Co-operators General Insurance Co. is reporting big jump in profit for the first quarter ended March 31.
Consolidated after-tax net income for the quarter was $34.4 million, compared to the $5.9 million loss for the same period in 2003.
Gross written premium in the first quarter increased 5.8% to $400 million, compared to $378 million in the first quarter of 2003.
The claims ratio for the quarter was 65.7%, compared to 82.4% during the comparable period last year.
The combined ratio of claims and operating expenses was 96.4%, compared to 112.5% for the first quarter of 2003.
Investment income at $37.7 million grew by 9.6% over the $34.4 million reported for the first quarter 2003.
Earnings per common share were $1.65 for the first quarter, compared to a loss of 36\u00a2 for the same period last year.
“We are satisfied and encouraged by our strong first quarter results. The company has now shown progress in four consecutive quarters over the dismal results experienced in 2001 and 2002. However, the full negative impact associated with our recent automobile premium refunding activity across the country has not yet impacted our earned premium,” said Kathy Bardswick, president and CEO of The Co-operators, in a news release.
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