The Globe and Mail reports in its Wednesday, May 1, edition that as Canadian diversified financial companies prepare for the first quarter earnings season, National Bank Financial analyst Jaeme Gloyn has reaffirmed his "favourable" outlook for the property and casualty insurance sector. The Globe's David Leeder writes in the Eye On Equities column that Mr. Gloyn cites "persistent hard market conditions across most business lines and higher interest rates driving sustainably higher investment income" as the reasons for his positive outlook. Mr. Gloyn says in a note: "While increasing vehicle theft, elevated catastrophe activity and inflationary pressures could potentially weigh on profitability, these risks support continued rate increases in the near-term and profitability long-term. Moreover, we expect personal lines insurers Intact and Definity to show improved profitability as earned rates exceed inflation and both firms benefit from benign weather conditions. Reflecting this favorable view, we expect Intact and Definity will deliver above consensus results in Q1-24 (approximately 6 per cent above)." Mr. Gloyn rates Definity Financial and Intact Financial "outperform," with share targets of $60 and $247.