Co-operators General Insurance Co. today announced its an increase in profit for the fourth quarter ended Dec. 31, 2004. The insurer said consolidated after-tax net income rose to $38.8 million during the quarter, compared to the $13.7 million profit for the same period in 2003.
Gross written premium in the fourth quarter declined 2.5% to $495 million, compared to $508 million in the fourth quarter of 2003.
Co-operators General says the claims ratio for the quarter was 59.4%, compared to 69.5% during the comparable period last year.
The combined ratio of claims and operating expenses was 93.7%, compared to 100.6% for the fourth quarter of 2003.
Gross written premium on a year-to-date basis was $1,987 million, reflecting an increase of 1.5% over last year. Earned premium growth was 9.1% above the previous year. Net income was $139.5 million, compared to $44million for the year ended Dec. 31, 2003. Investment income at $123.6 million increased 3.4% from the $119.5 million reported for 2003.
Earnings per common share were $1.81 for the fourth quarter compared to 55\u00a2 for the same period last year.
Year-to-date earnings per common share were $6.54, compared to $1.78 for the 12 month period ended Dec. 31, 2003.
“These results are good news for us, our co-operative and credit union owners and, most importantly, our clients,” said Kathy Bardswick, president and CEO of The Co-operators. “Our revenues declined slightly in the fourth quarter, due in large part to automobile rate reductions and refunds we were able to provide as a result of greater profitability and stability.”
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