Co-operators General Insurance Company today announced its financial results for the quarter ended June 30. For the second quarter, the company reported consolidated after-tax net income of $48.9 million, compared to $49.6 million for the same period in 2006.
Gross written premium in the second quarter decreased 0.7% to $598.6 million, compared to $602.8 million in the second quarter of 2006. The loss ratio for the quarter was 61.8%, compared to 63.1% during the comparable period last year. The combined ratio of claims and operating expenses was 92.5%, compared to 93.8% for the second quarter of 2006.
Net earned premium growth was 2.3% from the previous year. Net investment income and realized gains totalled $39.0 million, a decrease of 13.3% from the $45.0 million reported for 2006.
Earnings per common share were $2.29 for the second quarter compared to $2.32 for the same period last year.
The company\u2019s shareholders\u2019 equity is $1,173.8 million at June 30, 2007, an increase of $136.9 million or 13.2% since year end, primarily due to recognizing investment market values on the balance sheet. This has resulted in a Minimum Capital Test for the company of 239%, well above the regulatory minimum requirement of 150%.
\u201cFollowing a challenging first quarter of 2007, we are pleased that our results improved in the second quarter and are very consistent with the same period last year,\u201d says Kathy Bardswick, president and CEO of The Co-operators. \u201cNet investment income is down compared to last year, but our underwriting results are an improvement over the same quarter last year and the organization\u2019s financial strength remains solid.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Underwriting results show improvement<\/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\/289864"}],"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=289864"}],"version-history":[{"count":0,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/289864\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/media?parent=289864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/categories?post=289864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/tags?post=289864"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/yst_prominent_words?post=289864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}