TORONTO – Intact Financial Corp. says its profits rose in the second quarter as past catastrophe losses are helping drive insurance premium growth.
The Toronto-based insurer says its net income for the quarter came in at $758 million, up from $260 million in the same quarter last year.
The company says it earned $4.04 per diluted share, up from $1.30 per diluted share in the same quarter last year.
Intact says its personal auto and property premiums grew by around 10 per cent, driven by strong rate increases and unit growth.
The company says earnings benefited from premium growth, as well as its investment performance and limited catastrophe activity in the quarter.
Intact says it expects favourable insurance market conditions for the 12 months ahead that could lead to double-digit premium growth in its personal property and auto segments and mid-single digit growth in commercial lines.
This report by The Canadian Press was first published July 30, 2024.
Companies in this story: (TSX:IFC)
