05:31 PM EDT, 05/07/2024 (MT Newswires) -- Intact Financial ( IFCZF ) on Tuesday said net income and premiums written for the first quarter both rose.

The property and casualty insurer said its profit rose 79% to C$673 million, or C$3.68 per share, up from C$377 million, or C$2.06 per share, in the year-prior quarter..

Direct premiums written rose 6% to C$5.1 billion from C$4.8 billion, last year.

Net operating income was C$648 million, or C$3.63 per share, compared with C$537 million, or C$3.06 per share. Intact said the improvement was largely due to premium growth and strong investment results.

Underwriting income, which measures the difference between premiums collected, and expenses incurred and claims paid, improved to C$687 million from C$613 million.

Intact said that operating return on equity increased to 14.7% from 14.1%, on higher operating earnings, while overall combined ratio, 91.2%, reflected mild weather and lower catastrophe losses in the quarter.

A quarterly dividend of C$1.21 per share was declared, payable on June 28.

In its outlook, Intact said it expects favorable market conditions to continue, driven by inflation and catastrophe losses. In Canada, personal property and auto premium growth could reach a low double-digit level, while the company expects "mid to high" single-digit premium growth in commercial and specialty lines globally.

Intact shares closed down C$2.47 to C$229.55 on the Toronto Stock Exchange.