November 11, 2009 / 11:42 AM / in 8 years

UPDATE 1-Intact Financial swings to Q3 loss

* Q3 loss C$0.07/shr vs EPS C$0.47 yr-ago

* Operating income falls 80 pct

Nov 11 (Reuters) - Canadian home and auto insurer Intact Financial Corp (IFC.TO) swung to a third-quarter net loss, hurt by weak underwriting results and an accounting loss.

The insurer said its automobile underwriting performance was offset by the impact of a high number of severe weather events, mainly affecting property results.

Intact posted a net loss of C$8 million ($7.66 million), or 7 Canadian cents a share, for the quarter ended Sept. 30, compared with net income of C$57.3 million, or 47 Canadian cents a share, a year earlier.

Intact recognized a non-cash accounting loss of C$30.4 million related to the increase in value of its preferred stock portfolio.

Operating income fell 80 percent to C$21.6 million, or 18 Canadian cents a share.

Analysts, on average, had expected earnings of 24 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Intact rebranded itself after being spun off by its Dutch parent ING Groep NV ING.AS in February.

Shares of the company closed at C$35.43 Tuesday on the Toronto Stock Exchange. ($1=1.045 Canadian Dollar) (Reporting by Isheeta Sanghi in Bangalore; Editing by Aradhana Aravindan) ((isheeta.sanghi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: isheeta.sanghi.thomsonreuters.com@reuters.net))

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