Elevate your local knowledge

Sign up for the iNFOnews newsletter today!

Select Region

Selecting your primary region ensures you get the stories that matter to you, first.

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

Intact earnings down 79 per cent after second quarter full of severe weather events | iNFOnews.ca
The logo of Intact Financial Corp. is seen in an undated handout photo. THE CANADIAN PRESS/HO *MANDATORY CREDIT*
Original Publication Date: August 2, 2023 7:18AM
Publication Updated: April 13, 2025 3:57AM

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)

iNFOTEL

Related Articles