Intact Financial Cash Flow Statement

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

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	3,365	2,297	1,316	2,454	2,067
Depreciation & Amortization	797	726	410	409	329
Other Amortization	-	-	187	154	132
Gain (Loss) on Sale of Assets	-123	-270	-50	-421	-243
Gain (Loss) on Sale of Investments	-832	-279	-286	446	-290
Stock-Based Compensation	147	104	120	152	95
Change in Accounts Receivable	846	1,192	879	-	-90
Change in Unearned Revenue	-	-	-	-	434
Change in Insurance Reserves / Liabilities	-	-	-	365	783
Change in Other Net Operating Assets	19	-201	-1,129	-67	59
Other Operating Activities	236	-93	495	276	-27
Operating Cash Flow	4,388	3,387	1,846	3,665	3,146
Operating Cash Flow Growth	29.55%	83.48%	-49.63%	16.50%	33.76%
Capital Expenditures	-457	-429	-458	-411	-327
Cash Acquisitions	-	-	-869	-239	-11,076
Investment in Securities	-2,124	-1,330	-678	-3,391	-1,778
Investing Cash Flow	-2,581	-1,614	-2,005	-2,746	-5,972
Long-Term Debt Issued	298	298	799	1,258	2,254
Total Debt Issued	298	298	799	1,258	2,254
Total Debt Repaid	-615	-866	-320	-2,113	-1,526
Net Debt Issued (Repaid)	-317	-568	479	-855	728
Issuance of Common Stock	-	11	551	-	4,311
Repurchases of Common Stock	-394	-204	-128	-262	-81
Issuance of Preferred Stock	147	-	296	146	-
Common Dividends Paid	-947	-863	-778	-702	-626
Preferred Dividends Paid	-90	-90	-84	-60	-53
Total Dividends Paid	-1,037	-953	-862	-762	-679
Other Financing Activities	-	-292	-15	-474	-90
Financing Cash Flow	-1,601	-2,006	321	-2,207	4,189
Foreign Exchange Rate Adjustments	10	59	-1	22	-4
Net Cash Flow	216	-174	161	-1,266	1,359
Free Cash Flow	3,931	2,958	1,388	3,254	2,819
Free Cash Flow Growth	32.89%	113.11%	-57.34%	15.43%	28.78%
Free Cash Flow Margin	15.08%	11.97%	6.00%	13.68%	15.76%
Free Cash Flow Per Share	22.02	16.56	7.88	18.53	17.36
Cash Interest Paid	227	225	228	176	191
Cash Income Tax Paid	820	745	153	408	783
Levered Free Cash Flow	3,484	5,747	4,127	-9,867	21,267
Unlevered Free Cash Flow	3,624	5,886	4,270	-9,756	21,362
Change in Working Capital	865	991	-250	298	1,170

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.