Guelph, Ont.-based Co-operators General Insurance Co. Thursday reported that consolidated net income rose to $114.2 million for the fourth quarter ended Dec. 31, 2012, compared to $91.9 million for the same quarter in 2011.

Earnings per common share increased to $5.36 for the fourth quarter compared to $4.28 for the same period last year.

Net income for the year amounted to $257.7 million, compared to $150.3 million in 2011, resulting in earnings per common share of $11.84 compared to $6.59 in 2011.

Kathy Bardswick, president and CEO of The Co-operators, said the strong 2012 perfomance “capped off a year in which our organization proudly joined the rest of the world in celebrating the International Year of Co-operatives and reinforced our ongoing commitment to those values that provide a competitive advantage for us,” said

“Fourth quarter results were positively impacted by the sale of L’Union Canadienne. In addition, we experienced strong policy growth, and net earned premium increased in all core lines of business and in all regions of the country,” she added.

Co-operator’s closed the sale of L’Union Canadienne, Compagnie d’assurances on October 1 for $150 million in cash. Quarterly bet income includes $34 million relating to the gain on sale of L’Union Canadienne, after closing adjustments and tax.

The company’s capital position remains strong, as the Minimum Capital Test (MCT) for Co-operators General was 260% at Dec. 31, 2012, well above the regulatory minimum requirement of 150%.

The MCT has increased from 259% at December 31, 2011 due to higher earnings offset by dividends paid on preferred and common shares and MCT calculation changes effective January 1, 2012.