TORONTO, July 30 Intact Financial Corp
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)