I have not extensively tested, but this did happen to me in RvR today (see screenshot attached).
PA'd by an inf: combat says pet intercepts, red dmg says pet hit for 105 AND immediately below i'm hit in torso for 553 (dmg somehow split? maybe it only intercepted offhand? is that correct intercept mechanic? if so, intercept 105dmg show before the 553 dmg?)
CD goes off: pet intercepts, red dmg says pet hit for 299 (seemingly normal intercept).
PA'd by an inf: combat says pet intercepts, red dmg says pet hit for 105 AND immediately below i'm hit in torso for 553 (dmg somehow split? maybe it only intercepted offhand? is that correct intercept mechanic? if so, intercept 105dmg show before the 553 dmg?)
CD goes off: pet intercepts, red dmg says pet hit for 299 (seemingly normal intercept).