05:25 PM EDT, 07/30/2024 (MT Newswires) -- Intact Financial ( IFCZF ) on Tuesday reported its second-quarter net operating income doubled on stronger underwriting and increased premiums written.

The property and casualty insurer said net operating income attributable to shareholders more than doubled to $866 million, or $4.86 per share, from $410 million, or $2.34 per share, last year.

Underwriting income jumped 270% to $681 million, while operating direct premiums written of $6.65 billion, was a 6% improvement on last year's $6.23 billion.

Intact Financial ( IFCZF ) recorded a combined ratio of 87.1%, an improvement from the 96.3% in the prior year quarter.

The regular quarterly dividend of $1.21 per share was approved, payable on September 27.

"With our profitability momentum, balance sheet strength and investments in our competitive advantages, we are well on our way to return to our 10% net operating income per share growth trajectory and to outperform the industry ROE by at least 500 basis points every year.," said chief executive Charles Brindamour.

The insurer expects favorable insurance market conditions to continue, driven by past catastrophe losses and inflation pressures.

Intact shares closed up $2.45 to $244.68 on the Toronto Stock Exchange.