Intact Financial Corp. says it earned $163 million in the third quarter, less than half its earnings a year ago when it brought in $375 million. 

The company says earnings worked out to 83 cents per share, down from $2.05 during the same quarter last year. 

It says net operating income per share was $2.10, down from $2.78 a year earlier. 

Intact says increased catastrophe losses offset the impact of improving underwriting fundamentals, as well as higher earned premiums and investment income.

Revenues totalled $6.9 billion for the quarter, up from $6.7 billion a year earlier. 

The company says that over the next 12 months, it expects hard insurance market conditions to continue in most lines of business, driven by inflation and natural disasters.