Intact Financial Reports Strong Q2 Results

Led by Rate Increases, Overall Operating DPW Increases 6%

Intact Financial Corporation, a leading Canadian property and casualty insurer, has reported strong results for the second quarter of 2024. The company's net operating income per share increased by 1% to $486, while its EPS grew by 404%, driven by robust underwriting performance.

Profit Triples in Q2

Intact Financial's profit for the quarter tripled to $758 million, compared to $243 million in the same period last year. This surge was primarily attributed to rate increases and a decrease in catastrophe losses.

"We are pleased with our strong Q2 results, which reflect the benefits of our diversified portfolio and our ability to manage risk effectively," said Charles Brindamour, CEO of Intact Financial. "Our rate increases are helping to offset inflationary pressures and support our underwriting profitability."

Strong Financial Position

Intact Financial ended the quarter in a strong financial position, with a total capital margin of $2.9 billion. This provides the company with ample financial flexibility to support its growth initiatives and respond to potential market challenges.

Overall, Intact Financial's strong Q2 results are a testament to the company's resilience and its ability to adapt to changing market conditions. The company is well-positioned to continue delivering value to its shareholders and customers in the future.