TORONTO, May 12, 2022
/CNW/ - (TSX: DFY)
(in Canadian dollars except as otherwise noted)
Highlights
- Premium growth of 12.7% in the quarter, driven by strong growth
in Sonnet, commercial lines, personal property, and ongoing firm
market conditions
- Combined ratio1 of 92.2% in Q1 2022 bolstered by
strength in commercial insurance and personal property, while
results also reflect higher claims frequency and severity in
personal auto than Q1 2021
- Operating net income1 of $64.6 million in Q1 2022, compared to
$60.6 million in Q1 2021, which
resulted in operating EPS1 of $0.55 per share; operating ROE1 was
11.2% for the last twelve months
- Financial position remained resilient, despite capital market
volatility, with book value per share1 of $20.41, down only 1.3% in the quarter and 12.9%
higher than a year ago
Executive Message
"Our strong underwriting capabilities delivered a 92.2% combined
ratio in the quarter, with particular strength in our commercial
business due in part to favourable industry conditions, and solid
personal property profitability inclusive of higher catastrophe
claims. Results in personal auto reflect claims frequency moving
off pandemic-related lows as well as the continued impact of
inflation on claims severity. Our robust underwriting performance
gives us the confidence to maintain our growth ambitions, as was
evident in our continued strong top line growth of 12.7% in Q1.
With a strong start to the year, we remain on track to deliver on
our financial targets as an innovative, digitally-focused industry
leader."
– Rowan Saunders, President &
CEO
"The resilience of our business was illustrated in early 2022 as
we ended the first quarter with financial capacity remaining above
$1 billion. The rising yield
environment negatively impacted our fixed income investments, and
ultimately our book value, but also positions us to benefit from
increasing investment income in the coming quarters. Strong
underwriting and higher net investment income combined to generate
an operating ROE of 11.2%. We believe we are well positioned to
deliver value to shareholders by growing profitably and deploying
our capital in a disciplined manner over time."
– Philip Mather, EVP &
CFO
Consolidated Results
(in millions of
dollars, except as otherwise noted)
|
|
|
|
|
|
Q1
2022
|
Q1
2021
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross written
premiums
|
|
|
|
|
|
|
|
|
742.5
|
658.7
|
12.7%
|
Net earned
premiums
|
|
|
|
|
|
|
|
|
768.4
|
666.3
|
15.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
Claims
ratio1
|
|
|
|
|
|
|
|
|
59.3%
|
58.5%
|
0.8
pts
|
Expense
ratio1
|
|
|
|
|
|
|
|
|
32.9%
|
32.8%
|
0.1
pts
|
Combined
ratio1
|
|
|
|
|
|
|
|
|
92.2%
|
91.3%
|
0.9
pts
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting
income
|
|
|
|
|
|
|
|
|
60.2
|
58.0
|
2.2
|
Net investment
income
|
|
|
|
|
|
|
|
|
25.8
|
22.9
|
2.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
|
|
|
|
|
|
48.3
|
82.4
|
(34.1)
|
Operating net
income1
|
|
|
|
|
|
|
|
|
64.6
|
60.6
|
4.0
|
|
|
|
|
|
Q1
2022
|
Q1
2021
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share measures
(in dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS
|
|
|
|
|
|
|
|
|
0.41
|
0.79
|
(0.38)
|
Operating
EPS1
|
|
|
|
|
|
|
|
|
0.55
|
0.58
|
(0.03)
|
Book value per share
("BVPS")1
|
|
|
|
|
|
|
|
|
20.41
|
18.07
|
2.34
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolling 12 months
return measures
|
|
|
|
|
|
|
|
|
|
|
|
Return on equity
("ROE")1
|
|
|
|
|
|
|
|
|
8.8%
|
14.1%
|
(5.3)
pts
|
Operating
ROE1
|
|
|
|
|
|
|
|
|
11.2%
|
13.5%
|
(2.3)
pts
|
- Gross written premiums ("GWP") for the first quarter of
2022 increased by $83.8 million or
12.7% compared to the first quarter of 2021, driven by growth
across all our lines of business. Personal lines GWP was up 10.3%
over the same quarter a year ago, with increases in both our broker
and direct businesses. Commercial lines GWP increased 19.0% over
the same quarter a year ago, reflecting our expanded underwriting
capabilities and focus on growth in this line of business. In the
first quarter of 2022, customer relief related to the COVID-19
pandemic resulted in a reduction in GWP of approximately
$13 million (Q1 2021: $14 million) and a reduction in net earned
premiums of approximately $13 million
(Q1 2021: $13 million).
- Underwriting results for the first quarter of 2022 were
strong, producing underwriting income of $60.2 million and a combined ratio of 92.2%,
compared to underwriting income of $58.0
million and a combined ratio of 91.3% in the same quarter a
year ago. Catastrophe losses this quarter were slightly higher
compared to the first quarter of 2021, but this was partially
offset by improved underlying results.
- Net investment income increased $2.9 million in the first quarter of 2022 driven
primarily by the investment of funds generated from our
underwriting results and business growth.
Net Income and Operating Net Income
- Net income was $48.3
million in the first quarter of 2022 compared to
$82.4 million in the first quarter of
2021. In the first quarter of 2022, the significant increase in
fixed income yields resulted in higher market value losses on our
bond portfolio, which were partially offset by a discounting
recovery on our claim liabilities. In 2021, we also recorded
realized gains of $37.5 million on
our equity portfolio that were triggered on the sale of certain
investments to facilitate a transfer to a new investment manager
for foreign equities.
- Operating net income increased to $64.6 million in the first quarter of 2022
compared to $60.6 million in the
first quarter of 2021 driven by higher underwriting income and
higher net investment income. Operating EPS was $0.55 in the first quarter of 2022.
- Operating ROE was 11.2% for the twelve-month period
ended March 31, 2022 compared to
13.5% in 2021. Operating ROE was lower due to the dilutive impact
of the large increase in equity year over year, driven by net
income generated and the net proceeds retained by Definity from the
IPO and related transactions.
Line of Business Results
(in millions of
dollars, except as otherwise noted)
|
|
|
|
|
|
Q1
2022
|
Q1
2021
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
insurance
|
|
|
|
|
|
|
|
|
|
|
|
Gross written
premiums
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
|
|
|
|
|
|
|
322.2
|
302.7
|
6.4%
|
Property
|
|
|
|
|
|
|
|
|
200.4
|
171.2
|
17.1%
|
Total
|
|
|
|
|
|
|
|
|
522.6
|
473.9
|
10.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined
ratio1
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
|
|
|
|
|
|
|
96.2%
|
90.2%
|
6.0
pts
|
Property
|
|
|
|
|
|
|
|
|
91.9%
|
91.5%
|
0.4
pts
|
Total
|
|
|
|
|
|
|
|
|
94.6%
|
90.7%
|
3.9
pts
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
insurance
|
|
|
|
|
|
|
|
|
|
|
|
Gross written
premiums
|
|
|
|
|
|
|
|
|
219.9
|
184.8
|
19.0%
|
Combined
ratio1
|
|
|
|
|
|
|
|
|
85.5%
|
93.0%
|
(7.5)
pts
|
Personal Insurance
- Overall, personal lines GWP increased 10.3% in the first
quarter of 2022. Sonnet GWP was $64.5
million in the first quarter of 2022, an increase of 22.7%
compared to $52.5 million in the
first quarter of 2021. For the twelve-month period ended
March 31, 2022, Sonnet's GWP exceeded
$300 million for the first time.
Personal lines produced underwriting income of $30.7 million in the quarter compared to
$46.1 million in the same quarter a
year ago.
- Personal auto GWP increased 6.4% in the quarter, driven
by improved new business and the growth in Sonnet. In the first
quarter of 2022, customer relief related to the COVID-19 pandemic
resulted in a reduction in GWP of approximately $10 million (Q1 2021: $10
million). The combined ratio of 96.2% in the quarter (Q1
2021: 90.2%) increased due primarily to a decrease in favourable
prior year claims development and an increase in the core accident
year claims ratio driven by higher claims frequency combined with
inflationary cost pressures.
- Personal property GWP increased 17.1% in the quarter,
benefitting from continued firm market conditions in our personal
property business and higher retention levels. The combined ratio
was strong at 91.9% in the quarter, increasing slightly from 91.5%
in the same quarter a year ago, despite the impact of higher
catastrophe losses. Catastrophe losses accounted for 7.1 percentage
points to the combined ratio in the first quarter of 2022 compared
to only 1.7 percentage points in 2021. The increase in catastrophe
losses was largely offset by higher favourable prior year claims
development and an improvement in the core accident year claims
ratio as earned rates remained above inflation cost trends.
Commercial Insurance
- The growth momentum in commercial lines continued in the
first quarter of 2022. GWP increased 19.0% in the quarter as we
benefitted from our expanded underwriting capabilities, higher
retention levels, and strong rate achievement in a firm market
environment.
- Commercial lines produced a strong combined ratio of
85.5% and underwriting income of $29.5
million in the quarter compared to 93.0% and underwriting
income of $11.9 million in the same
quarter a year ago. The underwriting improvement was due to a
decrease in the core accident year claims ratio, lower catastrophe
losses, and higher favourable prior year claims development. The
core accident year claims ratio improvement was driven by improved
mix of business, low levels of large loss activity, and achieving
rate increases above loss cost inflation.
1 This
is a supplementary financial measure, non-GAAP financial
measure, or a non-GAAP ratio. Refer to Supplementary
financial measures and non-GAAP financial measures and
ratios in this news release, and Section 11 – Supplementary
financial measures and non-GAAP financial measures and
ratios in the Q1 2022 Management's Discussion and Analysis dated
May 12, 2022 for further details, which is available on the
Company's website at www.definityfinancial.com and
on SEDAR at www.sedar.com.
|
Financial Position
(in millions of
dollars, except as otherwise noted)
|
|
|
|
|
As at
March 31,
2022
|
As at
December 31,
2021
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
position
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
|
|
|
|
|
|
5,142.9
|
5,365.8
|
(222.9)
|
Total equity
|
|
|
|
|
|
|
|
|
2,359.7
|
2,396.3
|
(36.6)
|
Consolidated excess
capital at 200% MCT
|
|
|
732.3
|
759.3
|
(27.0)
|
- Total equity decreased modestly by $36.6
million driven by a significant increase in fixed income
yields in the first quarter of 2022 which negatively impacted the
market value of our bond portfolio, largely offset by strong
underwriting income and increasing net investment income.
Definity's capital position remained strong, well in excess of both
internal and regulatory minimum capital requirements as of
March 31, 2022, with a consolidated
excess capital position exceeding $730
million and an unlevered balance sheet.
Dividend
- On May 12, 2022, the Board of
Directors declared a $0.125 per share
dividend, payable on June 28, 2022 to
shareholders of record at the close of business on June 15, 2022.
Conference Call
Definity will conduct a conference call to review information
included in this news release and related matters at 11:00 a.m. ET on May 13,
2022. The conference call will be available simultaneously
and in its entirety to all interested investors and the news media
at www.definityfinancial.com. A transcript will be made available
on Definity's website within two business days.
About Definity Financial Corporation
Definity Financial Corporation ("Definity", which includes its
subsidiaries where the context so requires) is one of the leading
property and casualty insurers in Canada, with over $3.3
billion in gross written premiums for the 12 months ended
March 31, 2022 and over $7.5 billion in assets as at March 31, 2022.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within
the meaning of applicable securities laws in Canada. Forward-looking information may relate
to our future business, financial outlook and anticipated events or
results and may include information regarding our financial
position, business strategy, growth strategies, addressable
markets, budgets, operations, financial results, taxes, dividend
policy, plans and objectives. Particularly, information regarding
our expectations of future results, performance, achievements,
prospects or opportunities or the markets in which we operate is
forward-looking information. In some cases, forward-looking
information can be identified by the use of forward-looking
terminology such as "plans", "targets", "expects" or "does not
expect", "is expected", "an opportunity exists", "budget",
"scheduled", "estimates", "forecasts", "projection", "prospects",
"strategy", "intends", "anticipates", "does not anticipate",
"believes", or variations of such words and phrases or statements
that certain actions, events or results "may", "could", "would",
"might", "will", "will be taken", "occur" or "be achieved". In
addition, any statements that refer to expectations, intentions,
projections or other characterizations of future events or
circumstances contain forward-looking information. Statements
containing forward-looking information are not historical facts but
instead represent management's expectations, estimates and
projections regarding possible future events or circumstances.
Forward-looking information in this news release is based on our
opinions, estimates and assumptions in light of our experience and
perception of historical trends, current conditions and expected
future developments, as well as other factors that we currently
believe are appropriate and reasonable in the circumstances.
Despite a careful process to prepare and review the forward-looking
information, there can be no assurance that the underlying
opinions, estimates and assumptions will prove to be correct.
Forward-looking information is necessarily based on a number of
opinions, estimates and assumptions that we considered appropriate
and reasonable as at the date such statements are made, and are
subject to many factors that could cause our actual results,
performance or achievements, or other future events or
developments, to differ materially from those expressed or implied
by the forward-looking statements, including, without limitation,
the following factors:
- Definity's ability to appropriately price its insurance
products to produce an acceptable return;
- Definity's ability to accurately assess the risks associated
with the insurance policies that it writes;
- Definity's ability to assess and pay claims in accordance with
its insurance policies;
- litigation and regulatory actions, including potential claims
in relation to demutualization and our IPO, and COVID-19-related
class-action lawsuits that have arisen and which may arise,
together with associated legal costs;
- Definity's ability to obtain adequate reinsurance coverage to
transfer risk;
- Definity's ability to accurately predict future claims
frequency or severity, including the frequency and severity of
weather-related events and the impact of climate change;
- Definity's ability to address inflationary cost pressures
through pricing, supply chain, or cost management actions;
- the occurrence of unpredictable catastrophe events;
- unfavourable capital market developments, interest rate
movements, changes to dividend policies or other factors which may
affect our investments or the market price of our common
shares;
- changes associated with the transition to a low-carbon economy,
including reputational and business implications from stakeholders'
views of our climate change approach or that of our industry;
- Definity's ability to successfully manage credit risk from its
counterparties;
- foreign currency fluctuations;
- Definity's ability to meet payment obligations as they become
due;
- Definity's ability to maintain its financial strength rating or
credit rating;
- Definity's dependence on key employees;
- Definity's ability to attract, develop, motivate, and retain an
appropriate number of employees with the necessary skills,
capabilities, and knowledge;
- Definity's ability to appropriately manage and protect the
collection and storage of information;
- Definity's reliance on information technology systems,
internet, network, data centre, voice or data communications
services and the potential disruption or failure of those systems
or services, including as a result of cyber security risk;
- failure of key service providers or vendors to provide services
or supplies as expected, or comply with contractual or business
terms;
- Definity's ability to obtain, maintain and protect its
intellectual property rights and proprietary information or prevent
third parties from making unauthorized use of our technology;
- compliance with and changes in legislation or its
interpretation or application, or supervisory expectations or
requirements, including changes in effective income tax rates,
risk-based capital guidelines, and accounting standards;
- failure to design, implement and maintain effective control
over financial reporting which could have a material adverse effect
on our business;
- deceptive or illegal acts undertaken by an employee or a third
party, including fraud in the course of underwriting insurance or
settling insurance claims;
- Definity's ability to respond to events impacting its ability
to conduct business as normal;
- Definity's ability to implement its strategy or operate its
business as management currently expects;
- the impact of public-health crises, such as pandemics or other
health risk events including the COVID-19 pandemic and their
associated operational, economic, legislative and regulatory
impacts, including impacts on Definity's ability to maintain
operations and provide services to customers and on the
expectations of governmental or regulatory authorities concerning
the provision of customer relief;
- general economic, financial, and political conditions,
particularly those in Canada;
- the competitive market environment and cyclical nature of the
P&C insurance industry;
- the introduction of disruptive innovation;
- distribution channel risk, including Definity's reliance on
independent brokers to sell its products;
- Definity's dividend payments being subject to the discretion of
the Board and dependent on a variety of factors and conditions
existing from time to time;
- Definity's dependence on the results of operations of its
subsidiaries and the ability of the subsidiaries to pay
dividends;
- Definity's ability to manage and access capital and liquidity
effectively;
- Definity's ability to successfully identify, complete,
integrate and realize the benefits of acquisitions or manage the
associated risks;
- periodic negative publicity regarding the insurance industry or
Definity; and
- the completion and timing of Definity continuing under the
Canada Business Corporations Act.
If any of these risks or uncertainties materialize, or if the
opinions, estimates or assumptions underlying the forward-looking
information prove incorrect, actual results or future events might
vary materially from those anticipated in the forward-looking
information. The opinions, estimates or assumptions referred to
above and described in greater detail in the "11 – Risk Management
and Corporate Governance" section of the December 31, 2021 Management's Discussion and
Analysis should be considered carefully by readers.
Although we have attempted to identify important factors that
could cause actual results to differ materially from those
contained in forward-looking information, the factors above are not
intended to represent a complete list and there may be other
factors not currently known to us or that we currently believe are
not material that could also cause actual results or future events
to differ materially from those expressed in such forward-looking
information. There can be no assurance that such forward-looking
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
information. Accordingly, readers should not place undue reliance
on forward-looking information, which speaks only as at the date
made. The forward-looking information contained in this news
release represents our expectations as at the date of this news
release (or as the date they are otherwise stated to be made) and
are subject to change after such date. However, we disclaim any
intention or obligation or undertaking to update or revise any
forward-looking information whether as a result of new information,
future events or otherwise, except as required under applicable
securities laws in Canada.
All of the forward-looking information contained in this news
release is expressly qualified by the foregoing cautionary
statements.
Supplementary Financial Measures and Non-GAAP Financial
Measures and Ratios
We measure and evaluate performance of our business using a
number of financial measures. Among these measures are the
"supplementary financial measures", "non-GAAP financial measures",
and "non-GAAP ratios" (as such terms are defined under Canadian
Securities Administrators' National Instrument 52-112 – Non-GAAP
and Other Financial Measures Disclosure), and in each case are not
standardized financial measures under GAAP. The supplementary
financial measures, non-GAAP financial measures, and non-GAAP
ratios in this news release may not be comparable to similar
measures presented by other companies. These measures should not be
considered in isolation or as a substitute for analysis of our
financial information reported under GAAP. These measures are used
by financial analysts and others in the P&C insurance industry
and facilitate management's comparisons to our historical operating
results in assessing our results and strategic and operational
decision-making. For more information about these supplementary
financial measures, non-GAAP financial measures, and non-GAAP
ratios, including (where applicable) definitions and explanations
of how these measures provide useful information, refer to Section
11 – Supplementary financial measures and non-GAAP financial
measures and ratios in the Q1 2022 Management's Discussion and
Analysis dated May 12, 2022, which is
available on our website at www.definityfinancial.com and on SEDAR
at www.sedar.com.
Net income is the most directly comparable GAAP financial
measure disclosed in our consolidated financial statements to
operating net income, operating income, and non-operating gains
(losses), which are considered non-GAAP financial measures. Below
is a quantitative reconciliation of operating net income, operating
income, and non-operating losses to net income for the three months
ended March 31, 2022 and 2021:
(in millions of
dollars)
|
|
|
|
|
Q1
2022
|
Q1
2021
|
Net income
|
|
|
|
|
48.3
|
82.4
|
Remove: income tax
expense
|
|
|
|
|
(14.5)
|
(27.5)
|
Income before income
taxes
|
|
|
|
|
62.8
|
109.9
|
|
|
|
|
|
|
|
Remove: non-operating
gains (losses)
|
|
|
|
|
|
|
Recognized (losses) gains on investments
|
|
|
|
|
|
|
Realized
(losses) gains on sale of AFS investments
|
|
|
|
|
(10.5)
|
43.0
|
Net losses
on FVTPL investments
|
|
|
|
|
(91.8)
|
(52.5)
|
Impact of discounting
|
|
|
|
|
83.0
|
43.4
|
Demutualization and IPO-related expenses1
|
|
|
|
|
(1.9)
|
(3.5)
|
Amortization of intangible assets recognized in business
combinations1
|
|
|
|
|
(0.6)
|
(1.0)
|
Other1,2
|
|
|
|
|
(0.3)
|
0.2
|
Non-operating
(losses) gains
|
|
|
|
|
(22.1)
|
29.6
|
Operating
income
|
|
|
|
|
84.9
|
80.3
|
Operating income tax
expense
|
|
|
|
|
(20.3)
|
(19.7)
|
Operating net
income
|
|
|
|
|
64.6
|
60.6
|
1
|
Included in Other
(expenses) income in our consolidated financial
statements.
|
2
|
Other represents
foreign currency translation of the insurtech venture capital fund
and a number of other expenses or revenues that in the view of
management are not part of our insurance operations and are
individually and in the aggregate not material.
|
The following table shows the components of our calculation
of ROE, a non-GAAP ratio, for the periods ended March 31:
|
|
|
|
|
|
|
For the 12 months
ended March 31,
|
(in millions of
dollars, except as otherwise noted)
|
|
|
|
|
|
|
2022
|
2021
|
Net income
|
|
|
|
|
|
|
179.2
|
239.5
|
Total
equity1
|
|
|
|
|
|
|
2,359.7
|
1,879.2
|
Adjustment for
Over-Allotment option and Anti-Dilution
Adjustment2
|
|
|
|
|
|
|
(164.7)
|
-
|
Adjusted total
equity
|
|
|
|
|
|
|
2,195.0
|
1,879.2
|
Average adjusted total
equity3
|
|
|
|
|
|
|
2,037.1
|
1,702.2
|
ROE
|
|
|
|
|
|
|
8.8%
|
14.1%
|
|
1
|
Total equity is as at
March 31, 2022 and 2021.
|
2
|
Over-Allotment option
and Anti-Dilution Adjustment were prorated for the 236 days prior
to the IPO date of November 23, 2021.
|
3
|
Average adjusted total
equity is the average of adjusted total equity (total equity as
shown on our consolidated balance sheet, adjusted for significant
capital transactions, if applicable) at the end of the period and
the end of the preceding 12-month period. Total equity and adjusted
total equity as at March 31, 2020 was $1,525.1 million.
|
The following table shows the components of our calculation of
operating ROE, a non-GAAP ratio, for the periods ended March 31:
|
|
|
|
|
|
For the 12 months
ended March 31,
|
(in millions of
dollars, except as otherwise noted)
|
|
|
|
|
|
2022
|
2021
|
Operating net
income1
|
|
|
|
|
|
224.4
|
232.3
|
Total equity, excluding
AOCI2
|
|
|
|
|
|
2,335.4
|
1,838.3
|
Adjustment for
Over-Allotment option and Anti-Dilution
Adjustment3
|
|
|
|
|
|
(164.7)
|
-
|
Adjusted total equity,
excluding AOCI
|
|
|
|
|
|
2,170.7
|
1,838.3
|
Average adjusted total
equity, excluding AOCI4
|
|
|
|
|
|
2,004.4
|
1,721.9
|
Operating
ROE
|
|
|
|
|
|
11.2%
|
13.5%
|
1
|
Operating net income is
a non-GAAP financial measure.
|
2
|
Total equity, excluding
accumulated other comprehensive income ("AOCI") is as at March 31,
2022 and 2021.
|
3
|
Over-Allotment option
and Anti-Dilution Adjustment were prorated for the 236 days prior
to the IPO date of November 23, 2021.
|
4
|
Average adjusted total
equity, excluding AOCI is the average of adjusted total equity,
excluding AOCI (total equity and AOCI each as shown on our
consolidated balance sheet, adjusted for significant capital
transactions, if applicable) at the end of the period and the end
of the preceding 12-month period. Total equity, excluding AOCI and
adjusted total equity, excluding AOCI as at March 31, 2020 was
$1,605.4 million.
|
SOURCE Definity Financial Corporation