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May 11, 2022

Intact Financial reports net income of $447M, revenue of $5.3B

Barry Schwartz discusses Intact Financial

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Intact Financial Corp. says its net income fell in the first quarter compared with a year ago while its revenues rose.

The insurer says it had a net income of $447 million for the quarter ending March 31, compared with $514 million for the same quarter last year.

Earnings came in at $2.53 per share, down from $3.51 per share last year.  

Net operating income per share, however, was up 13 per cent to $2.70 compared with the $2.40 per share in the same quarter last year.

Revenues totalled $5.3 billion for the quarter, up from $3.05 billion in the first quarter last year. 

Analysts had expected revenue of $4.86 billion and net income of $397.6 million, according to financial markets data firm Refinitiv.