A Series 7 preferred shares, 33.75 cents per share on the Class A Series 9 preferred shares, and 32.8125 cents per share on the Class A Series 11 preferred shares. The dividends are payable on September 30, 2022, to shareholders of record as at September 15, 2022.

Analysts' Estimates

  • The average estimates of earnings per share and net operating income per share for the quarter among the analysts who follow the Company were $3.36 and $2.71, respectively.

Management's Discussion and Analysis (MD&A) and Consolidated Financial Statements

This Press Release, which was approved by the Company's Board of Directors on the Audit Committee's recommendation, should be read in conjunction with the Q2-2022 MD&A as well as the Q2-2022 Consolidated Financial Statements, which are available on the Company's website at www.intactfc.com and later today on SEDAR at www.sedar.com.

For the definitions of measures and other insurance-related terms used in this Press Release, please refer to the MD&A and to the glossary available in the "Investors" section of the Company's website at www.intactfc.com.

Conference Call Details

Intact Financial Corporation will host a conference call to review its earnings results tomorrow at 10:00 a.m. ET. To listen to the call via live audio webcast and to view the Company's Financial Statements, MD&A, presentation slides, Supplementary financial information and other information not included in this press release, visit the Company's website at www.intactfc.com and link to "Investors". The conference call is also available by dialing 416-764-8659 or 1-888-664-6392 (toll-free in North America). Please call 10 minutes before the start of the call. A replay of the call will be available on July 29, 2022 at 2:00 p.m. ET until midnight on August 5, 2022. To listen to the replay, call 416-764-8677 or 1-888-390-0541 (toll-free in North America), entry code 018351. A transcript of the call will also be made available on Intact Financial Corporation's website.

About Intact Financial Corporation

Intact Financial Corporation (TSX: IFC) is the largest provider of property and casualty (P&C) insurance in Canada, a leading provider of global specialty insurance, and, with RSA, a leader in the U.K. and Ireland. Our business has grown organically and through acquisitions to over $20 billion of total annual premiums.

In Canada, Intact distributes insurance under the Intact Insurance brand through a wide network of brokers, including its wholly-owned subsidiary BrokerLink, and directly to consumers through belairdirect. Intact also provides affinity insurance solutions through the Johnson Affinity Groups.

In the US, Intact Insurance Specialty Solutions provides a range of specialty insurance products and services through independent agencies, regional and national brokers, and wholesalers and managing general agencies.

Outside of North America, the Company provides personal, commercial and specialty insurance solutions across the U.K., Ireland, and Europe through the RSA brands.

Non-GAAP and other financial measures

Non-GAAP financial measures and Non-GAAP ratios (which are calculated using Non-GAAP financial measures) do not have standardized meanings prescribed by IFRS (or GAAP) and may not be comparable to similar measures used by other companies in our industry. Non-GAAP and other financial measures are used by management and financial analysts to assess our performance. Further, they provide users with an enhanced understanding of our financial results and related trends, and increase transparency and clarity into the core results of the business.

Non-GAAP financial measures and Non-GAAP ratios used in this Press Release and the Company's financial reports include measures related to our consolidated performance, our underwriting performance and our financial strength.

For more information about these supplementary financial measures, Non-GAAP financial measures, and Non-GAAP ratios, including definitions and explanations of how these measures provide useful information, refer to Section 19 - Non-GAAP and other financial measures in the Q2-2022 MD&A dated July 28, 2022, which is available on our website at www.intactfc.com and on SEDAR at www.sedar.com.

Table 1 Reconciliation of NOI, NOIPS and OROE to Net income attributable to shareholders, as reported under IFRS

Q2-2022

Q2-2021

H1-2022

H1-2021

Net income attributable to shareholders, as reported under IFRS

1,183

566

1,642

1,080

Remove: pre-tax non-operating losses (gains)

(697)

(6)

(697)

(178)

Remove: non-operating tax expense (benefit)

89

(45)

136

(30)

Remove: non-operating component of NCI

(6)

-

(24)

-

NOI

569

515

1,057

872

Remove: preferred share dividends

(16)

(13)

(29)

(26)

NOI attributable to common shareholders

553

502

1,028

846

Divided by weighted-average number of common shares (in millions)

175.8

153.9

175.9

148.5

NOIPS, basic and diluted (in dollars)

3.14

3.26

5.84

5.69

NOI to common shareholders for the last 12 months

2,199

1,698

Adjusted average common shareholders' equity, excluding AOCI

14,275

8,567

OROE for the last 12 months

15.4 %

19.8 %

Table 2 Reconciliation of Operating DPW to DPW

Q2-2022

Q2-2021

H1-2022

H1-2021

DPW, as reported under IFRS

6,238

4,414

11,331

6,957

Remove: impact of industry pools and fronting

(300)

(114)

(585)

(133)

Remove: DPW from exited lines

(149)

(5)

(290)

(7)

Add: impact of the normalization for multi-year policies

18

2

29

2

Operating DPW, as reported in the MD&A

5,807

4,297

10,485

6,819

Operating DPW growth

35 %

27 %

54 %

16 %

Operating DPW growth (in constant currency)

36 %

29 %

54 %

17 %

Table 3 Reconciliation of Underwriting income to Underwriting income as reported under IFRS

Q2-2022

Q2-2021

H1-2022

H1-2021

Net earned premiums, as reported under IFRS

4,902

3,508

9,793

6,285

Other underwriting revenues, as reported under IFRS

78

45

151

80

Net claims incurred, as reported under IFRS

(2,585)

(1,857)

(5,132)

(3,288)

Underwriting expenses, as reported under IFRS

(1,640)

(1,272)

(3,237)

(2,228)

Underwriting income (loss), as calculated under IFRS

755

424

1,575

849

Remove: impact of MYA on underwriting results

(363)

29

(829)

(117)

Remove: non-operating pension expense

14

16

27

32

Remove: underwriting loss (income) from exited lines

35

(5)

64

(3)

Underwriting income (loss), as reported in the MD&A

441

464

837

761

Operating NEP

4,758

3,482

9,500

6,241

Operating combined ratio

90.7 %

86.7 %

91.2 %

87.8 %

Table 4 Reconciliation of Operating net claims to Net claims incurred, as reported under IFRS

Q2-2022

Q2-2021

H1-2022

H1-2021

Net claims incurred, as reported under IFRS

2,585

1,857

5,132

3,288

Remove: positive (negative) impact of MYA on underwriting results

363

(29)

829

117

Remove: adjustment for non-operating pension expense

(5)

(6)

(10)

(12)

Remove: net claims from exited lines

(118)

(12)

(233)

(26)

Net with: other underwriting revenues

(11)

-

(21)

-

Operating net claims, as reported in the MD&A

2,814

1,810

5,697

3,367

Remove: net current year CAT losses

(248)

(73)

(430)

(125)

Remove: favourable (unfavourable) PYD

179

136

402

286

Operating net claims excluding current year CAT losses and PYD

2,745

1,873

5,669

3,528

Operating NEP

4,758

3,482

9,500

6,241

Remove: reinstatement premiums ceded (recovered)

3

-

3

1

Operating NEP before reinstatement premiums

4,761

3,482

9,503

6,242

Underlying current year loss ratio1

57.6 %

53.8 %

59.6 %

56.6 %

CAT loss ratio (including reinstatement premiums) 1

5.3 %

2.1 %

4.6 %

2.0 %

(Favourable) unfavourable PYD ratio2

(3.8) %

(3.9) %

(4.2) %

(4.6) %

Claims ratio2

59.1 %

52.0 %

60.0 %

54.0 %

1 Calculated using Operating NEP before reinstatement premiums.

2 Calculated using Operating NEP.

Table 5 Reconciliation of Operating net underwriting expenses to Underwriting expenses as reported under IFRS

Q2-2022

Q2-2021

H1-2022

H1-2021

Underwriting expenses, as reported under IFRS

1,640

1,272

3,237

2,228

Net with: other underwriting revenues

(67)

(45)

(130)

(80)

Remove: adjustment for non-operating pension expense

(9)

(10)

(17)

(20)

Remove: underwriting expenses from exited lines

(61)

(9)

(124)

(15)

Operating net underwriting expenses, as reported in the MD&A

1,503

1,208

2,966

2,113

Commissions

787

673

1,528

1,155

General expenses

583

422

1,172

747

Premium taxes

133

113

266

211

Operating NEP

4,758

3,482

9,500

6,241

Commissions ratio

16.6 %

19.4 %

16.1 %

18.5 %

General expenses ratio

12.2 %

12.1 %

12.3 %

11.9 %

Premium taxes ratio

2.8 %

3.2 %

2.8 %

3.4 %

Expense ratio

31.6 %

34.7 %

31.2 %

33.8 %

Table 6 Reconciliation of ROE to Net income attributable to shareholders, as reported under IFRS

Q2-2022

Q2-2021

H1-2022

H1-2021

Net income attributable to shareholders

1,183

566

1,642

1,080

Remove: preferred share dividends

(16)

(13)

(29)

(26)

Net income attributable to common shareholders

1,167

553

1,613

1,054

Divided by weighted-average number of common shares (in millions)

175.8

153.9

175.9

148.5

EPS, basic and diluted (in dollars)

6.64

3.59

9.17

7.10

Net income attributable to common shareholders for the last 12 months

2,573

1,740

Adjusted average common shareholders' equity

13,934

8,895

ROE for the last 12 months

18.5 %

19.6 %

Table 7 Reconciliation of Distribution income, Total finance costs, Other operating income (expense), Total income taxes and Underwriting income with the Consolidated financial statements

MD&A captions

Pre-tax

As presented in the Financial statements

Distribution income

Total
finance
costs

Other
operating
income (expense)
1

Operating
investment income

Total
income
taxes

Non-
operating
results

Underwriting income

Total F/S caption

For the quarter ended June 30, 2022

Underwriting income1

-

-

-

-

-

314

441

755

Investment income

-

-

-

220

-

2

-

222

Other revenues

137

-

1

-

-

-

-

138

Net gains (losses)

-

-

-

-

-

123

-

123

Gain on sale of business

-

-

-

-

-

423

-

423

Share of profits from investments in associates and joint ventures

59

(3)

-

-

(14)

(5)

-

37

Finance costs

-

(43)

-

-

-

-

-

(43)

Acquisition, integration and restructuring costs

-

-

-

-

-

(103)

-

(103)

Other expenses

(55)

-

(32)

-

-

(57)

-

(144)

Income tax benefit (expense)

-

-

-

-

(215)

-

-

(215)

Total, as reported in MD&A

141

(46)

(31)

220

(229)

697

441

For the quarter ended June 30, 2021

Underwriting income1

-

-

-

-

-

(40)

464

424

Investment income

-

-

-

161

-

-

-

161

Other revenues

92

-

13

-

-

-

-

105

Net gains (losses)

-

-

-

-

-

25

-

25

Gain on the RSA Acquisition

-

-

-

-

-

200

-

200

Share of profits from investments in associates and joint ventures

60

(2)

-

-

(14)

(6)

-

38

Finance costs

-

(38)

-

-

-

-

-

(38)

Acquisition, integration and restructuring costs

-

-

-

-

-

(138)

-

(138)

Other expenses

(34)

-

(25)

-

-

(35)

-

(94)

Income tax benefit (expense)

-

-

-

-

(103)

-

-

(103)

-

Total, as reported in MD&A

118

(40)

(12)

161

(117)

6

464

Table 8 Reconciliation of Distribution income, Total finance costs, Other operating income (expense), Total income taxes and Underwriting income with the Consolidated financial statements

MD&A captions

Pre-tax

As presented in the Financial statements

Distribution income

Total
finance costs

Other
operating
income (expense)
1

Operating
investment income

Total
income taxes

Non-
operating
results

Underwriting income

Total F/S caption

For the six-month period ended June 30, 2022

Underwriting income1

-

-

-

-

-

738

837

1,575

Investment income

-

-

-

433

-

4

-

437

Other revenues

268

-

4

-

-

-

-

272

Net gains (losses)

-

-

-

-

-

(173)

-

(173)

Gain on sale of business

-

-

-

-

-

423

-

423

Share of profits from investments in associates and joint ventures

97

(4)

-

-

(22)

(9)

-

62

Finance costs

-

(84)

-

-

-

-

-

(84)

Acquisition, integration and restructuring costs

-

-

-

-

-

(167)

-

(167)

Other expenses

(132)

-

(66)

-

-

(119)

-

(317)

Income tax benefit (expense)

-

-

-

-

(380)

-

-

(380)

Total, as reported in MD&A

233

(88)

(62)

433

(402)

697

837

For the six-month period ended June 30, 2021

Underwriting income1

-

-

-

-

-

88

761

849

Investment income

-

-

-

307

-

-

-

307

Other revenues

181

-

16

-

-

-

-

197

Net gains (losses)

-

-

-

-

-

143

-

143

Gain on the RSA Acquisition

-

-

-

-

-

200

-

200

Share of profits from investments in associates and joint ventures

83

(6)

-

-

(18)

(10)

-

49

Finance costs

-

(66)

-

-

-

-

-

(66)

Acquisition, integration and restructuring costs

-

-

-

-

-

(181)

-

(181)

Other expenses

(84)

-

(34)

-

-

(62)

-

(180)

Income tax benefit (expense)

-

-

-

-

(219)

-

-

(219)

Total, as reported in MD&A

180

(72)

(18)

307

(237)

178

761

1 Comprised of the following captions in the Consolidated statements of income: Net earned premiums, Other underwriting revenues, Net claims incurred and Underwriting expenses.

Table 9 Calculation of BVPS and BVPS (excluding AOCI)

As at June 30,

2022

2021

Equity attributable to shareholders, as reported under IFRS

15,515

14,851

Remove: Preferred shares, as reported under IFRS

(1,322)

(1,175)

Common shareholders' equity

14,193

13,676

Remove: AOCI, as reported under IFRS

1,165

(483)

Common shareholders' equity (excluding AOCI)

15,358

13,193

Number of common shares outstanding at the same date (in millions)

175.5

176.1

BVPS

80.86

77.67

BVPS (excluding AOCI)

87.50

74.93

Table 10 Adjusted average common shareholders' equity and Adjusted average common shareholders' equity (excluding AOCI)

As at June 30,

2022

2021

Ending common shareholders' equity

14,193

13,676

Remove: common shares issued during the period

-

(4,311)

Ending common shareholders' equity, excluding common shares issued during the period

14,193

9,365

Beginning common shareholders' equity

13,676

7,716

Average common shareholders' equity, excluding common shares issued during the period

13,934

8,541

Weighted impact of June 1, 2021 common shares issuance

-

354

Adjusted average common shareholders' equity

13,934

8,895

Ending common shareholders' equity (excluding AOCI)

15,358

13,193

Remove: common shares issued during the period

-

(4,311)

Ending common shareholders' equity, excluding AOCI and common shares issued during the period

15,358

8,882

Beginning common shareholders' equity, excluding AOCI

13,193

7,544

Average common shareholders' equity, excluding AOCI and common shares issued during the period

14,275

8,213

Weighted impact of June 1, 2021 common shares issuance

-

354

Adjusted average common shareholders' equity, excluding AOCI

14,275

8,567

Table 11 Reconciliation of Debt outstanding (excluding hybrid debt) and Adjusted total capital to Debt outstanding, Equity attributable to shareholders and Equity attributable to NCI, as reported under IFRS

As at

June 30

2022

March 31

2022

Dec. 31

2021

Debt outstanding, as reported under IFRS

4,345

5,370

5,229

Remove: hybrid subordinated notes

(247)

(247)

(247)

Debt outstanding (excluding hybrid debt)

4,098

5,123

4,982

Debt outstanding, as reported under IFRS

4,345

5,370

5,229

Equity attributable to shareholders, as reported under IFRS

15,515

15,787

15,674

Equity attributable to NCI, as reported under IFRS

Include: RSA Insurance Group plc, as reported under IFRS

Tier 1 notes

-

-

510

Preferred shares

285

285

285

Adjusted total capital

20,145

21,442

21,698

Debt outstanding (excluding hybrid debt)

4,098

5,123

4,982

Adjusted total capital

20,145

21,442

21,698

Adjusted debt-to-total capital ratio

20.3 %

23.9 %

23.0 %

Debt outstanding, as reported under IFRS

4,345

5,370

5,229

Preferred shares, as reported under IFRS

1,322

1,322

1,175

Equity attributable to NCI:RSA Insurance Group plc, as reported under IFRS

Tier 1 notes

-

-

510

Preferred shares

285

285

285

Debt outstanding and preferred shares (including NCI)

5,952

6,977

7,199

Adjusted total capital (see above)

20,145

21,442

21,698

Total leverage ratio

29.5 %

32.5 %

33.2 %

Adjusted debt-to-total capital ratio

20.3 %

23.9 %

23.0 %

Preferred shares and hybrids

9.2 %

8.6 %

10.2 %

Forward Looking Statements

Certain statements made in this news release are forward-looking statements. These forward-looking statements include, without limitation, statements relating to the outlook for the property and casualty insurance industry in Canada, the US and the UK, the Company's business outlook, the Company's growth prospects, the impact on the Company in relation to the occurrence of and in response to the coronavirus (COVID-19) pandemic and ensuing events, the acquisition and integration of RSA Insurance Group PLC ("RSA"), the sale of the Company's 50% stake in RSA Middle East B.S.C. (c) to National Life & General Insurance Company (NLGIC) (the "Sale of Middle East"), the receipt of all requisite approvals or clearances of the Sale of Middle East in a timely manner and on terms acceptable to the Company, the realization of the expected strategic, financial and other benefits of the Sale of Middle East, and the sale of Codan Denmark . All such forward-looking statements are made pursuant to the 'safe harbour' provisions of applicable Canadian securities laws.

Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, both general and specific, which give rise to the possibility that genuine results or events could differ materially from our expectations expressed in or implied by such forward-looking statements as a result of various factors, including those discussed in the Company's most recently filed Annual Information Form dated February 8, 2022 and available on SEDAR at www.sedar.com. As a result, we cannot certain that any forward-looking statement will materialize and we caution you against relying on any of these forward-looking statements. Except as may be required by Canadian securities laws, we do not undertake any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise. Please read the cautionary note at the beginning of the Q2-2022 MD&A.

SOURCE Intact Financial Corporation

COMTEX_411187009/2454/2022-07-28T17:01:18

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The MarketWatch News Department was not involved in the creation of this content.

Thu, 28 Jul 2022 05:01:00 -0500 en-US text/html https://www.marketwatch.com/press-release/intact-financial-corporation-reports-q2-2022-results-2022-07-28-17183118
Killexams : Seniors to Remember: 2022

Photo: Caitlin Cunningham

Hometown: Los Angeles
Major
: Applied psychology and human development; minors in cyber strategy and design, and computer science

Activities: As research assistant for City Connects, conducted cybersecurity risk assessments for K-12 schools for an independent study; member, 2021 ACC-ALN ImpACCt Design team selected for finals of the international RSA Student Design Awards competition; taught piano to fourth- and fifth-grade students at Brighton’s Thomas A. Edison K-8 School.

Mentors: Julia DeVoy (Lynch School of Education and Human Development); Anjun Biswas (Computer Science); Kevin Powers (Woods College of Advancing Studies).

Post-Graduation Plans:  Will work as an associate information security analyst at ServiceNow, a Santa Clara-based software company that develops a cloud computing platform to assist companies in managing digital workflows for enterprise operations.

Woo traveled 3,000 miles for college and discovered—and embraced—all of the geographical, climate, and academic differences and challenges that Boston College posed. Unafraid to take a new path, he returns to the Golden State changed, and better.


How has Boston College made a difference in your life?

When I first came to BC, I had a bit of a culture shock. Everything was different: the food, the people, the weather. But I’m glad I was able to experience such a new environment with a supportive group of friends and faculty. It really shifted my perspective on life—those new and different things can be a source of great change and progress for oneself and others.

Who has had the greatest influence on you during your time at BC?

[Lynch School Associate Dean of Undergraduate Students and Programs] Julia DeVoy’s decision to include the cybersecurity minor at the Lynch School changed my career path in my sophomore year. It was an engaging minor, as she encouraged me to create opportunities where I could apply both my cybersecurity and education studies. It was innovative, similar to how she transformed the Lynch School program into a diverse curriculum, with not just education studies, but cybersecurity, design thinking, and more. Her outside-the-box approach influenced me the most, and I have high hopes for the Lynch program and its future students.

What BC experiences had the most significant impact on you?

The BC classroom experience impacted me the most, especially the Applied Psychology & Cybersecurity courses. The small class sizes definitely made it easier to connect with the professor and ask questions. I thought the Applied Psychology professors taught the material very well, and I very much enjoyed the learning process.

The Cybersecurity classes were exciting as well. It was the same class as the Cybersecurity Master’s program, and I was often the only undergraduate in a class full of working professionals. The atmosphere in these classes was very different from other BC courses; I felt less pressure to raise my hand because everyone was there to seriously learn. The material was also very current and applicable; it was the same content I learned during my internship at ServiceNow.

Your involvement in the ACC-ALN ImpACCt Design team, which involves the application of design thinking and innovation to help solve complex, real-world problems, introduced you to transportation injustice. What was the problem, and how did your team address it?

Those with physical disabilities encounter many transportation issues in cities, such as stairs, uphill slopes, etc., which makes public transit extremely inefficient. One of the most glaring problems was wheelchair navigation in high density, urban areas. Our project “Wheelable” offered a solution by providing a “Google Maps” for more proficient wheelchair navigation, and more user-tailored options, by combining topological, transit, and crowdsourced obstacle data to provide the most efficient route. This was my first time on a business-related case study, and I truly enjoyed the whole process of developing our framework. Plus, our team had very diverse academic backgrounds—from engineering to psychology—and I appreciated how all of these fields contributed to our project.

What will you miss most about BC?

The weather! I really enjoy the four seasons, especially the snow and misty rain. It is nice to come home and eat a hot meal when it’s cold outside. The cold weather also makes you more appreciative of nice, sunny days.

Phil Gloudemans | University Communications | May 2022

Return to Seniors to Remember 2022

Mon, 16 May 2022 04:57:00 -0500 en text/html https://www.bc.edu/bc-web/bcnews/campus-community/students/seniors-to-remember-2022-eugene-woo.html
Killexams : Clearlake Capital Group Announces Senior Promotions and New Additions Clearlake Capital Group Announces Senior Promotions and New Additions

PR Newswire

SANTA MONICA, Calif., July 15, 2022

SANTA MONICA, Calif., July 15, 2022 /PRNewswire/ -- Clearlake Capital Group, L.P. ("Clearlake"), an investment firm founded in 2006 operating integrated businesses across private equity, credit and other related strategies, today announced several senior executive promotions and new additions to the Clearlake team.

www.clearlake.com (PRNewsfoto/Clearlake Capital Group)

Senior leadership promotions at Clearlake include Arta Tabaee to Partner & Managing Director, Paul Huber to Managing Director, Nate Mejías to Principal, and Sean Courtney, Dilshat Erkin, Ben Kruger and Emily Mullins to Senior Vice Presidents.

"The tremendous growth of the firm, as well as the recent closing of our $14.1 billion flagship fund, would not have been possible without the support of our exceptional Clearlake team, and we're honored to recognize these outstanding individuals," said José E. Feliciano, Co-Founder and Managing Partner at Clearlake. "We're also proud to be a leading supporter of diversity in private equity, and we're committed to providing more opportunities at the firm and within the industry at large for diverse candidates."

"In the midst of navigating uncharted territory over the last two years, our team successfully executed a record number of transactions, including some of the largest and most innovative deals of the year," said Behdad Eghbali, Co-Founder and Managing Partner at Clearlake. "We thank everyone for their ongoing support, and congratulate our team members on their well-deserved promotions."

Clearlake recently announced the closing of Clearlake Capital Partners VII with more than $14.1 billion in commitments. Since January 2021, Clearlake has raised more than $25 billion in capital.

Arta Tabaee, Partner & Managing Director, joined Clearlake in 2010, and focuses on the firm's efforts in the industrial and consumer sectors. He currently serves on the Board of Directors of several Clearlake portfolio companies, including BakeMark, the Better for You companies, Concert Golf, FullBeauty Brands, IPG, Mold-Rite, Pretium, Team Technologies, and Wellness Pet Company.

Paul Huber, Managing Director, joined Clearlake in 2015 and supports several of the firm's software & technology platforms. He currently serves on the Board of Directors of several Clearlake portfolio companies, including Cornerstone OnDemand, FinThrive, Precisely, Quest Software and symplr.

Nate Mejías, Principal, joined Clearlake in 2014 and supports several of the firm's industrial, technology and consumer platforms. He currently serves on the Board of Directors of several Clearlake portfolio companies, including Alkegen, Dodge Construction Network, FloWorks, Springs Window Fashions and Wellness Pet Company.

Sean Courtney, Senior Vice President, joined Clearlake in 2015 and supports several of the firm's software & technology and consumer platforms. He currently serves on the Board of Directors of several Clearlake portfolio companies, including BakeMark, Confluence, Perforce, symplr, Victory Live and Vive Collective.

Dilshat Erkin, Senior Vice President, joined Clearlake in 2014 and supports several of the firm's industrial, software & technology, and consumer platforms. He currently serves on the Board of Directors of several Clearlake portfolio companies, including Concert Golf, EagleView, IPG, IXS, Mold-Rite, Pretium, RSA and Wheel Pros.

Ben Kruger, Senior Vice President, joined Clearlake in 2016 and supports several of the firm's industrial, software & technology, and consumer platforms. He currently serves on the Board of Directors of several Clearlake portfolio companies, including Constant Contact, Newfold Digital, PrimeSource and Team Technologies.

Emily Mullins, Senior Vice President, Client Services, joined Clearlake in 2017 and is responsible for coordinating and overseeing Clearlake's financial reporting of private fund and portfolio investment performance to investors by managing workstreams across various internal functional groups to provide data and analytics related to Clearlake, its funds and its portfolio companies. Ms. Mullins is a Certified Public Accountant in the State of Massachusetts (inactive) and is a CFA Charterholder.

In addition, senior leadership promotions at WhiteStar Asset Management, LLC ("WhiteStar), the CLO, structured products, and broadly syndicated credit arm of Clearlake, include Michael Dixon to Director and a member of the Investment Committee, and Preston Wallace, Kyle Segarra and Alex Rodgers to Directors. WhiteStar also added Katharine Rutherford as Executive Director, Origination and Capital Markets. Prior to joining WhiteStar, she was an Executive Director in Leveraged Finance Syndicate, at J.P. Morgan Securities, where she led the capital markets execution of leveraged loan and bond transactions for acquisitions, leveraged buyouts, refinancings, repricings and dividend recapitalizations.

Clearlake also announced the following new additions to Clearlake:

Neeka Choobineh, Senior Associate, joined Clearlake in 2021. Prior to joining Clearlake, she was a Private Equity Associate at Warburg Pincus, where she focused on healthcare and healthcare IT investments. Previously, Ms. Choobineh was an Investment Banking Associate in the Global Industrials Group at Barclays.

Josh Kim, Senior Associate, joined Clearlake in 2021. Prior to joining Clearlake, he was a Private Equity Associate at GI Partners, where he focused on investments in the software sector. Prior to that, Mr. Kim was an Investment Banking Analyst in the Technology M&A Group at Lazard.

Alvaro Rodrigo, Senior Associate, joined Clearlake in 2022. Prior to joining Clearlake, he was an investment professional at Sixth Street, where he focused on special situation and infrastructure investments in North America and Europe. Prior to that, Mr. Rodrigo was an investment banker at J.P. Morgan in New York and London.

Serine Novshadian, Vice President, Finance, joined Clearlake in 2021. Prior to joining Clearlake, she was the Corporate Controller at Saban Capital Group, a private investment firm. Prior to that, she was a Corporate Assistant Vice President at Oaktree Capital Group in their corporate accounting department and a Senior Auditor at Deloitte. Ms. Novshadian is responsible for various firm accounting, reporting, and operational functions of the Clearlake general partners and managers.

About Clearlake Capital

Clearlake Capital Group, L.P. is an investment firm founded in 2006 operating integrated businesses across private equity, credit and other related strategies. With a sector-focused approach, the firm seeks to partner with management teams by providing patient, long-term capital to businesses that can benefit from Clearlake's operational improvement approach, O.P.S.® The firm's core target sectors are technology, industrials, and consumer. Clearlake currently has more than $72 billion of assets under management, and its senior investment principals have led or co-led over 400 investments. The firm is headquartered in Santa Monica, CA with affiliates in Dallas, TX, London, UK and Dublin, Ireland. More information is available at www.clearlake.com and on Twitter @Clearlake.

Media contact:
Jennifer Hurson
Lambert
845-507-0571
jhurson@lambert.com

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/clearlake-capital-group-announces-senior-promotions-and-new-additions-301587255.html

SOURCE Clearlake Capital Group

Thu, 14 Jul 2022 23:14:00 -0500 en text/html https://www.morningstar.com/news/pr-newswire/20220715de18210/clearlake-capital-group-announces-senior-promotions-and-new-additions
Killexams : Intact Financial Corporation reports Q2-2022 results

(in Canadian dollars except as otherwise noted)

TORONTO, July 28, 2022 /CNW/ - (TSX: IFC)

Highlights

  • Net operating income per share1 was $3.14with meaningful accretion from RSA and strong investment and underwriting results
  • Operating DPW2 grew 36% in the quarter, driven by the RSA acquisition and 4% organic growth, led by commercial lines
  • Operating combined ratio1 of 90.7% was strong across all geographies, but higher than last year mainly due to catastrophe losses
  • EPS of $6.64 in the quarter reflecting strong operating results, significant gains on investments and the sale of Codan Denmark
  • OROE1 of 15.4% and ROE1 of 18.5% reflecting robust operating and non-operating performance
  • Total capital margin remains strong at $2.5 billiondespite a volatile macroeconomic environment
  • After one year, NOIPS1 accretion from the RSA acquisition was well above expectations at 15%, and integration remains on track

Charles Brindamour, Chief Executive Officer, said:

"We delivered strong results in Q2-2022 with contribution from all segments. In the one year since the close of the RSA acquisition, we have achieved $175M in run-rate synergies and greatly strengthened our Canadian and specialty lines platforms. We remain optimistic about the growth opportunities across our business and particularly in specialty lines. We expect that our disciplined underwriting and deep claims expertise will continue to be assets in navigating inflation pressures, climate change and evolving driving patterns."

Consolidated Highlights1




(in millions of Canadian dollars except as otherwise noted)

Q2-2022

Q2-2021

Change

H1-2022

H1-2021

Change

Operating direct premiums written1

5,807

4,297

36 %

10,485

6,819

54 %

Direct premiums written

6,238

4,414

41 %

11,331

6,957

63 %

Operating combined ratio1

90.7 %

86.7 %

4.0 pts

91.2 %

87.8 %

3.4 pts

Underwriting income1

441

464

(5) %

837

761

10 %

Operating net investment income1

211

154

37 %

416

295

41 %

Distribution income1

141

118

19 %

233

180

29 %

Net operating income attributable to common shareholders1

553

502

10 %

1,028

846

22 %

Net income

1,184

573

107 %

1,631

1,087

50 %

Per share measures (in dollars)







Net operating income per share (NOIPS)1

$3.14

$3.26

(4) %

$5.84

$5.69

3 %

Earnings per share (EPS)

$6.64

$3.59

85 %

$9.17

$7.10

29 %

Return on equity for the last 12 months







Operating ROE1

15.4 %

19.8 %

(4.4) pts




ROE

18.5 %

19.6 %

(1.1) pts




Book value per share (in dollars)1

$80.86

$77.67

4 %




Total capital margin

2,479

2,558

(79)




Adjusted debt-to-total-capital ratio1

20.3 %

24.1 %

(3.8) pts














___________________________________________

1 This press release contains non-GAAP financial measures and Non-GAAP ratios (each as defined in National Instrument 52-112 "Non-GAAP and Other Financial Measures Disclosure". Refer to Section 19 – Non-GAAP and other financial measures in the Q2-2022 Management's Discussion and Analysis for further details.

2 DPW change (growth) is presented in constant currency

Common Share Dividend

  • The Board of Directors approved the quarterly dividend of $1.00 per share on the Company's issued and outstanding common shares. The dividend is payable on September 30, 2022, to all shareholders of record as at September 15, 2022.

Normal Course Issuer Bid

  • As at June 30, 2022, the Company had repurchased and cancelled 556,440 common shares for approximately $100 million under its normal course issuer bid ("NCIB") program. The NCIB program allows to purchase for cancellation up to 5,282,458 common shares until February 15, 2023, representing approximately 3% of the Company's issued and outstanding common shares as at February 8, 2022.

12-Month Industry Outlook

  • Over the next twelve months, we expect firm-to-hard insurance market conditions to continue in most lines of business, supported by high pre-pandemic combined ratios, inflation, and climate change.
  • In Canada, we expect firm market conditions to continue in personal property. Personal auto premium growth is expected to progress towards the mid-single-digit range to reflect inflation and evolving driving patterns.
  • In commercial lines, in both the US and Canada, hard market conditions are expected to continue.
  • In the UK&I, hard market conditions are expected to continue across commercial lines. In personal lines, near term industry growth levels are uncertain as companies navigate pricing reforms and inflation.

Segment Results

(in millions of Canadian dollars except as otherwise noted)

Q2-2022

Q2-2021

Change

H1-2022

H1-2021

Change

Operating direct premiums written




Canada

4,047

3,051

33 %

6,956

5,176

34 %

UK&I

1,157

n/a

n/a

2,456

n/a

n/a

US

603

512

14 %

1,073

909

16 %

Corporate (RSA - June 2021)

n/a

734

nm

n/a

734

nm

Total

5,807

4,297

36 %

10,485

6,819

54 %

Operating combined ratio




Canada

90.6 %

85.0 %

5.6 pts

90.4 %

86.5 %

3.9 pts

UK&I

91.3 %

n/a

n/a

95.2 %

n/a

n/a

US

91.1 %

90.3 %

0.8 pts

89.0 %

93.3 %

(4.3) pts

Corporate (RSA - June 2021)

n/a

90.7 %

n/a

n/a

90.7 %

nm

Total

90.7 %

86.7 %

4.0 pts

91.2 %

87.8 %

3.4 pts

Underwriting income




Canada

312

374

(62)

633

656

(23)

UK&I

89

n/a

n/a

101

n/a

n/a

US

38

37

1

93

51

42

Corporate and Other

2

(4)

6

10

(3)

13

RSA – June 2021

n/a

57

n/a

n/a

57

nm

Total

441

464

(23)

837

761

76

Q2-2022 Insurance Business Performance

  • Operating DPW growth of 36% in constant currency mainly reflected the RSA acquisition. Organic growth was 4%, led by 7% growth in commercial lines.
  • Operating combined ratio was strong at 90.7%, but 4.0 points higher than last year due to a $175 million increase in catastrophe losses. The operating combined ratio in Canada was a solid 90.6%, 5.6 points above last year, driven by higher catastrophe losses and driving activity, partially offset by a reduction in variable commissions. In the UK&I, the operating combined ratio was a strong 91.3% in a seasonally favourable quarter. In the US, the operating combined ratio of 91.1% was in line with expectations.

Lines of Business

P&C Canada

  • Personal auto premiums grew by 28%, driven by RSA and 1% organic growth. The operating combined ratio was a strong 89.8%, but 7.4 points higher than last year reflecting increased driving activity and higher severity driven in part by inflation. This was offset in part by lower variable commissions. Although driving activity was up from the prior year, claims frequency remained below pre-pandemic levels.
  • Personal property premiums grew by 28%, driven by RSA and 6 points of organic growth in firm market conditions. The operating combined ratio of 97.6% was 14.3 points higher than last year as a result of elevated weather activity, compared to very mild weather in the comparable period.
  • Commercial lines premium growth of 42% was driven by RSA and strong organic growth of 7%, supported by hard market conditions. The operating combined ratio improved by 3.6 points to a very strong 86.0%, helped by our profitability actions over time and lower variable commissions.
  • Distribution income grew by 19%, driven by accretive acquisitions over the past 12 months and higher income from our On Side Restoration business.

P&C UK&I

  • Personal lines operating DPW was $424 million. We remained disciplined in competitive market conditions, with recent pricing reforms impacting UK home and motor. The strong operating combined ratio of 88.3% reflects 5.2 points of favourable development in catastrophe losses driven by a revised estimate of the February windstorms, bolstered by favourable seasonality in Q2.
  • Commercial lines operating DPW was $733 million in hard market conditions. The operating combined ratio was 93.6%, reflecting elevated catastrophe losses, offset in part by a lower-than-expected expense ratio.

P&C US

  • US Commercial premium growth was strong at 14% driven by new business, increased exposures, and rate increases in favourable market conditions. The operating combined ratio remained solid at 91.1%, and 0.8 points higher than last year due to non-weather catastrophe losses.

Investments

  • Operating net investment income of $211 millionfor the quarter increased 37% year-over-year, mainly driven by the RSA acquisition and higher yields captured against the backdrop of rising interest rates.
  • Net gains excluding FVTPL bondsof $400 million reflects significant gains on equity securities as we repositioned certain portfolios in a volatile environment.

Net Operating Income, EPS and ROE

  • Net operating income attributable to common shareholdersof $553 millionis up 10% from a year ago, reflecting a meaningful contribution from the RSA acquisition and strong investment and underwriting results, offset in part by higher catastrophe losses.
  • Earnings per shareof $6.64 was 85% higher than last year, as robust operating results were bolstered by realized gains on investments and the sale of RSA's Danish business, Codan Forsikring A/S ("Codan Denmark").
  • Operating ROE of 15.4% and ROE of 18.5% for the 12 months to June 30, 2022 reflected strong performance across the business.

Balance Sheet

  • The Company ended the quarter in a strong financial position, with a total capital margin of $2.5 billion, in line with Q1-2022 levels.
  • IFC's book value per share(BVPS) of $80.86 as at June 30, 2022 increased 4% from a year ago driven by strong earnings, partially offset by mark-to-market losses on our investments due to the increase in interest rates and the recent volatility in capital markets.
  • The adjusted debt-to-total capital ratio decreased to 20.3% as at June 30, 2022, in line with our long term target, as proceeds from the sale of Codan Denmark were used to pay down debt during the quarter.

RSA Acquisition

  • RSA contributed approximately 15% to NOIPS for the 13-month period since closing. Given the overall strength of Intact's results, double-digit accretion is evidence of the quality of the acquired businesses.
  • We remain on track to realize at least $250 million of pre-tax annual run-rate synergies in 2024. As at June 30, 2022 we estimate that we have delivered $175 million in run-rate synergies.
  • Integration activities are progressing well. In Canada, policy conversion in the broker channel remains a top priority. In Q2, we started the conversion of the larger Commercial lines policies, while nearly 85% of Personal lines broker policies and Commercial lines small business and fleet policies have been converted to Intact systems to date.
  • On May 2, 2022, the sale of Codan Denmark to Alm. brand A/S Group was completed for a total base cash consideration of DKK 12.6 billion ($2.3 billion), subject to post-closing adjustments. IFC received 50% of the proceeds.
  • On July 7, 2022 we completed the sale of our 50% stake in RSA Middle East to National Life & General Insurance Company (NLGIC), majority owned by Oman International Development and Investment Co. (OMINVEST) for proceeds of approximately $175 million (USD135 million), subject to post-closing adjustments.

Preferred Share Dividends

The Board of Directors also approved a quarterly dividend of 21.225 cents per share on the Company's Class A Series 1 preferred shares, 21.60625 cents per share on the Class A Series 3 preferred shares, 32.5 cents per share on the Class A Series 5 preferred shares, 33.125 cents per share on the Class A Series 6 preferred shares, 30.625 cents per share on the Class A Series 7 preferred shares, 33.75 cents per share on the Class A Series 9 preferred shares, and 32.8125 cents per share on the Class A Series 11 preferred shares. The dividends are payable on September 30, 2022, to shareholders of record as at September 15, 2022.

Analysts' Estimates

  • The average estimates of earnings per share and net operating income per share for the quarter among the analysts who follow the Company were $3.36 and $2.71, respectively.

Management's Discussion and Analysis (MD&A) and Consolidated Financial Statements

This Press Release, which was approved by the Company's Board of Directors on the Audit Committee's recommendation, should be read in conjunction with the Q2-2022 MD&A as well as the Q2-2022 Consolidated Financial Statements, which are available on the Company's website at www.intactfc.com and later today on SEDAR at www.sedar.com.

For the definitions of measures and other insurance-related terms used in this Press Release, please refer to the MD&A and to the glossary available in the "Investors" section of the Company's website at www.intactfc.com.

Conference Call Details

Intact Financial Corporation will host a conference call to review its earnings results tomorrow at 10:00 a.m. ET. To listen to the call via live audio webcast and to view the Company's Financial Statements, MD&A, presentation slides, Supplementary financial information and other information not included in this press release, visit the Company's website at www.intactfc.com and link to "Investors". The conference call is also available by dialing 416-764-8659 or 1-888-664-6392 (toll-free in North America). Please call 10 minutes before the start of the call. A replay of the call will be available on July 29, 2022 at 2:00 p.m. ET until midnight on August 5, 2022. To listen to the replay, call 416-764-8677 or 1-888-390-0541 (toll-free in North America), entry code 018351. A transcript of the call will also be made available on Intact Financial Corporation's website.

About Intact Financial Corporation

Intact Financial Corporation (TSX: IFC) is the largest provider of property and casualty (P&C) insurance in Canada, a leading provider of global specialty insurance, and, with RSA, a leader in the U.K. and Ireland. Our business has grown organically and through acquisitions to over $20 billion of total annual premiums.

In Canada, Intact distributes insurance under the Intact Insurance brand through a wide network of brokers, including its wholly-owned subsidiary BrokerLink, and directly to consumers through belairdirect. Intact also provides affinity insurance solutions through the Johnson Affinity Groups.

In the US, Intact Insurance Specialty Solutions provides a range of specialty insurance products and services through independent agencies, regional and national brokers, and wholesalers and managing general agencies.

Outside of North America, the Company provides personal, commercial and specialty insurance solutions across the U.K., Ireland, and Europe through the RSA brands.

Non-GAAP and other financial measures

Non-GAAP financial measures and Non-GAAP ratios (which are calculated using Non-GAAP financial measures) do not have standardized meanings prescribed by IFRS (or GAAP) and may not be comparable to similar measures used by other companies in our industry. Non-GAAP and other financial measures are used by management and financial analysts to assess our performance. Further, they provide users with an enhanced understanding of our financial results and related trends, and increase transparency and clarity into the core results of the business.

Non-GAAP financial measures and Non-GAAP ratios used in this Press Release and the Company's financial reports include measures related to our consolidated performance, our underwriting performance and our financial strength.

For more information about these supplementary financial measures, Non-GAAP financial measures, and Non-GAAP ratios, including definitions and explanations of how these measures provide useful information, refer to Section 19 – Non-GAAP and other financial measures in the Q2-2022 MD&A dated July 28, 2022, which is available on our website at www.intactfc.com and on SEDAR at www.sedar.com.

Table 1 Reconciliation of NOI, NOIPS and OROE to Net income attributable to shareholders, as reported under IFRS


Q2-2022

Q2-2021

H1-2022

H1-2021

Net income attributable to shareholders, as reported under IFRS

1,183

566

1,642

1,080

Remove: pre-tax non-operating losses (gains)

(697)

(6)

(697)

(178)

Remove: non-operating tax expense (benefit)

89

(45)

136

(30)

Remove: non-operating component of NCI

(6)

-

(24)

-

NOI

569

515

1,057

872

Remove: preferred share dividends

(16)

(13)

(29)

(26)

NOI attributable to common shareholders

553

502

1,028

846

Divided by weighted-average number of common shares (in millions)

175.8

153.9

175.9

148.5

NOIPS, basic and diluted (in dollars)

3.14

3.26

5.84

5.69

NOI to common shareholders for the last 12 months

2,199

1,698


Adjusted average common shareholders' equity, excluding AOCI

14,275

8,567


OROE for the last 12 months

15.4 %

19.8 %


Table 2 Reconciliation of Operating DPW to DPW


Q2-2022

Q2-2021

H1-2022

H1-2021






DPW, as reported under IFRS

6,238

4,414

11,331

6,957

Remove: impact of industry pools and fronting

(300)

(114)

(585)

(133)

Remove: DPW from exited lines

(149)

(5)

(290)

(7)

Add: impact of the normalization for multi-year policies

18

2

29

2






Operating DPW, as reported in the MD&A

5,807

4,297

10,485

6,819

Operating DPW growth

35 %

27 %

54 %

16 %

Operating DPW growth (in constant currency)

36 %

29 %

54 %

17 %






Table 3 Reconciliation of Underwriting income to Underwriting income as reported under IFRS


Q2-2022

Q2-2021

H1-2022

H1-2021






Net earned premiums, as reported under IFRS

4,902

3,508

9,793

6,285

Other underwriting revenues, as reported under IFRS

78

45

151

80

Net claims incurred, as reported under IFRS

(2,585)

(1,857)

(5,132)

(3,288)

Underwriting expenses, as reported under IFRS

(1,640)

(1,272)

(3,237)

(2,228)

Underwriting income (loss), as calculated under IFRS

755

424

1,575

849

Remove: impact of MYA on underwriting results

(363)

29

(829)

(117)

Remove: non-operating pension expense

14

16

27

32

Remove: underwriting loss (income) from exited lines

35

(5)

64

(3)

Underwriting income (loss), as reported in the MD&A

441

464

837

761

Operating NEP

4,758

3,482

9,500

6,241






Operating combined ratio

90.7 %

86.7 %

91.2 %

87.8 %

Table 4 Reconciliation of Operating net claims to Net claims incurred, as reported under IFRS


Q2-2022

Q2-2021

H1-2022

H1-2021






Net claims incurred, as reported under IFRS

2,585

1,857

5,132

3,288

Remove: positive (negative) impact of MYA on underwriting results

363

(29)

829

117

Remove: adjustment for non-operating pension expense

(5)

(6)

(10)

(12)

Remove: net claims from exited lines

(118)

(12)

(233)

(26)

Net with: other underwriting revenues

(11)

-

(21)

-






Operating net claims, as reported in the MD&A

2,814

1,810

5,697

3,367

Remove: net current year CAT losses

(248)

(73)

(430)

(125)

Remove: favourable (unfavourable) PYD

179

136

402

286






Operating net claims excluding current year CAT losses and PYD

2,745

1,873

5,669

3,528

Operating NEP

4,758

3,482

9,500

6,241

Remove: reinstatement premiums ceded (recovered)

3

-

3

1

Operating NEP before reinstatement premiums

4,761

3,482

9,503

6,242






Underlying current year loss ratio1

57.6 %

53.8 %

59.6 %

56.6 %

CAT loss ratio (including reinstatement premiums) 1

5.3 %

2.1 %

4.6 %

2.0 %

(Favourable) unfavourable PYD ratio2

(3.8) %

(3.9) %

(4.2) %

(4.6) %

Claims ratio2

59.1 %

52.0 %

60.0 %

54.0 %

1 Calculated using Operating NEP before reinstatement premiums.

2 Calculated using Operating NEP.

Table 5 Reconciliation of Operating net underwriting expenses to Underwriting expenses as reported under IFRS


Q2-2022

Q2-2021

H1-2022

H1-2021






Underwriting expenses, as reported under IFRS

1,640

1,272

3,237

2,228

Net with: other underwriting revenues

(67)

(45)

(130)

(80)

Remove: adjustment for non-operating pension expense

(9)

(10)

(17)

(20)

Remove: underwriting expenses from exited lines

(61)

(9)

(124)

(15)

Operating net underwriting expenses, as reported in the MD&A

1,503

1,208

2,966

2,113

Commissions

787

673

1,528

1,155

General expenses

583

422

1,172

747

Premium taxes

133

113

266

211

Operating NEP

4,758

3,482

9,500

6,241

Commissions ratio

16.6 %

19.4 %

16.1 %

18.5 %

General expenses ratio

12.2 %

12.1 %

12.3 %

11.9 %

Premium taxes ratio

2.8 %

3.2 %

2.8 %

3.4 %

Expense ratio

31.6 %

34.7 %

31.2 %

33.8 %

Table 6 Reconciliation of ROE to Net income attributable to shareholders, as reported under IFRS


Q2-2022

Q2-2021

H1-2022

H1-2021






Net income attributable to shareholders

1,183

566

1,642

1,080

Remove: preferred share dividends

(16)

(13)

(29)

(26)






Net income attributable to common shareholders

1,167

553

1,613

1,054

Divided by weighted-average number of common shares (in millions)

175.8

153.9

175.9

148.5

EPS, basic and diluted (in dollars)

6.64

3.59

9.17

7.10





Net income attributable to common shareholders for the last 12 months

2,573

1,740


Adjusted average common shareholders' equity

13,934

8,895


ROE for the last 12 months

18.5 %

19.6 %










Table 7 Reconciliation of Distribution income, Total finance costs, Other operating income (expense), Total income taxes and Underwriting income with the Consolidated financial statements


MD&A captions

Pre-tax



As presented in the Financial statements

Distribution income

Total
finance
costs

Other
operating
income (expense)
1

Operating
investment income

Total
income
taxes

Non-
operating
results

Underwriting income

Total F/S caption

For the quarter ended June 30, 2022









Underwriting income1

-

-

-

-

-

314

441

755

Investment income

-

-

-

220

-

2

-

222

Other revenues

137

-

1

-

-

-

-

138

Net gains (losses)

-

-

-

-

-

123

-

123

Gain on sale of business

-

-

-

-

-

423

-

423

Share of profits from investments in associates and joint ventures

59

(3)

-

-

(14)

(5)

-

37

Finance costs

-

(43)

-

-

-

-

-

(43)

Acquisition, integration and restructuring costs

-

-

-

-

-

(103)

-

(103)

Other expenses

(55)

-

(32)

-

-

(57)

-

(144)

Income tax benefit (expense)

-

-

-

-

(215)

-

-

(215)










Total, as reported in MD&A

141

(46)

(31)

220

(229)

697

441


For the quarter ended June 30, 2021









Underwriting income1

-

-

-

-

-

(40)

464

424

Investment income

-

-

-

161

-

-

-

161

Other revenues

92

-

13

-

-

-

-

105

Net gains (losses)

-

-

-

-

-

25

-

25

Gain on the RSA Acquisition

-

-

-

-

-

200

-

200

Share of profits from investments in associates and joint ventures

60

(2)

-

-

(14)

(6)

-

38

Finance costs

-

(38)

-

-

-

-

-

(38)

Acquisition, integration and restructuring costs

-

-

-

-

-

(138)

-

(138)

Other expenses

(34)

-

(25)

-

-

(35)

-

(94)

Income tax benefit (expense)

-

-

-

-

(103)

-

-

(103)








-


Total, as reported in MD&A

118

(40)

(12)

161

(117)

6

464












Table 8 Reconciliation of Distribution income, Total finance costs, Other operating income (expense), Total income taxes and Underwriting income with the Consolidated financial statements


MD&A captions

Pre-tax



As presented in the Financial statements

Distribution income

Total
finance costs

Other
operating
income (expense)
1

Operating
investment income

Total
income taxes

Non-
operating
results

Underwriting income

Total F/S caption

For the six-month period ended June 30, 2022









Underwriting income1

-

-

-

-

-

738

837

1,575

Investment income

-

-

-

433

-

4

-

437

Other revenues

268

-

4

-

-

-

-

272

Net gains (losses)

-

-

-

-

-

(173)

-

(173)

Gain on sale of business

-

-

-

-

-

423

-

423

Share of profits from investments in associates and joint ventures

97

(4)

-

-

(22)

(9)

-

62

Finance costs

-

(84)

-

-

-

-

-

(84)

Acquisition, integration and restructuring costs

-

-

-

-

-

(167)

-

(167)

Other expenses

(132)

-

(66)

-

-

(119)

-

(317)

Income tax benefit (expense)

-

-

-

-

(380)

-

-

(380)










Total, as reported in MD&A

233

(88)

(62)

433

(402)

697

837


For the six-month period ended June 30, 2021









Underwriting income1

-

-

-

-

-

88

761

849

Investment income

-

-

-

307

-

-

-

307

Other revenues

181

-

16

-

-

-

-

197

Net gains (losses)

-

-

-

-

-

143

-

143

Gain on the RSA Acquisition

-

-

-

-

-

200

-

200

Share of profits from investments in associates and joint ventures

83

(6)

-

-

(18)

(10)

-

49

Finance costs

-

(66)

-

-

-

-

-

(66)

Acquisition, integration and restructuring costs

-

-

-

-

-

(181)

-

(181)

Other expenses

(84)

-

(34)

-

-

(62)

-

(180)

Income tax benefit (expense)

-

-

-

-

(219)

-

-

(219)










Total, as reported in MD&A

180

(72)

(18)

307

(237)

178

761












1 Comprised of the following captions in the Consolidated statements of income: Net earned premiums, Other underwriting revenues, Net claims incurred and Underwriting expenses.

Table 9 Calculation of BVPS and BVPS (excluding AOCI)



As at June 30,



2022

2021






Equity attributable to shareholders, as reported under IFRS



15,515

14,851

Remove: Preferred shares, as reported under IFRS



(1,322)

(1,175)






Common shareholders' equity



14,193

13,676

Remove: AOCI, as reported under IFRS



1,165

(483)






Common shareholders' equity (excluding AOCI)



15,358

13,193






Number of common shares outstanding at the same date (in millions)



175.5

176.1

BVPS



80.86

77.67

BVPS (excluding AOCI)



87.50

74.93







Table 10 Adjusted average common shareholders' equity and Adjusted average common shareholders' equity (excluding AOCI)

As at June 30,

2022

2021




Ending common shareholders' equity

14,193

13,676

Remove: common shares issued during the period

-

(4,311)

Ending common shareholders' equity, excluding common shares issued during the period

14,193

9,365

Beginning common shareholders' equity

13,676

7,716

Average common shareholders' equity, excluding common shares issued during the period

13,934

8,541

Weighted impact of June 1, 2021 common shares issuance

-

354

Adjusted average common shareholders' equity

13,934

8,895




Ending common shareholders' equity (excluding AOCI)

15,358

13,193

Remove: common shares issued during the period

-

(4,311)

Ending common shareholders' equity, excluding AOCI and common shares issued during the period

15,358

8,882

Beginning common shareholders' equity, excluding AOCI

13,193

7,544

Average common shareholders' equity, excluding AOCI and common shares issued during the period

14,275

8,213

Weighted impact of June 1, 2021 common shares issuance

-

354

Adjusted average common shareholders' equity, excluding AOCI

14,275

8,567

Table 11 Reconciliation of Debt outstanding (excluding hybrid debt) and Adjusted total capital to Debt outstanding, Equity attributable to shareholders and Equity attributable to NCI, as reported under IFRS

As at

June 30

2022

March 31

2022

Dec. 31

2021





Debt outstanding, as reported under IFRS

4,345

5,370

5,229

Remove: hybrid subordinated notes

(247)

(247)

(247)





Debt outstanding (excluding hybrid debt)

4,098

5,123

4,982





Debt outstanding, as reported under IFRS

4,345

5,370

5,229

Equity attributable to shareholders, as reported under IFRS

15,515

15,787

15,674

Equity attributable to NCI, as reported under IFRS




Include: RSA Insurance Group plc, as reported under IFRS

Tier 1 notes

-

-

510

Preferred shares

285

285

285

Adjusted total capital

20,145

21,442

21,698





Debt outstanding (excluding hybrid debt)

4,098

5,123

4,982

Adjusted total capital

20,145

21,442

21,698

Adjusted debt-to-total capital ratio

20.3 %

23.9 %

23.0 %





Debt outstanding, as reported under IFRS

4,345

5,370

5,229

Preferred shares, as reported under IFRS

1,322

1,322

1,175

Equity attributable to NCI:RSA Insurance Group plc, as reported under IFRS

Tier 1 notes

-

-

510

Preferred shares

285

285

285

Debt outstanding and preferred shares (including NCI)

5,952

6,977

7,199

Adjusted total capital (see above)

20,145

21,442

21,698

Total leverage ratio

29.5 %

32.5 %

33.2 %

Adjusted debt-to-total capital ratio

20.3 %

23.9 %

23.0 %

Preferred shares and hybrids

9.2 %

8.6 %

10.2 %

Forward Looking Statements

Certain statements made in this news release are forward-looking statements. These forward-looking statements include, without limitation, statements relating to the outlook for the property and casualty insurance industry in Canada, the US and the UK, the Company's business outlook, the Company's growth prospects, the impact on the Company in relation to the occurrence of and in response to the coronavirus (COVID-19) pandemic and ensuing events, the acquisition and integration of RSA Insurance Group PLC ("RSA"), the sale of the Company's 50% stake in RSA Middle East B.S.C. (c) to National Life & General Insurance Company (NLGIC) (the "Sale of Middle East"), the receipt of all requisite approvals or clearances of the Sale of Middle East in a timely manner and on terms acceptable to the Company, the realization of the expected strategic, financial and other benefits of the Sale of Middle East, and the sale of Codan Denmark . All such forward-looking statements are made pursuant to the 'safe harbour' provisions of applicable Canadian securities laws.

Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, both general and specific, which give rise to the possibility that genuine results or events could differ materially from our expectations expressed in or implied by such forward-looking statements as a result of various factors, including those discussed in the Company's most recently filed Annual Information Form dated February 8, 2022 and available on SEDAR at www.sedar.com. As a result, we cannot certain that any forward-looking statement will materialize and we caution you against relying on any of these forward-looking statements. Except as may be required by Canadian securities laws, we do not undertake any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise. Please read the cautionary note at the beginning of the Q2-2022 MD&A.

SOURCE Intact Financial Corporation

Cision View original content: http://www.newswire.ca/en/releases/archive/July2022/28/c6820.html

Thu, 28 Jul 2022 09:07:00 -0500 text/html https://stockhouse.com/news/press-releases/2022/07/28/intact-financial-corporation-reports-q2-2022-results
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