Co-operators General Insurance Co. today announced a big jump in its fourth quarter earnings.

consolidated financial results for the three months and year ended December 31, 2007.

Co-operators General reported consolidated net income of $60.8 million for the quarter ended Dec. 31, 2007, compared to $18.5 million for the same quarter in 2006.

The improvement was due to favourable automobile claims development, higher investment returns and tax recoveries, the insurer said.

Earnings per common share were $2.88 for the fourth quarter compared to $0.78 for the same period last year.

Net income for the year amounted to $148.2 million, compared to $118.1 million for the same period last year, resulting in earnings per common share of $6.95 in 2007 compared to $5.46 in 2006. Excellent claims development experience and higher realized investment gains contributed to the increase in the results.

“We are very pleased with our fourth quarter results, which included both strong underwriting and investment returns,” says Kathy Bardswick, president and CEO of The Co-operators. “Our claims development this quarter was exceptionally favourable, contributing to a combined ratio better than our target range, which further enhanced our strong capital position.”