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Definity Financial
Definity Financial (DFY) investor relations material
Definity Financial Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary13 Feb, 2026
Executive summary
Achieved strong growth and profitability in 2025, with gross written premiums up 8.8% to $4.8B and operating EPS of $3.53, a 32.7% increase year-over-year.
Completed a transformational $3.3B acquisition of Travelers' Canadian P&C operations in January 2026, elevating pro forma annual gross written premiums to $6.3B and securing a top-5 industry position.
Integration of Travelers is on track, with policy conversion to begin in Q2-2026, full integration targeted by Q4-2028, and at least CAD 100M in annual cost synergies expected over three years.
Book value per share increased 16% in 2025 to $33.78, supported by strong operating earnings and private placements of common shares.
Entered 2026 with momentum across all business lines and a clear strategy to become a top three P&C insurer.
Financial highlights
Full-year operating EPS of CAD 3.53, up nearly 33% year-over-year; Q4 operating EPS of CAD 0.99.
Full-year GWP reached $4.8B, up 8.8%; Q4 GWP rose 9.2% to $1.2B.
Combined ratio improved to 89.9% in Q4 2025 and 91.6% for FY25, down 2.9 points year-over-year.
Book value per share increased 16% year-over-year to $33.78.
Operating ROE for 2025 was 12.2%, up from 10.6% in 2024.
Outlook and guidance
2026 gross written premiums expected to exceed CAD 6.5B, a 35% increase, driven by Travelers acquisition and organic growth.
Sub-95% combined ratio targeted for 2026, with synergy realization contributing more meaningfully in 2027.
Broker platform expected to generate operating income 20% higher than 2025's $94.4M.
Integration of Travelers to be largely complete within 18 months, with full synergy realization by end of three years.
Management expresses confidence in continued operational and financial strength, as reflected in the increased dividend.
What specific actions drive 2/3 of synergies in 18 months?
How does the broker platform boost operating income?
How to achieve sub-95% combined ratio with Travelers break-even?
How was the Travelers Transaction funded?
Detail personal property combined ratio drivers
Explain distribution income vs broker operating income
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Next Definity Financial earnings date
Q1 20268 May, 2026
Definity Financial
Next Definity Financial earnings date
Q1 20268 May, 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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