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Intact Financial Q2 Net Operating Income Per Share Falls 39% YoY on Higher Losses

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Intact Financial (IFC.TO) said second-quarter net operating income per share fell 39% year over year to C$3.17 per share, from C$5.23 per share on higher losses.

Analysts polled by FactSet had expected C$3.47 per share. Intact said

Combined ratio, which is an insurance industry metric to measure profit, deteriorated to 94.9% from 86.1%, in the prior year period. Intact said the ratio included 4 points from higher catastrophe and large losses.

Underwriting income also fell 61% to C$305 million over the same period, Intact said.

The P&C insurer had previously reported higher catastrophe losses in Canada driven by weather events and large losses, stemming from commercial fires, in the UK.

Intact will pay a regular quarterly dividend of C$1.47 per share on Sept. 29, to shareholders of record on Sept. 15.

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