Intact Financial Corp. IFC-T 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.