Q2 2024 Canadian P&C Results and Insights

The Q2 2024 results, based on OSFI-reported data, reflect steady financial performance across Canada’s Property & Casualty (P&C) insurance sector. Year-to-date (YTD) revenues reached $42.2 billion, with domestic insurers contributing $32.5 billion and foreign entities adding $9.7 billion. This marks a 104% increase from Q1 YTD revenues of $20.7 billion. Similarly, net profits after taxes grew by 116%, rising from $2.5 billion in Q1 to $5.3 billion, underscoring the sector’s resilience.

With IFRS 17 reporting standards in effect, insurers are offering deeper insight into underwriting performance and profitability. Net income for Q2 YTD totaled $5.4 billion, compared to $2.5 billion in Q1, highlighting stable margins. Domestic insurers contributed $2.5 billion, while foreign insurers added $2.8 billion—showing profitability across both segments.

While Intact Financial led with $5.98 billion in revenue, Lloyd’s posted the highest net profits, demonstrating operational efficiency. Other Canadian insurers, such as Wawanesa and Definity, also reported solid profits, strengthening their competitive positions.

For more detailed insights, explore the articles on Top 10 Revenue Leaders and Top 10 Profit Leaders. These breakdowns offer a closer look at how key players are managing growth and navigating economic changes to shape the industry’s outlook for the rest of 2024.

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