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Definity Financial Q2 Operating Earnings Climbs 15.5%

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Definity Financial (DFY.TO) said Thursday evening that second-quarter operating earnings climbed 15.5% to C$0.97 per share, from C$0.84 per share, in the prior year period.

Analysts polled by FactSet had forecast C$0.93 per share.

Net underwriting revenue jumped 37.8% over the same period to C$1.45 billion, beating analyst expectations of C$1.43 billion.

Combined ratio, which measures an insurer's profitability, deteriorated slightly to 93.9% from 92.9%, while underwriting income, which measures the profit an insurer makes from its core business, increased to C$88.3 million from C$74.6 million, for the quarter.

Definity will pay a regular quarterly dividend of $0.215 per share on Sept. 23, to shareholders of record on Sept. 11.

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