Canadian Insurer Intact Q4 Profit Nearly Doubles to US$164.8 Million

Intact Financial Corp, Canada’s largest property and casualty insurer, reported a near-doubling in quarterly profit, boosted by strong growth in underwriting income.

The company’s net income rose to C$205 million (US$164.8 million), or C$1.52 (US$1.22) per share, in the fourth quarter ended Dec. 31, from C$107 million (US$86 million), or 77 Canadian cents per share, a year earlier.

Underwriting income jumped to C$216 million (US$174 million) from C$67 million (US$54 million), as catastrophe losses fell by C$45 million (US$36 million).

Net operating income rose 73 percent to C$247 million (US$198.6 million), or C$1.84 per share.

(Reporting By Tanvi Mehta and Ashutosh Pandey in Bengaluru; Editing by Ted Kerr