TORONTO – Intact Financial Corp. (TSX:IFC) has seen its latest quarterly profit cut nearly in half compared with a year ago as the insurer was hit by losses due to major rain and hail storms in Quebec, Ontario and Alberta as well as the Lac-Megantic tragedy.
The company reported Wednesday a profit of $47 million, or 32 cents per share, down from $92 million, or 67 cents per share, a year ago.
Intact said the results included an after-tax loss of $201 million net of reinsurance due to the catastrophes in the quarter.
“Despite reporting our first underwriting loss in the last 10 years as a result of substantial catastrophe losses incurred by our customers, our underlying operating performance remained sound,” chief executive Charles Brindamour said.
“As severe weather events become more extreme and frequent, we will continue to pursue our efforts to ensure that the protection we offer reflects our country’s new climate reality and that governments, consumers, businesses and all stakeholders pursue their efforts to better adapt to climate change.”
Intact provides property and casualty insurance through Intact Insurance, Belairdirect, Grey Power, BrokerLink and Jevco.