Co-operators General Insurance Co. reported lower profit for the fourth quarter ended Dec. 31, 2006. The P&C insurer said consolidated after-tax net income for the quarter was $19 million, compared to the $39 million for the same period in 2005.
Earnings per common share were 78¢ for the fourth quarter compared to $1.81 for the same period last year.
Gross written premium in the fourth quarter increased 6.7% to $519 million, compared to $486 million in the fourth quarter of 2005. The loss ratio for the quarter was 68.3%, compared to 63.1% during the comparable period last year. The combined ratio of claims and operating expenses was 99.0%, compared to 97.0% for the fourth quarter of 2005.
Net earned premium growth was 6.9% above the previous year. Investment income and realized gains totalled $40 million a decrease of 11.2% from the $45 million reported for 2005.
“This brings to a close another very successful year for The Co-operators property and casualty operations, which is good news for our clients and for The Co-operators 34 Canadian member-owners,” said Kathy Bardswick, president and CEO of The Co-operators. “While major storm losses decreased this year, we did experience increased claims severity leading to a slight deterioration of underwriting results, but this was offset by strong investment results.”
Co-operators General profit dips in Q4
- By: IE Staff
- February 18, 2007 February 18, 2007
- 14:50