The easing of NIBT for the financial sector to $43 billion was led by life, health, and medical insurance carriers which dropped $740 million, partly due to equity market declines impacting asset values.
There was an 8% rise in property and casualty claims in the quarter with severe weather events in Ontario and Quebec.
Net mortgage interest income increased with loans up almost 3% in the quarter, but this was partially offset by a decline in investment revenues, giving an overall NIBT increase of 1% ($167m) for the sector that includes banks.
Energy sector record
Unsurprisingly, Canada’s energy sector saw a rise in revenue in the second quarter of 2022.
The oil and gas extraction industry posted a 58% increase in NIBT as crude oil prices gained. The industry posted a record $13 billion increase in income, the highest on record, on an unadjusted basis.
