TORONTO (Reuters) - Intact Financial Corp (IFC.TO) said on Wednesday its profits doubled in the second quarter as results in the year-before period were hurt by extreme flooding in Alberta. However, the results fell just short of estimates.
Intact, Canada’s largest property and casualty insurer, said net income was C$215 million ($197.99 million), or C$1.60 a share, in the quarter ended June 30, up from C$103 million, or 73 Canadian cents a share, a year earlier.
Operating income was C$1.53 a share, just short of analysts’ estimates of a profit of C$1.556 a share.
Underwriting profit rose to C$128 million from C$42 million, as catastrophe losses fell from the year-before period, when floods hit in Calgary and surrounding areas.
In a statement, Intact Chief Executive Charles Brindamour said the company’s personal and auto insurance lines produces strong results during the quarter, but that the commercial property and casualty insurance portfolio was disappointing, “warranting corrective actions.”
The company’s combined ratio was 92.9 percent, compared with 97.5 percent a year earlier. A ratio below 100 percent means the company is taking in more from premiums than it is paying out in claims and expenses.($1 = 1.0859 Canadian Dollars)
Reporting by Cameron French; Editing by Nick Zieminski