INTACT’S Q2 PROFIT SHRIVELS IN HEAT OF ALBERTA WILDFIRES

The Intact property insurance business got burned in the second quarter by the huge Alberta wildfire that forced a mass evacuation of the Fort McMurray area in May. Intact Financial says its profit fell by more than half to $ 93 million or 67 cents per share. That’s down from $ 199 million or $ 1.47 per share in last year’s second quarter. The Torontobased insurer says the Fort McMurray catas- trophe drove down its net operating income by 46 per cent to $ 114 million, or 83 cents per share. Excluding that fire, Intact says its net operating income would have been up 15 per cent. Revenue from insurance policy premiums was $2.46 billion, up five per cent from $ 2.34 billion a year ago, but underwriting income fell to $16 million from $158 million.