TORONTO — Intact Financial Corp. says it earned $531 million in the fourth quarter of 2023, a 50 per cent increase from earnings of $353 million during the same quarter a year earlier.

The Toronto-based company says earnings of $1.3 billion for 2023 as a whole, however, were down 46 per cent compared with a year earlier amid numerous natural disasters.

Earnings per share were $2.78 for the fourth quarter, up from $1.88.

Intact says its board approved a quarterly dividend on outstanding common shares of $1.21 per share, an 11-cent increase.

The company says over the next twelve months, it expects hard insurance market conditions to continue, driven by inflation and losses from catastrophes.

In January, the company estimated total catastrophe losses for the fourth quarter were $200 million on a pre-tax basis.

This report by The Canadian Press was first published Feb. 13, 2024.

Companies in this story: (TSX:IFC)

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