Co-operators General Insurance Co. reported lower profit for the fourth quarter ended Dec. 31, 2006. The P&C insurer said consolidated after-tax net income for the quarter was $19 million, compared to the $39 million for the same period in 2005.
Earnings per common share were 78\u00a2 for the fourth quarter compared to $1.81 for the same period last year.
Gross written premium in the fourth quarter increased 6.7% to $519 million, compared to $486 million in the fourth quarter of 2005. The loss ratio for the quarter was 68.3%, compared to 63.1% during the comparable period last year. The combined ratio of claims and operating expenses was 99.0%, compared to 97.0% for the fourth quarter of 2005.
Net earned premium growth was 6.9% above the previous year. Investment income and realized gains totalled $40 million a decrease of 11.2% from the $45 million reported for 2005.
\u201cThis brings to a close another very successful year for The Co-operators property and casualty operations, which is good news for our clients and for The Co-operators 34 Canadian member-owners,\u201d said Kathy Bardswick, president and CEO of The Co-operators. \u201cWhile major storm losses decreased this year, we did experience increased claims severity leading to a slight deterioration of underwriting results, but this was offset by strong investment results.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Co-operators General Insurance Co. reported lower profit for the fourth quarter ended Dec. 31, 2006. The P&C insurer said consolidated after-tax net income for the quarter was $19 million, compared to the $39 million for the same period in 2005.Earnings per common share were 78\u00a2 for the fourth quarter compared to $1.81 for the same […]<\/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\/301934"}],"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=301934"}],"version-history":[{"count":0,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/301934\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/media?parent=301934"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/categories?post=301934"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/tags?post=301934"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/yst_prominent_words?post=301934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}