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Intact Financial (TSX:IFC) shares hit all-time highs this week, as the insurance provider announced strong results, as well as a new buyback program for shareholders. Shares hit $227 after earnings were released, with analysts looking forward to even more positive momentum from the stock.
What happened
Intact stated that it earned $531 million for the fourth quarter of 2023. This was a 50% increase in earnings from $353 million during the same time last year. The insurer went on to report it achieved $1.3 billion in earnings for 2023 as a whole. However, it did see a decrease of 46% year over year, which the company noted was from natural disasters.
“The past year has been challenging for society, particularly in the face of numerous natural disasters. Through it all, our people worked relentlessly to ensure customers get back on track quickly. Despite shouldering elevated catastrophe losses as a…
