Co-operators General Insurance Co. today reported consolidated after-tax net income of $31.9 million for the first quarter of fiscal 2006, ended March 31, compared to the $36.5 million profit for the same period in 2005.
Gross written premium in Q1 increased 5.3% to $428 million, compared to $407 million in the Q1 of 2005. The loss ratio for the quarter was 67.9%, compared to 66% during the comparable period last year. The combined ratio of claims and operating expenses was 99.8%, compared to 96.9% for Q1 2005.
Net earned premium growth was 6.2% above the previous year. Investment income and realized gains totalled $47.1 million an increase of 13.2% from the $41.6 million reported for 2005.
Earnings per common share were $1.53 for the first quarter compared to $1.75 for the same period last year.
\u201cWe are pleased with our strong start to 2006. Higher than expected claims costs were offset by growth in our client base and investment gains related to the strong Canadian equity market,\u201d said Kathy Bardswick, president and CEO of the Co-operators. \u201cAs anticipated, net income is down from the same period last year, but still represents a 3.4% return on equity for the quarter and 14.2% on a twelve-month rolling basis.\u201d
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