Intact Financial Corp. (TSX:IFC) raised its quarterly dividend by 10 per cent Wednesday following a big jump in profit last year.
The quarterly dividend will increase to 53 cents per share beginning with the March 31 payment, up from 48 cents.
The Toronto-based insurer earned $205 million or $1.52 per share in the fourth quarter, up from $107 million or 77 cents per share a year earlier.
For the full year, Intact earned $782 million or $5.79 per share, up from $431 million or $3.10 per share in 2013.
Intact is Canada's largest property and casualty insurance company, operating under various banners including Intact, Belairdirect, Grey Power and BrokerLink.
In its outlook, the company said expects industry premiums will grow at a low single-digit rate.
"In personal property, the current hard market conditions should continue as the magnitude of catastrophe losses in recent years weighs on industry results," Intact said.
"The company expects that future reductions in Ontario auto rates will be commensurate with government cost reduction measures. In commercial lines, continued low interest rates and the impact on commercial lines loss ratios from elevated catastrophe losses have translated into firmer conditions."
This content appears as provided to The Globe by the originating wire service. It has not been edited by Globe staff.