OTTAWA (dpa-AFX) - Intact Financial Corporation (IFC), a Canadian property and casualty insurer, on Tuesday reported a 35% decline in third-quarter profit, reflecting weaker underwriting results amid higher catastrophe losses and unfavourable investment-related movements.
Net income attributable to shareholders fell to C$562 million, or C$3.03 per share, from C$861 million, or C$4.73 per share, in the prior-year quarter.
Net operating income attributable to common shareholders declined to C$641 million or C$3.63 per share from C$797 million or C$4.46 per share last year.
Underwriting income dropped 38% to C$368 million, with the combined ratio rising to 94.0% from 89.8%. Catastrophe losses were four points higher than expected, including 33 points of catastrophe losses in the Canadian personal property business.
Intact declared a quarterly common share dividend of C$1.47, payable December 31 to shareholders of record on December 17.
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