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Visual21 Nov 2025
Data center suppliers
Definity Financial (DFY) investor relations material
Definity Financial Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Achieved record Q3 2025 results with operating net income of $125.2 million ($1.03/share), driven by strong underwriting, higher investment income, and lower catastrophe losses.
Gross written premiums grew 7.5% year-over-year in Q3 2025, with balanced growth across personal and commercial lines.
Book value per share rose 24% year-over-year to $33.43, reflecting strong earnings and private placements.
Operating ROE reached 12.5% over the past 12 months, at the upper end of the target range.
The $3.3 billion acquisition of Travelers' Canadian operations is advancing, with closing targeted for early Q1 2026.
Financial highlights
Q3 2025 operating net income: $125.2 million; EPS: $1.03.
Combined ratio improved to 89.4% in Q3 2025, with only 1.9 points of catastrophe losses.
Book value per share up 24% year-over-year to $33.43.
Net investment income for Q3 2025: $54.1 million.
Shareholders' equity surpassed $4 billion for the first time, up 20.7% from December 2024.
Outlook and guidance
Confident in achieving sustainable mid-teens operating ROE post-Travelers integration.
GWP targeted to grow at an upper single-digit to 10% rate for 2025.
Full-year combined ratio target is sub-95%.
National broker platform on track to exceed $1.5 billion managed premiums by end of 2025.
Integration of Travelers' Canadian P&C business is on track, with closing targeted for early Q1 2026.
Justify increased leverage capacity for Travelers
Assess core underwriting performance ex-cat losses
Analyze personal lines direct vs broker channel growth
Travelers acquisition impact on 2026 ROE
Commercial market conditions: SME vs. large accounts
Personal auto growth outlook post Ontario reforms
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Next Definity Financial earnings date
Q4 202513 Feb, 2026
Next Definity Financial earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
Definity Financial Corporation is a Canadian insurance company that primarily operates in the property and casualty insurance sector. Through its subsidiaries, the company offers a range of personal and commercial insurance products, including home, automobile, and business coverage. Definity serves both individual and business customers across Canada, providing protection against risks such as property damage, liability, and other insurance-related needs. The company focuses on delivering digital and customer-centric insurance solutions to meet the evolving needs of its clients. The company is headquartered in Waterloo, Ontario, and its shares are listed on the Toronto Stock Exchange.
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