Kingsway Financial Services Inc. said Thursday that net income for the second quarter jumped 22% to a record $33.3 million compared to Q2 2003, thanks largely to the performance of its Canadian operations.

Reporting after the markets were closed, the Toronto-based insurer of last resort said earnings for the same period a year ago were $27.3 million. On a per-share diluted basis, they jumped 4¢ to a quarterly high of 59¢.

Net income for the six-month period was also a record — $64.1 million, up 24% over the $51.7 million reported last year.

The company said gross premiums written during the second quarter were up 11% to $702.0 million vs $629.9 million last year. For the year to date gross premiums written increased by 6% to $1.4 billion over a year ago.

“I am again pleased to report record net income and earnings per share for the quarter and six month periods”, Bill Star, president and CEO, said in a release. “The results of our Canadian operations are particularly pleasing with each Canadian subsidiary producing an underwriting profit in the quarter. The decisive actions that we have taken in Canada are leading to premium growth and improved underwriting results.”