Intact earnings down 79 per cent after second quarter full of severe weather events

TORONTO – Intact Financial Corp. says its net income for the second quarter was $260 million, down 79 per cent from $1.2 billion last year.

The insurance company says earnings per share were $1.30, down from $6.93.

Net operating income per share was down 30 per cent to $2.30.

Intact says the decline in net operating income was largely due to an increase in catastrophe losses, which were $421.

The company says these losses were partially offset by higher investment income.

It says it maintained a strong balance sheet despite multiple severe weather events during the second quarter.

This report by The Canadian Press was first published August 2, 2023.

Companies in this story: (TSX:IFC)