Intact Financial Corp. IFC-T says it earned $163-million in the third quarter, less than half its earnings a year ago when it brought in $375-million.
The company says earnings worked out to 83 cents per share, down from $2.05 during the same quarter last year.
It says net operating income per share was $2.10, down from $2.78 a year earlier.
Intact says increased catastrophe losses offset the impact of improving underwriting fundamentals, as well as higher earned premiums and investment income.
Revenues totalled $6.9-billion for the quarter, up from $6.7-billion a year earlier.
The company says that over the next 12 months, it expects hard insurance market conditions to continue in most lines of business, driven by inflation and natural disasters.