Co-operators General Insurance Co. earned a $13.7 million in the fourth quarter of 2003, turning around a loss in the last quarter of 2002.

The property and casualty insurer said Monday profit came to 55¢ per share for the three months ended Dec. 31. That compared with a loss of $2.5 million or 27¢ per share for the same period in 2002.

Gross written premium revenues in the fourth quarter increased to $508 million, compared to $442 million in the fourth quarter of 2002.

“We are satisfied and encouraged by our strategic progress resulting in this improved financial performance. Automobile product performance remains a concern across the country though given ongoing reform uncertainties,” Kathy Bardswick, president and CEO of the Co-operators, said in a news release.

For the full year, the company earned $44 million or $1.78 per share, compared with a loss of $1.1 million or 48¢ per share in 2002.

Gross written premium for 2003 were $1.96 billion, up from $1.73 billion in 2002.