Insurance company report shows business growth and severe weather boosted claims

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Toronto Dominion Bank has recently released its financial results for the last quarter.

Insurance company canada revenueWithin the financial results report that Toronto Dominion (TD) Bank has recently released for the quarter that came to an end with the close of April, the revenues from its insurance company were also revealed.

This included its revenues from home, auto, health, life, and travel insurance products.

The total revenues showed that the insurance company brought in $936 million, which was an increase of 3.65 percent over the same period last year, which saw revenues of $903 million. The results within the data provided by TD Bank did not offer a breakdown of the property and casualty lines. Therefore, the results within this most recent data included everything from home and auto to term life, travel, accident, sickness, and critical illness coverages.

During the half year period that ended in April, the insurance company’s revenue rose by 0.2 percent.

This brought it to $1.846 billion from having been $1.842 billion during the same period a year beforehand.

The report from the Canada based insurer showed that claims and other related expenses during that most recent quarter totaled $659 million. This was a drop of 3.5 percent from the quarter preceding it, but it represented a rise of 8.2 percent from the equivalent quarter in 2013. TD Bank explained this year over year increase by saying that it had been “primarily due to higher current year claims driven by a more severe winter and business growth.”

At the same time, for the six month period that came to a close on April 30, the insurance claims and other related expenses were $1.342 billion. That represented a considerable spike of 11.3 percent when compared to the equivalent period of time last year, in which that figure was $1.205 billion. Those statistics include both property and casualty as well as health and life business.

Within the Canadian retail division of the insurance company, the report showed a $2.356 billion non-interest income within the most recent quarter. When compared to the previous quarter, this was an increase of 3.1 percent as it had been $2.284 billion. When compared to the same period in 2013, it was an 8.1 percent increase from $2.178 billion.

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