Just caught Intact Financial Corp's full year results and the numbers are pretty solid. Their earnings jumped to C$3.365 billion, up from C$2.297 billion the year before, which translates to C$18.35 per share versus C$12.36 previously. That's a meaningful improvement year-over-year.

What's interesting is that while Intact's revenue only grew 1.6% to C$26.950 billion from C$26.523 billion, the earnings growth significantly outpaced the revenue growth. That suggests they're getting better operational efficiency or margin expansion happening in the background.

For a company like Intact Financial, modest revenue growth combined with strong earnings acceleration usually means they're doing more with less - better underwriting, cost management, or favorable claims experience. Worth keeping an eye on how this trend develops in the next quarter.