BUSINESS

Intact Financial reports $202M Q3 profit, up from $47M a year ago

11/05/2014 12:14 EST | Updated 01/05/2015 05:59 EST
TORONTO - Intact Financial Corp. (TSX:IFC) said Wednesday it earned $202 million in its latest quarter, up from last year when it was hit by severe rain storms in the Toronto and Quebec, as well as hail storms in Alberta.

The property and casualty insurer said the profit amounted to $1.49 per diluted share in its latest quarter compared with a profit of $47 million or 32 cents per diluted share a year ago.

"Our personal insurance business is performing well, reflecting the successful implementation of our property improvement initiatives and the continued solid contribution of our auto insurance activities," Intact chief executive Charles Brindamour said in a statement.

"Our commercial P&C insurance results were strong, and we are continuing our efforts to ensure their sustainability."

The company said underwriting income for the quarter was $124 million compared to a loss of $50 million during the same period a year ago, when it was hit by the storms in Toronto Quebec and Alberta.

Net investment income was $106 million, up two per cent from a year ago.

Intact provides home, auto and business insurance under the Intact Insurance, belairdirect, Grey Power, BrokerLink and Jevco brands.