TORONTO, Feb. 7, 2025
/CNW/ - TD Bank Group ("TD" or the "Bank") (TSX: TD) (NYSE: TD)
announced today that it expects zero catastrophe claims after
reinsurance and before tax to be reflected in the Bank's Wealth
Management & Insurance segment's first-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 the Bank's insurance catastrophe
claims (including catastrophe claims, net of reinsurance for the
comparative quarter) is available on its website here:
https://www.td.com/ca/en/about-td/for-investors/investor-relations/financial-information
Quarterly Earnings Announcement
TD will release its first-quarter financial results and host an
earnings conference call on Thursday,
February 27, 2025.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively
known as TD Bank Group ("TD" or the "Bank"). TD is the sixth
largest bank in North America by
assets and serves over 27.9 million customers in four key
businesses operating in a number of locations in financial centres
around the globe: Canadian Personal and Commercial Banking,
including TD Canada Trust and TD Auto Finance Canada; U.S. Retail,
including TD Bank, America's Most Convenient Bank®, TD Auto Finance
U.S., TD Wealth (U.S.), and an investment in The Charles Schwab
Corporation; Wealth Management and Insurance, including TD Wealth
(Canada), TD Direct Investing, and
TD Insurance; and Wholesale Banking, including TD Securities and TD
Cowen. TD also ranks among the world's leading online financial
services firms, with more than 17 million active online and mobile
customers. TD had $2.06 trillion in
assets on October 31, 2024. The
Toronto-Dominion Bank trades under the symbol "TD" on the
Toronto and New York Stock
Exchanges.
Caution Regarding Forward-Looking Information
From time to time, the Bank (as defined in this document) makes
written and/or oral forward-looking statements, including in this
document, in other filings with Canadian regulators or the
United States (U.S.) Securities and Exchange Commission (SEC),
and in other communications. In addition, representatives of the
Bank may make forward-looking statements orally to analysts,
investors, the media, and others. All such statements are made
pursuant to the "safe harbour" provisions of, and are intended to
be forward-looking statements under, applicable Canadian and U.S.
securities legislation, including the U.S. Private Securities
Litigation Reform Act of 1995. Forward-looking statements include,
but are not limited to, statements made in this document, the
Management's Discussion and Analysis ("2024 MD&A") in the
Bank's 2024 Annual Report under the heading "Economic Summary and
Outlook", under the headings "Key Priorities for 2025" and
"Operating Environment and Outlook" for the Canadian Personal and
Commercial Banking, U.S. Retail, Wealth Management and Insurance,
and Wholesale Banking segments, and under the heading "2024
Accomplishments and Focus for 2025" for the Corporate segment, and
in other statements regarding the Bank's objectives and priorities
for 2025 and beyond and strategies to achieve them, the regulatory
environment in which the Bank operates, and the Bank's anticipated
financial performance.
Forward-looking statements are typically identified by words
such as "will", "would", "should", "believe", "expect",
"anticipate", "intend", "estimate", "plan", "goal", "target",
"may", and "could". By their very nature, these forward-looking
statements require the Bank to make assumptions and are subject to
inherent risks and uncertainties, general and specific. Especially
in light of the uncertainty related to the physical, financial,
economic, political, and regulatory environments, such risks and
uncertainties – many of which are beyond the Bank's control and the
effects of which can be difficult to predict – may cause actual
results to differ materially from the expectations expressed in the
forward-looking statements.
Risk factors that could cause, individually or in the aggregate,
such differences include: strategic, credit, market (including
equity, commodity, foreign exchange, interest rate, and credit
spreads), operational (including technology, cyber security,
process, systems, data, third-party, fraud,
infrastructure, insider and conduct), model, insurance, liquidity,
capital adequacy, legal and regulatory compliance (including
financial crime), reputational, environmental and social, and other
risks. Examples of such risk factors include general business and
economic conditions in the regions in which the Bank operates
(including the economic, financial, and other impacts of
pandemics); geopolitical risk; inflation, interest rates and
recession uncertainty; regulatory oversight and compliance risk;
risks associated with the Bank's ability to satisfy the terms of
the global resolution of the civil and criminal investigations into
the Bank's U.S. BSA/AML program; the impact of the global
resolution of the civil and criminal investigations into the Bank's
U.S. BSA/AML program on the Bank's businesses, operations,
financial condition, and reputation; the ability of the Bank to
execute on long-term strategies, shorter-term key strategic
priorities, including the successful completion of acquisitions and
dispositions and integration of acquisitions, the ability of the
Bank to achieve its financial or strategic objectives with respect
to its investments, business retention plans, and other strategic
plans; the risk of large declines in the value of Bank's Schwab
equity investment and corresponding impact on TD's market value;
technology and cyber security risk (including cyber-attacks, data
security breaches or technology failures) on the Bank's
technologies, systems and networks, those of the Bank's customers
(including their own devices), and third parties providing services
to the Bank; data risk; model
risk; fraud activity; insider risk; conduct
risk; the failure of third parties to comply with their obligations
to the Bank or its affiliates, including relating to the care and
control of information, and other risks arising from the Bank's use
of third-parties; the impact of new and changes to, or application
of, current laws, rules and regulations, including without
limitation consumer protection laws and regulations, tax laws,
capital guidelines and liquidity regulatory guidance; increased
competition from incumbents and new entrants (including Fintechs
and big technology competitors); shifts in consumer attitudes and
disruptive technology; environmental and social risk (including
climate-related risk); exposure related to litigation and
regulatory matters; ability of the Bank to attract, develop, and
retain key talent; changes in foreign exchange rates, interest
rates, credit spreads and equity prices; downgrade, suspension or
withdrawal of ratings assigned by any rating agency, the value and
market price of the Bank's common shares and other securities may
be impacted by market conditions and other factors; the
interconnectivity of Financial Institutions including existing and
potential international debt crises; increased funding costs and
market volatility due to market illiquidity and competition for
funding; critical accounting estimates and changes to accounting
standards, policies, and methods used by the Bank; and the
occurrence of natural and unnatural catastrophic events and claims
resulting from such events.
The Bank cautions that the preceding list is not exhaustive of
all possible risk factors and other factors could also adversely
affect the Bank's results. For more detailed information, please
refer to the "Risk Factors and Management" section of the 2024
MD&A, as may be updated in subsequently filed quarterly reports
to shareholders and news releases (as applicable) related to any
events or transactions discussed under the headings "Significant
Events" or "Significant and Subsequent Events" in the relevant
MD&A, which applicable releases may be found
on www.td.com.
All such factors, as well as other uncertainties and potential
events, and the inherent uncertainty of forward-looking statements,
should be considered carefully when making decisions with respect
to the Bank. The Bank cautions readers not to place undue reliance
on the Bank's forward-looking statements. Material economic
assumptions underlying the forward-looking statements contained in
this document are set out in the 2024 MD&A, under the headings
"Economic Summary and Outlook" and "Significant Events", under the
headings "Key Priorities for 2025" and "Operating Environment and
Outlook" for the Canadian Personal and Commercial Banking, U.S.
Retail, Wealth Management and Insurance, and Wholesale Banking
segments, and under the heading "2024 Accomplishments and Focus for
2025" for the Corporate segment, each as may be updated in
subsequently filed quarterly reports to shareholders.
Any forward-looking statements contained in this document
represent the views of management only as of the date hereof and
are presented for the purpose of assisting the Bank's shareholders
and analysts in understanding the Bank's financial position,
objectives and priorities and anticipated financial performance as
at and for the periods ended on the dates presented, and may not be
appropriate for other purposes. The Bank does not undertake to
update any forward-looking statements, whether written or oral,
that may be made from time to time by or on its behalf, except as
required under applicable securities legislation.
SOURCE TD Bank Group
