Stock Analysis Report

Intact Financial

Executive Summary

Intact Financial Corporation, through its subsidiaries, provides property and casualty insurance products to individuals and businesses in Canada and the United States.


Trading at 20.4% below its fair value

Earnings are forecast to grow 24.93% per year

Earnings grew by 8.7% over the past year

Pays a high and reliable dividend of 2.12%

Risk Analysis

No risks detected for IFC from our risk checks.

Snowflake Analysis

Established dividend payer with proven track record.

Similar Companies

Share Price & News

How has Intact Financial's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: IFC has not had significant price volatility in the past 3 months.

Market Performance

7 Day Return




CA Insurance


CA Market

1 Year Return




CA Insurance


CA Market

Return vs Industry: IFC exceeded the Canadian Insurance industry which returned 25% over the past year.

Return vs Market: IFC exceeded the Canadian Market which returned 10.4% over the past year.

Shareholder returns

7 Day-0.5%0.2%1.6%
30 Day3.1%3.1%2.7%
90 Day5.9%10.3%6.4%
1 Year42.8%39.3%28.2%23.0%13.5%10.0%
3 Year65.6%53.0%25.1%11.3%17.5%6.8%
5 Year89.6%66.8%48.4%23.2%36.6%16.5%

Price Volatility Vs. Market

How volatile is Intact Financial's share price compared to the market and industry in the last 5 years?

Simply Wall St News


Is Intact Financial undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: IFC (CA$143.11) is trading below our estimate of fair value (CA$179.69)

Significantly Below Fair Value: IFC is trading below fair value, but not by a significant amount.

Price To Earnings Ratio

PE vs Industry: IFC is poor value based on its PE Ratio (27.9x) compared to the Insurance industry average (15x).

PE vs Market: IFC is poor value based on its PE Ratio (27.9x) compared to the Canadian market (15.8x).

Price to Earnings Growth Ratio

PEG Ratio: IFC is poor value based on its PEG Ratio (1.1x)

Price to Book Ratio

PB vs Industry: IFC is overvalued based on its PB Ratio (2.8x) compared to the CA Insurance industry average (1.3x).

Next Steps

Future Growth

How is Intact Financial forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: IFC's forecast earnings growth (24.9% per year) is above the savings rate (1.4%).

Earnings vs Market: IFC's earnings (24.9% per year) are forecast to grow faster than the Canadian market (10.3% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: IFC's revenue (8.6% per year) is forecast to grow faster than the Canadian market (5% per year).

High Growth Revenue: IFC's revenue (8.6% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: IFC's Return on Equity is forecast to be low in 3 years time (14.4%).

Next Steps

Past Performance

How has Intact Financial performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: IFC has high quality earnings.

Growing Profit Margin: IFC's current net profit margins (6.4%) are higher than last year (6.3%).

Past Earnings Growth Analysis

Earnings Trend: IFC's earnings have declined by -0.08% per year over the past 5 years.

Accelerating Growth: IFC's earnings growth over the past year (8.7%) exceeds its 5-year average (-0.08% per year).

Earnings vs Industry: IFC earnings growth over the past year (8.7%) exceeded the Insurance industry -0.4%.

Return on Equity

High ROE: IFC's Return on Equity (9.3%) is considered low.

Return on Assets

Return on Capital Employed

Next Steps

Financial Health

How is Intact Financial's financial position? (This company is analysed differently as a bank or financial institution)

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Inventory Level: IFC has a low level of unsold assets or inventory.

Debt Coverage by Assets: IFC's debt is covered by short term assets (assets are 2.7x debt).

Financial Institutions Analysis

Asset Level: IFC's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if IFC has a sufficient allowance for bad loans.

Low Risk Liabilities: IFC reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if IFC has an acceptable proportion of non-loan assets held.

Low Risk Deposits: IFC has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if IFC has an appropriate level of bad loans.

Next Steps


What is Intact Financial's current dividend yield, its reliability and sustainability?


Current Dividend Yield

Dividend Yield vs Market


Current dividend yield vs market & industry

Notable Dividend: IFC's dividend (2.12%) is higher than the bottom 25% of dividend payers in the Canadian market (1.88%).

High Dividend: IFC's dividend (2.12%) is low compared to the top 25% of dividend payers in the Canadian market (5.48%).

Stability and Growth of Payments

Stable Dividend: IFC's dividends per share have been stable in the past 10 years.

Growing Dividend: IFC's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (58.2%), IFC's dividend payments are covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: IFC's dividends in 3 years are forecast to be well covered by earnings (40.3% payout ratio).

Next Steps


What is the CEO of Intact Financial's salary, the management and board of directors tenure and is there insider trading?


Average management tenure


Charles Brindamour (49yo)





Mr. Charles Brindamour, B.Sc., has been the Chief Executive Officer at Intact Financial Corporation (also known as, ING Canada Inc) since January 1, 2008. Mr. Brindamour is a Co-founder of Gibraltar Ventur ...

CEO Compensation Analysis

Compensation vs Market: Charles's total compensation ($USD6.52M) is about average for companies of similar size in the Canadian market ($USD7.32M).

Compensation vs Earnings: Charles's compensation has been consistent with company performance over the past year.

Management Age and Tenure


Average Tenure

Experienced Management: IFC's management team is considered experienced (4.8 years average tenure).

Board Age and Tenure


Average Tenure


Average Age

Experienced Board: IFC's board of directors are seasoned and experienced ( 10.2 years average tenure).

Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

SellCA$496,27523 Aug 19
Martin Beaulieu
Max PriceCA$127.25
SellCA$506,20022 Aug 19
Martin Beaulieu
Max PriceCA$126.55
SellCA$795,15522 Aug 19
Mark Tullis
Max PriceCA$126.28
SellCA$118,61011 Jun 19
Joseph D’Annunzio
Max PriceCA$118.61
SellCA$564,91011 Feb 19
Mark Tullis
Max PriceCA$113.15

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Management Team

  • Mike Miller (60yo)

    President of U.S. & Specialty Solutions

    • Tenure: 2.3yrs
    • Compensation: CA$6.82m
  • Charles Brindamour (49yo)

    CEO & Director

    • Tenure: 12yrs
    • Compensation: CA$8.52m
  • Mathieu Lamy

    Executive VP & COO

    • Tenure: 2yrs
  • Louis Gagnon

    President of Canadian Operations

    • Tenure: 6.1yrs
    • Compensation: CA$3.21m
  • Anne Fortin

    Senior VP of Direct Distribution & Chief Marketing Officer

    • Tenure: 7yrs
  • Ken Anderson

    Senior VP of Investor Relations & Corporate Development

    • Tenure: 3yrs
  • Louis Marcotte

    Senior VP & CFO

    • Tenure: 6.1yrs
    • Compensation: CA$1.59m
  • David Tremblay

    Deputy Senior VP & Chief Investment Officer of Intact Investment Management Inc

    • Tenure: 6yrs
  • Frédéric Cotnoir

    Senior VP of Corporate & Legal Services and Secretary

    • Tenure: 3.7yrs
  • Christian Menkens

    Senior VP & CTO

    • Tenure: 0.7yrs

Board Members

  • Bill Young (64yo)

    Independent Director

    • Tenure: 1.7yrs
    • Compensation: CA$145.91k
  • Eileen Mercier (72yo)

    Independent Director

    • Tenure: 15.1yrs
    • Compensation: CA$255.50k
  • Steve Snyder (70yo)

    Independent Director

    • Tenure: 10.7yrs
    • Compensation: CA$226.00k
  • Claude Dussault (65yo)

    Independent Chairman of the Board

    • Tenure: 12yrs
    • Compensation: CA$417.06k
  • Carol Stephenson (68yo)

    Independent Director

    • Tenure: 15.1yrs
    • Compensation: CA$238.00k
  • Charles Brindamour (49yo)

    CEO & Director

    • Tenure: 12yrs
    • Compensation: CA$8.52m
  • Rob Leary (58yo)

    Independent Director

    • Tenure: 4.7yrs
    • Compensation: CA$226.00k
  • Fred Singer (56yo)

    Independent Director

    • Tenure: 6.7yrs
    • Compensation: CA$226.00k
  • Tim Penner (63yo)

    Independent Director

    • Tenure: 9.7yrs
    • Compensation: CA$239.00k
  • Janet De Silva (59yo)

    Independent Director

    • Tenure: 6.7yrs
    • Compensation: CA$222.00k

Company Information

Intact Financial Corporation's company bio, employee growth, exchange listings and data sources

Key Information

  • Name: Intact Financial Corporation
  • Ticker: IFC
  • Exchange: TSX
  • Founded: 1809
  • Industry: Property and Casualty Insurance
  • Sector: Insurance
  • Market Cap: CA$20.529b
  • Shares outstanding: 143.02m
  • Website: https://www.intactfc.com

Number of Employees


  • Intact Financial Corporation
  • 700 University Avenue
  • Suite 1500-A
  • Toronto
  • Ontario
  • M5G 0A1
  • Canada


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
IFCTSX (The Toronto Stock Exchange)YesCommon SharesCACADDec 2004
I5UDB (Deutsche Boerse AG)YesCommon SharesDEEURDec 2004
IFCZ.FOTCPK (Pink Sheets LLC)YesCommon SharesUSUSDDec 2004
IFC.PRETSX (The Toronto Stock Exchange)PFD CL A SER 5CACADMay 2017
IFC.PRGTSX (The Toronto Stock Exchange)NON CUM PFD A 7CACADMay 2018


Intact Financial Corporation, through its subsidiaries, provides property and casualty insurance products to individuals and businesses in Canada and the United States. It offers personal auto insurance; and insurance for motor homes, recreational vehicles, motorcycles, snowmobiles, and all-terrain vehicles. The company also offers personal property insurance, such as protection for homes and contents from risks, such as fire, theft, vandalism, water damage, and other damages, as well as personal liability coverage; and property coverage for tenants, condominium owners, non-owner occupied residences, and seasonal residences. In addition, it provides insurance products for commercial lines for a group of small and medium sized businesses; and commercial property insurance for the protection of physical assets of the business; and liability coverages, including commercial general, product, and professional liability, as well as cyber endorsement. Further, the company offers commercial vehicle insurance coverages for the protection for commercial auto, fleets, garage operations, light trucks, public vehicles, and the transportation needs of the sharing economy. Additionally, it provides specialty products for various customers or industry groups, including accident and health, technology, ocean and inland marine, public entities, and entertainment; and various products and coverages to healthcare, tuition reimbursement, surety, management liability, financial services, specialty property, environmental, and financial institutions. The company offers its products and services under the Intact Insurance, belairdirect, Brokerlink, and OneBeacon brands through a network of brokers, independent agencies, wholesalers, and managing general agencies, as well as directly to consumers. The company was formerly known as ING Canada Inc. and changed its name to Intact Financial Corporation in 2009. Intact Financial Corporation was founded in 1809 and is based in Toronto, Canada. 

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/01/18 23:52
End of Day Share Price2020/01/17 00:00
Annual Earnings2018/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.