Intact Financial reports net income of $447 million, revenue of $5.3 billion

TORONTO – Intact Financial Corp. says its net income fell in the first quarter compared with a year ago while its revenues rose.

The insurer says it had a net income of $447 million for the quarter ending March 31, compared with $514 million for the same quarter last year.

Earnings came in at $2.53 per share, down from $3.51 per share last year.

Net operating income per share, however, was up 13 per cent to $2.70 compared with the $2.40 per share in the same quarter last year.

Revenues totalled $5.3 billion for the quarter, up from $3.05 billion in the first quarter last year.

Analysts had expected revenue of $4.86 billion and net income of $397.6 million, according to financial markets data firm Refinitiv.

This report by The Canadian Press was first published May 10, 2022.

Companies in this story: (TSX:IFC)