(Toronto) Intact Financial Corporation says it earned $163 million in its third quarter ended September 30, less than half its profit of $375 million a year ago.
The company says earnings were $0.83 per share, down from $2.05 in the same quarter a year ago.
Net operating income per share was $2.10, compared to $2.78 last year.
Intact reports that higher catastrophe losses offset the impact of improved underwriting fundamentals and higher earned premiums and investment income.
Over the next 12 months, the company expects strong market conditions in the insurance industry to continue across most lines of business, driven by inflation and catastrophes natural.