TORONTO — Intact Financial Corp. says it earned $163 million in the third quarter, less than half its earnings a year ago when it brought in $375 million.

The company says earnings worked out to 83 cents per share, down from $2.05 during the same quarter last year.

It says net operating income per share was $2.10, down from $2.78 a year earlier.

Intact says increased catastrophe losses offset the impact of improving underwriting fundamentals, as well as higher earned premiums and investment income.

Revenues totalled $6.9 billion for the quarter, up from $6.7 billion a year earlier.

The company says that over the next 12 months, it expects hard insurance market conditions to continue in most lines of business, driven by inflation and natural disasters.

This report by The Canadian Press was first published Nov. 7, 2023.

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