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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Intact Financial Corporation    IFC   CA45823T1066

INTACT FINANCIAL CORPORATION

(IFC)
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Canadian banks, insurers to take part in climate project, central bank says

11/16/2020 | 12:08pm EST
FILE PHOTO: Bank of Canada Governor Tiff Macklem takes part in a news conference in Ottawa

TORONTO (Reuters) - Some of Canada's largest banks and insurers are set to participate in a pilot project to better understand the risks to the financial system from the transition to a low-carbon economy, Canada's central bank and financial regulator said on Monday.

Canada's biggest lenders, Royal Bank of Canada and Toronto-Dominion Bank; and insurers Manulife Financial Corp, Sun Life Financial, Intact Financial Corp and The Co-operators Group will participate, the Bank of Canada and the Office of the Superintendent of Financial Institutions (OSFI) said in a statement.

The Bank of Canada and OSFI will develop a set of climate-change scenarios relevant for Canada, which participants will apply to their balance sheets to find potential risk exposures, the statement said.

Canada is the world's fourth-largest oil producer and has the highest emissions per barrel among major oil nations, according to Rystad Energy. The oil and gas sector contributes about 10% to Canada's GDP, and the reliance on fossil fuels could potentially mean bigger climate-related risks to the financial institutions as the economy pivots to a low-carbon future.

A report is expected to be published by the end of 2021.

"With the private sector's help, we will be able to combine climate analysis with economic and financial data to ensure we have the best information possible to fulfill our mandate," Bank of Canada Governor Tiff Macklem said in the statement.

The project's aims include enabling authorities and firms to analyze climate scenarios and increase their understanding of potential climate-related risks, and enhance understanding of companies' governance and risk management, the statement said.

This project will not assess individual financial firms' exposure to climate-related risks or the sector's resilience, they said.

(Reporting by Nichola Saminather; Editing by Paul Simao)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
INTACT FINANCIAL CORPORATION 0.15% 144.96 Delayed Quote.-3.97%
LONDON BRENT OIL -1.42% 55.35 Delayed Quote.7.68%
MANULIFE FINANCIAL CORPORATION -0.94% 24.13 Delayed Quote.8.17%
ROYAL BANK OF CANADA -0.40% 107.43 Delayed Quote.3.11%
SUN LIFE FINANCIAL INC. -0.87% 60.71 Delayed Quote.8.22%
WTI -1.48% 52.216 Delayed Quote.9.87%
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Financials
Sales 2020 11 362 M 8 936 M 8 936 M
Net income 2020 986 M 775 M 775 M
Net Debt 2020 - - -
P/E ratio 2020 21,1x
Yield 2020 2,29%
Capitalization 20 700 M 16 401 M 16 281 M
Capi. / Sales 2020 1,82x
Capi. / Sales 2021 1,24x
Nbr of Employees 16 000
Free-Float 99,7%
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Technical analysis trends INTACT FINANCIAL CORPORATION
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 10
Average target price 176,00 CAD
Last Close Price 144,74 CAD
Spread / Highest target 32,7%
Spread / Average Target 21,6%
Spread / Lowest Target 17,5%
EPS Revisions
Managers and Directors
NameTitle
Charles J. G. Brindamour Chief Executive Officer & Director
Claude Dussault Chairman
Mathieu Lamy Chief Operating & Information Officer, EVP
Louis Marcotte Chief Financial Officer & Senior Vice President
Christian Menkens Chief Technology Officer & Senior Vice President
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