Severe weather, business growth drive increase in insurance claims at TD

The Toronto-Dominion Bank released last week its financial results for the quarter ending April 30, reporting total insurance revenues – including home, auto, travel, life and health – of $936 million, up 3.65% from $903 million in the same period in 2013.

TD Bank did not break down the results by property and casualty, so the results released May 22 include not only home and auto, but also travel, term life, critical illness and accident and sickness.

For the six months ending April 30, TD’s total insurance revenue was $1.846 billion, up 0.2% from $1.842 billion during the same period in 2012-13.

Insurance claims and related expenses were $659 million during the latest quarter, down 3.5% from the three months ending Jan. 31, but up 8.2% from the three months ending April 30, 2013. The year-over-year increase was “primarily due to higher current year claims driven by a more severe winter and business growth,” TD stated in its management discussion and analysis posted to SEDAR.

For the six months ending April 30, insurance claims and related expenses were $1.342 billion in 2014, up 11.3% from $1.205 billion for the six months ending April 30, 2013. This also includes both p&c and life and health.

In its Canadian retail division, TD reported non-interest income of $2.356 billion in the latest quarter, up 3.1% from $2.284 billion in the previous quarter (ending Jan. 31) and up 8.1% from $2.178 billion in the quarter ending April 30, 2013.

Across all of the bank’s operations, TD reported net income of $1.99 billion on revenues of $7.4 billion in the latest quarter, compared to net income of $1.71 billion on revenues of $6.6 billion in the same period in 2013.