Intact Financial posts Q4 profit of $96.7 million
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One of Canada’s largest car and home insurers, Intact Financial, is raising quarterly dividends to shareholders by 6.25 per cent following a $96.7-million net profit in the fourth quarter.
The profit amounts to 81 cents per share and represents a big a turnaround from the $64.1-million loss reported a year earlier by the Toronto-based insurance company formerly known as ING Canada. Intact will increase its quarterly dividend by two cents to 34 cents per common share beginning in March following what its chief executive says was a strong fourth quarter and promising outlook for pricing of its products.
Intact’s revenue from premiums during the fourth quarter increased by 4.5 per cent, rising to $1 billion in the quarter from $968.2 million a year earlier. The company says home insurance premiums are increasing across the industry as a result of severe storms.
Personal auto insurance premiums are also increasing, mainly in Ontario, reflecting higher medical costs in the province.
