05:26 PM EST, 02/13/2025 (MT Newswires) -- Definity Financial ( DFYFF ) Thursday after hours reported higher fourth-quarter underwriting income and a 17% dividend increase.

The insurer reported underwriting income of $97 million and a combined ratio of 90.3%, with strong results in personal property. The respective figures for the prior-year period were $87 million and 90.6%, respectively.

Net income attributable to shareholders fell to $116.6 million or $1.00 per share, from $225.9 million or $1.94 in the year-prior quarter. Definity said the drop was due primarily to mark-to-market losses on bonds and lower gains on stocks.

Gross written premiums rose 7.4% to $1.1 billion, with growth across all lines of business, Definity said.

The company will pay its increased quarterly dividend of $0.1875 per share on March 26.

"In a year where the industry faced historic levels of losses from catastrophes, the resilience of our people and business model enabled Definity to deliver on its commitment to be there for customers, while generating robust results for shareholders. Our catastrophe response teams, product design, and focus on accumulation management enabled us to mitigate losses to significantly below what our market share would indicate," said chief executive Rowan Saunders.

The company's shares closed up $1.46 to $63.00 on the Toronto Stock Exchange.