05:34 PM EDT, 08/01/2024 (MT Newswires) -- Definity Financial ( DFYFF ) on Thursday said it second-quarter profit rose 45% as revenue rose.

The company said it earned $103.8 million in the period, up from $71.6 million in the year-prior quarter. Per share results were not disclosed.

Insurance revenue rose 9.6% to $1.05 billion from $954.9 million.

"Our second quarter performance was well ahead of our key financial targets from both top- and bottom-line perspectives. Premiums increased to nearly $1.25 billion while our combined ratio of 90.1% benefitted from strong performance across the business, as well as favourable weather conditions," chief executive Rowan Saunders noted. "At the mid-point of the year, we are in an excellent position to continue building on our profitable growth momentum."

The company's shares closed down $0.90 to $47.12 on the Toronto Stock Exchange.