TORONTO, Canada – TD Bank Group (TD or the Bank) (TSX: TD) (NYSE: TD) announced today that it expects catastrophe claims of approximately $388 million after reinsurance and before tax to be reflected in the Bank’s Wealth Management & Insurance segment’s fourth quarter results.
Catastrophe claims are insurance claims that relate to any single event that occurred in the relevant fiscal quarter, for which the aggregate insurance claims are equal to or greater than an internal threshold of $5 million before reinsurance. The bank’s internal threshold may change from time to time. The total amount of catastrophe claims presented reflects the estimated pre-tax cost of these claims net of recoveries from related reinsurance coverage and, when applicable, includes the cost of reinsurance reinstatement premiums. The total amount of catastrophe claims is included in Insurance service expenses and amounts related to reinsurance coverage are included in Other income (loss) on the Bank’s Consolidated Statement of Income.
Additional information about bank’s insurance catastrophe claims (including catastrophe claims, net of reinsurance for the comparative quarter) is available on its website.
Going forward, TD intends to provide this type of catastrophe claims information each quarter, by issuing a news release approximately five days after the end of the fiscal quarter. The bank also intends to make such information available on its website.
Quarterly earnings announcement
TD will release its fourth-quarter financial results and host an earnings conference call on Thursday, December 5, 2024.
