Co-operators General Insurance Co. on Friday reported a consolidated after-tax net loss of $2.5 million, for the fourth quarter ended Dec. 31, 2002, compared to the $2.6 million loss during the same period in 2001.
Gross written premium in the fourth quarter increased 5.7% to $442 million compared to the $418 million recorded during the fourth quarter of 2001.
The claims ratio for the quarter was 78.2% compared to 80.7% during the comparable period last year. The combined ratio of claims and operating expenses was 106.4%, compared to 110.7% for the fourth quarter of 2001.
On a year-to-date basis, gross written premiums were $1.7 billion marked an increase over last year of 6.2%. The after-tax loss for 2002 was $1.1 million, compared to the loss of $10.8 million for the twelve months ended December 31, 2001.
Investment income at $118.8 million was a decrease from the $142.3 million in 2001.
The loss per common share was 27\u00a2 for the fourth quarter, identical to the value for the same period last year. Year-to-date, the loss per common share was 48\u00a2 compared to the loss 97\u00a2 for the twelve-month period ended Dec. 31, 2001.
“Despite the fact that serious personal injury claims costs continue at high levels in the auto insurance industry, Co-operators General had a year of very significant achievements including major advances in the profitability of its broker distribution channel,” saidKathy Bardswick, president and CEO. She added, “We are looking forward to continued improvement in 2003 and are in a solid position to increase future profitability and growth.”
<\/p>\n","protected":false},"excerpt":{"rendered":"
Pares annual loss to $1.1 million in 2002<\/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\/325154"}],"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=325154"}],"version-history":[{"count":0,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/325154\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/media?parent=325154"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/categories?post=325154"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/tags?post=325154"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/yst_prominent_words?post=325154"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}