2 August 2017 13:30
In the second quarter of 2017, Intact financial Corporation recorded net income of $ 243 million ($M), up 161 % compared to the second quarter of 2016. This net increase is in particular due to lower catastrophe losses and solid results of the distribution.
At the same date last year, the results Intact had been largely impacted by the fire of Fort McMurray.
«High level of catastrophe losses»
«Our business has recorded strong results for the quarter, despite the high level of catastrophe losses. All our sectors of activity, show a good performance or improve their underlying performance, points out Charles Brindamour, ceo of Intact. We continue to be on track to achieve our goal of improving the combined ratio in the automobile insurance industry of individuals 5 points in the second half of the year. The planning of the transition of OneBeacon progressing well and we are confident in achieving the objective of bringing the combined ratio of the company between 90 % and 95 %. «
The combined ratio improved
While the premium growth amounted to 2 % for the quarter, the proceeds of the subscription has known an increase of$ 87 Million to$ 103 Million, mainly attributable to the reduction of catastrophe losses. The combined ratio improved by 4.2 percentage points to 95.0 % compared to the ratio of the corresponding period of the previous fiscal year.
The sector of insurance companies was strong in the quarter, while the sector of insurance of property of individuals is one that has been most badly affected by the severe storms and the damage caused by the water. The combined ratio for insurance companies amounted to 97.8 %. It is 99.5%, and in insurance of property of individuals.