TORONTO - Intact Financial Corp. (TSX:IFC) says its net income in the third quarter fell to $96 million, a five per cent decline from the same time last year.
The net income amounted to 70 cents per share. That compared with 87 cents per share a year earlier, when Intact's net income was $101 million and there were 20 million fewer common shares outstanding.
The Toronto-based company, which is Canada's largest property and casualty insurer, says its revenue from premiums increased to just under $1.8 billion, up from $1.2 billion a year earlier.
The growth in direct premiums written came mainly from the acquisition of AXA Canada in a $2.6-billion transaction that closed in September 2011.
The acquisition of Jevco Insurance, which closed in September 2012, also added to Intact's premium revenue.