Co-operators General Insurance Co. today reported a reduced profit for the third quarter ended September 30.

For the third quarter, consolidated after-tax net income was $18 million, compared to the $24 million profit for the same period in 2005.

Earnings per common share were 83¢ for the third quarter compared to $1.13 for the same period last year.

Gross written premium in the third quarter increased 4.9% to $549 million, compared to $523 million in the third quarter of 2005. The loss ratio for the quarter was 75.7%, compared to 71.9% during the comparable period last year. The combined ratio of claims and operating expenses was 106.5%, compared to 100.6% for the third quarter of 2005.

Net earned premium growth was 6.4% above the previous year. Investment income and realized gains totalled $57 million an increase of 50.3% from the $38 million reported for 2005.

“Continued excellent investment returns, particularly in the resource sector, helped offset greater than expected automobile claims severity during the third quarter,” said Kathy Bardswick, president and CEO of The Co-operators. “Net income is down in the third quarter relative to the previous year, but for the nine months ended September 30, we are still ahead of 2005 and our performance remains solid with a 14.5% return on equity on a 12-month rolling basis.”