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Intact Financial reports net income of $370M

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The logo of Intact Financial Corp. is shown. Intact says it saw a 23 per cent rise in net income despite "active weather" and ongoing cost pressures in the quarter. The insurance company says it had a profit of 70 million for the quarter ending Sept. 30, up from 00 million for the same quarter last year. THE CANADIAN PRESS/HO *MANDATORY CREDIT*

TORONTO – Intact Financial Corp. says it saw a 23 per cent rise in net income despite “active weather” and ongoing cost pressures in the quarter.

The insurance company says it had a profit of $370 million for the quarter ending Sept. 30, up from $300 million for the same quarter last year.

Earnings worked out to $2.02 per share, up from $1.60 per share last year, when an impairment charge impacted results.

It says net operating income per share was $2.70, down from $2.87 in the same quarter last year.

The company says the decline was related to inflation pressures and higher weather-related losses in personal lines, partially offset by strong investment and distribution results.

Total revenue was $5.39 billion, up from $5.35 billion for the same quarter a year earlier.

This report by The Canadian Press was first published Nov. 8, 2022.

Companies in this story: (TSX:IFC)

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