Co-operators General Insurance Co. today reported weaker profit for the quarter ended Sept. 30, 2005, due to heightened summer storm activity.
The property and casualty insurer said consolidated after-tax net income was $24.1 million for the quarter, compared to $28.3 million income for the same period in 2004.
Gross written premium in the third quarter increased 0.8% to $523 million, compared to $519 million in the third quarter of 2004.
The claims ratio for the quarter was 71.9%, compared to 67.2% during the comparable period last year.
The combined ratio of claims and operating expenses was 100.6%, compared to 96.9% for the third quarter of 2004.
Investment income at $37.8 million increased by $8.9 million from the $28.9 million reported for the third quarter 2004.
Earnings per common share were $1.13 for the third quarter compared to $1.34 for the same period last year.
\u201cSummer storm activity was much more frequent and severe than normal this year, but our results remain strong,\u201d said Kathy Bardswick, president and CEO of The Co-operators, in a release.
\u201cAuto insurance rate decreases are being implemented in a number of provinces, but government reforms are having the desired effect, allowing for a reasonable profit level. The strong results continue to add strength to our balance sheet.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Summer storms bite into earnings<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2312,2318],"tags":[2483],"yst_prominent_words":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/270989"}],"collection":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/comments?post=270989"}],"version-history":[{"count":0,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/270989\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/media?parent=270989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/categories?post=270989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/tags?post=270989"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/yst_prominent_words?post=270989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}