OTTAWA (dpa-AFX) - Intact Financial Corp. (IFC.TO) on Tuesday reported lower second-quarter earnings as higher catastrophe and large losses weighed on underwriting results.
For the second quarter, net operating income attributable to common shareholders declined 40% to C$561 million from C$935 million a year earlier. Net operating income per share fell to C$3.17 from C$5.23, while earnings per share decreased to C$3.90 from C$4.70. Net income declined 17% to C$720 million from C$867 million.
Operating direct premiums written increased 4% to C$7.35 billion from C$7.03 billion, driven primarily by continued strength in Personal lines. Underwriting income dropped 61% to C$305 million from C$784 million, while the combined ratio deteriorated to 94.9% from 86.1%, reflecting four percentage points of elevated catastrophe and large losses.
The board declared a quarterly common share dividend of C$1.47 per share, payable on September 29, 2026, to shareholders of record on September 15, 2026.
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