May 22nd, 2024

Intact Financial earnings rise to $673 million in first quarter

By The Canadian Press on May 7, 2024.

The corporate logo of Intact Financial Corporation is shown. THE CANADIAN PRESS/HO

TORONTO – Intact Financial Corp. says it earned $673 million in the first quarter, up from $377 million a year earlier.

The Toronto-based company says earnings per share were $3.68, up from $2.06 per share during the same quarter last year.

Intact says the higher earnings per share were driven by investment gains on its equity portfolio as well as a gain on the sale of its U.K. direct Personal Lines operations.

Insurance revenue was $6.5 billion, up from $6.4 billion during the same quarter last year.

Intact says it expects favourable market conditions to continue, driven by inflation and catastrophe losses.

Earlier today Intact rolled out a pilot project to fireproof customers’ homes when a fire is nearby.

This report by The Canadian Press was first published May 7, 2024.

Companies in this story: (TSX:IFC)

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