Co-operators General Insurance Co. on Thursday reported an increase in profit for the second quarter ended June 30.

The property and casualty insurer said consolidated after-tax net income for the quarter was $25.3 million, compared to the $7 million earned during the same period in 2002.

Gross written premiums in the second quarter increased 15.1% to $545 million, compared to $473 million in the second quarter of 2002.

The claims ratio for the quarter was 70.7%, compared to 79.2% during the comparable period last year. The combined ratio of claims and operating expenses was 97.8%, compared to 108.1% for the second quarter of 2002.

Earnings per common share were $1.12 for the second quarter compared to 20¢ for the same period last year.

“We are pleased with our results in the second quarter of 2003. It signals the beginning of our recovery with a return to acceptable profit levels and adequate rates,” says Kathy Bardswick, president and CEO of The Co- operators.

http://www.newswire.ca/releases/August2003/21/c3187.html