Co-operators General Insurance Co. said net income for the second quarter was up 50%, while premium income increased 5.2%.
The Guelph, Ont.-based insurer reported net income of $38.0 million ($1.74 per share) for the three months ended June 30 vs to $25.3 million ($1.12) for the same period in 2003.
Gross written premiums in the second quarter increased to $573 million from $545 million in the second quarter of 2003. The claims ratio for the quarter was 63.7% vs 70.7% during the comparable period last year. The combined ratio of claims and operating expenses was 92.8% vs 97.8% for the second quarter of 2003.
Six-month earnings were $72.4 million vs $19.4 million. Premium income was $972.5 million vs $922.3 million for the period.