Insurer Intact Financial's profit rises four-fold

Wed Nov 5, 2014 7:13am EST
 
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Nov 5 (Reuters) - Intact Financial Corp, Canada's largest property and casualty insurer, reported a more than fourfold rise in quarterly profit, helped by higher operating income and investment gains.

The company's profit rose to C$202 million ($176.53 million), or C$1.49 per share, in the quarter, compared with C$47 million, or 32 Canadian cents per share, a year earlier.

The profit last year was hurt by severe rain storms in the Greater Toronto Area and Quebec, and hail storms in Alberta.

Operating income more than tripled to C$1.37 per share in the latest quarter. ($1 = C$1.1443) (Reporting by Jeffrey Hodgson in Toronto and Anannya Pramanick in Bangalore)