Intact Financial Cash Flow Statement

Financials in millions CAD. Fiscal year is January - December.

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	3,071	2,297	1,316	2,454	2,067	1,082
Depreciation & Amortization	514	448	410	409	329	249
Other Amortization	278	278	187	154	132	65
Gain (Loss) on Sale of Assets	-165	-303	-50	-421	-243	-10
Gain (Loss) on Sale of Investments	-512	-279	-286	446	-290	60
Stock-Based Compensation	165	135	120	152	95	65
Change in Accounts Receivable	1,139	1,192	879	-	-90	-246
Change in Unearned Revenue	-	-	-	-	434	375
Change in Insurance Reserves / Liabilities	-	-	-	365	783	887
Change in Other Net Operating Assets	-109	-232	-1,129	-67	59	140
Other Operating Activities	157	-60	495	276	-27	-193
Operating Cash Flow	4,468	3,387	1,846	3,665	3,146	2,352
Operating Cash Flow Growth	66.03%	83.48%	-49.63%	16.50%	33.76%	82.33%
Capital Expenditures	-403	-429	-458	-411	-327	-163
Cash Acquisitions	-	-	-869	-239	-11,076	-
Investment in Securities	-1,794	-1,330	-678	-3,391	-1,778	-2,279
Investing Cash Flow	-2,197	-1,614	-2,005	-2,746	-5,972	-2,442
Long-Term Debt Issued	-	298	799	1,258	2,254	894
Total Debt Issued	201	298	799	1,258	2,254	894
Total Debt Repaid	-493	-866	-320	-2,113	-1,526	-291
Net Debt Issued (Repaid)	-292	-568	479	-855	728	603
Issuance of Common Stock	-	11	551	-	4,311	-
Repurchases of Common Stock	-364	-204	-128	-262	-81	-49
Issuance of Preferred Stock	-	-	296	146	-	150
Common Dividends Paid	-926	-863	-778	-702	-626	-475
Preferred Dividends Paid	-90	-90	-84	-60	-53	-52
Total Dividends Paid	-1,016	-953	-862	-762	-679	-527
Other Financing Activities	-	-292	-15	-474	-90	-98
Financing Cash Flow	-1,672	-2,006	321	-2,207	4,189	79
Foreign Exchange Rate Adjustments	54	59	-1	22	-4	-8
Net Cash Flow	653	-174	161	-1,266	1,359	-19
Free Cash Flow	4,065	2,958	1,388	3,254	2,819	2,189
Free Cash Flow Growth	80.67%	113.11%	-57.34%	15.43%	28.78%	86.62%
Free Cash Flow Margin	15.92%	11.97%	6.00%	10.79%	15.76%	17.53%
Free Cash Flow Per Share	22.77	16.56	7.88	18.53	17.36	15.31
Cash Interest Paid	228	225	228	176	191	115
Cash Income Tax Paid	741	745	153	408	783	-
Levered Free Cash Flow	4,341	5,747	4,127	-9,867	21,267	1,190
Unlevered Free Cash Flow	4,481	5,886	4,270	-9,756	21,362	1,262
Change in Working Capital	1,030	960	-250	298	1,170	1,086

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.