Canadian insurer Intact's quarterly profit nearly doubles

Wed Feb 4, 2015 7:09am EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

Feb 4 (Reuters) - 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 ($164.8 million), or C$1.52 per share, in the fourth quarter ended Dec. 31, from C$107 million, or 77 Canadian cents per share, a year earlier.

Underwriting income jumped to C$216 million from C$67 million, as catastrophe losses fell by C$45 million.

Net operating income rose 73 percent to C$247 million, or C$1.84 per share. ($1 = 1.24 Canadian dollars) (Reporting By Tanvi Mehta and Ashutosh Pandey in Bengaluru; Editing by Ted Kerr)