Co-operators General Insurance Co. is reporting a return to profit for the third quarter ended September 30.
The P&C insurer says consolidated after-tax net income was $10.9 million, compared to the $3.4 million loss for the same period in 2002.
Gross written premiums in the third quarter increased 10% to $528 million, compared to $480 million in the third quarter of 2002. The claims ratio for the quarter was 74.3%, compared to 80.9% during the comparable period last year. The combined ratio of claims and operating expenses was 102.5%, compared to 109% for the third quarter of 2002.
Earnings per common share were 48\u00a2 for the third quarter compared to a loss of 23\u00a2 for the same period last year.
“Profitability of the auto insurance product remains a serious concern in all provinces except Quebec; however we remain hopeful that solid reforms will soon benefit both consumers and the industry,” said Kathy Bardswick, president and CEO.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gross written premiums up 10%<\/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\/312233"}],"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=312233"}],"version-history":[{"count":0,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/312233\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/media?parent=312233"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/categories?post=312233"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/tags?post=312233"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/yst_prominent_words?post=312233"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}