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Intact Financial Corp. Q1 results hit by the severe winter weather

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TORONTO - Intact Financial Corp. (TSX:IFC) reported a first-quarter profit of $160 million, down from a year ago as the company said the harsh winter weather took its toll.

The property and casualty insurance company earned $1.17 per share for the quarter ended March 31, down from $174 million or $1.27 per share in the first quarter of 2013.

Excluding integration and restructuring costs and other one-time costs, Intact said it earned an adjusted profit of $1.23 per share, down 10 per cent from $1.36 a year ago.

Revenue totalled $1.98 billion, up from $1.86 billion a year ago, helped by higher net earned premiums and investment gains.

"Our home insurance portfolio performed very well despite significant property damages incurred as a result of extreme cold temperatures and rapid thaw events," CEO Charles Brindamour said in a news release on Wednesday.

"The performance of our auto insurance portfolio remained healthy despite the increased number of automobile accidents due to icy driving conditions. However, commercial insurance results were disappointing and we continue our efforts to improve the performance of this business."

For the next 12 months, Intact said it expects that industry premiums will grow at a low single-digit rate.

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