Intact Financial’s second-quarter net income fell 17 per cent to $720 million from $867 million a year earlier, as higher claims costs pushed its U.K. and international business to a $129-million pre-tax operating loss, down from a $77-million operating profit a year ago. (The Logic)

Talking point: Intact’s total pre-tax operating income dropped 38 per cent to $767 million, even as insurance revenue rose two per cent to $6.75 billion year over year. Earlier this month, the Toronto-based company said its catastrophe and large-loss expenses exceeded expectations by $247 million, reflecting commercial fires, winter storms and larger-than-normal property losses. Jefferies analyst John Aiken called the results an “uncharacteristic stumble” and Intact’s first material earnings miss in recent memory. On the earnings call, CEO Charles Brindamour described the quarter as an “anomaly” and said the company’s underlying fundamentals remained strong. Shares fell eight per cent at the open of trading Thursday.

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