Casualty insurer Intact Financial has registered net operating income of $180m for the second quarter of 2012, with an increase of 89% from an operating income of $95m during the same period last year.
On a per share basis, net operating income increased by 55% to $1.35 from a net operating income per share of $0.87 during the second quarter earlier year, backed by improved underwriting performance and higher investment income.
Net income was $133m, with an increase of 8% from $123m during the corresponding quarter in 2011 while its net operating was $359m, up 82% from $197m.
For the latest quarter period, the underwriter posted underwriting income of $123m, with a whooping growth of 273% from $33m during the comparative period a year ago.
Intact Financial chief executive officer Charles Brindamour said the strength of the company’s operating performance continued in the quarter despite the high cost of helping its customers recover from a severe storm system that hit a number of communities in late spring.
"The initiatives we undertook over the last year notably in home and auto insurance continue to deliver substantially-improved operating results which reduced the financial impact of declining interest rates and the volatility of the equity markets," Brindamour added.