Co-operators General Insurance Co. today reported a modest improvement in profit for the fourth quarter ended Dec. 31, 2005. The company said consolidated after-tax net income was $39.1 million, compared to the $38.8 million profit for the same period in 2004.
Earnings per common share were $1.81 for the fourth quarter compared to $1.81 for the same period last year. Year-to-date earnings per common share were $6.16, compared to $6.54 for the year ended Dec. 31, 2004.
Gross written premium in the fourth quarter declined 1.8% to $486 million, compared to $495 million in the fourth quarter of 2004. The loss ratio for the quarter was 63.1%, compared to 59.4% during the comparable period last year. The combined ratio of claims and operating expenses was 97%, compared to 93.7% for the fourth quarter of 2004.
Gross written premium on a year-to-date basis was $1,995 million, reflecting an increase of 0.4% over last year. Earned premium growth was 1.3% above the previous year.
Net income was $132.1 million, compared to $139.5 million for the year ended Dec. 31, 2004. Investment income for the year was $164 million, an increase of 32.7% from the $123.6 million reported for 2004.
\u201cWe are pleased that despite increased storm activity, our results remain strong. Solid investment income and client growth helped offset the effects of our auto insurance rate reductions. As we begin 2006, we are well positioned to continue to deliver strong results, offer great service and invest in Canadian communities,\u201d says Kathy Bardswick, president and CEO of The Co-operators.<\/p>\n","protected":false},"excerpt":{"rendered":"
Results strong despite increased storm activity, CEO says<\/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\/323687"}],"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=323687"}],"version-history":[{"count":0,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/323687\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/media?parent=323687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/categories?post=323687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/tags?post=323687"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/yst_prominent_words?post=323687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}