05:45 PM EST, 11/05/2024 (MT Newswires) -- Intact Financial ( IFCZF ) on Tuesday reported its third-quarter operating income fell as it recorded an underwriting loss due to catastrophe losses.

Net operating income fell 48% to $182 million, or $1.01 per share, from $349 million, or $1.98 per share.

The insurer booked an underwriting hit, with a loss of $255 million, compared with a profit of $88 million, last year. Its combined ratio also deteriorated 5.6 percentage points to 103.9%, from 98.3%. Intact said the ratio included 22 points of catastrophe losses, which offset otherwise strong underlying performances across all geographies.

Direct premiums written increased 4% to $6.2 billion, from $5.92 billion.

The company shares closed up $2.20 to $271.81 on the Toronto Stock Exchange.