The logo of Intact Financial Corp. is seen in an undated handout photo. THE CANADIAN PRESS/HO *MANDATORY CREDIT*
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)
