May 1, 2012 / 9:40 PM / in 5 years

Intact Financial profit jumps on AXA, investments

TORONTO, May 1 (Reuters) - Intact Financial, Canada’s largest property and casualty insurer, said its first-quarter operating profit rose 75 percent on stronger investment income and higher premiums due to last year’s acquisition of French insurer AXA’s Canadian assets.

Toronto-based Intact said on Tuesday it earned C$179 million ($180 million), or C$1.34 a share, compared with a year-before profit of C$102 million, or 91 Canadian cents a share.

Analysts had expected an operating profit of C$1.26 a share, according to Thomson Reuters I/B/E/S.

On a net basis, which includes integration costs related to the AXA transaction, profit rose to C$177 million from C$157 million.

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