INTACT FINANCIAL’S INCOME MORE THAN DOUBLES TO C$573M

Canadian property/casualty group Intact Financial saw its second-quarter net earnings rise to C$573m from C$263m, driven by strong underwriting results in all lines. Operating income per share rose to C$3.26 from C$2.35, beating analysts’ forecast of C$2.37. The combined ratio improved by 2.8 points to 86.7%, as underwriting income rose 63% to C$464m. Direct written premiums for the period grew 29% to C$4.30bn, driven by the acquisition of RSA Canada, which closed June 1. For the first six months of the year, the Toronto-based group’s net income nearly tripled to C$1.09bn as underwriting income rose 72% to C$761m. The six-month combined ratio improved by 4.1 points to 87.8%, while direct written premiums grew 17% to C$6.82bn.