Co-operators General Insurance Sees Q2 Profit
Canada-based Co-operators General Insurance Company announced its financial results for the quarter ended June 30, 2005. For the second quarter, the company reported consolidated after-tax net income of $32.4 million, compared to $38.0 million income for the same period in 2004.
Gross written premium in the second quarter increased 0.9% to $578 million, compared to $573 million in the second quarter of 2004. The claims ratio for the quarter was 65.5%, compared to 63.7% during the comparable period last year. The combined ratio of claims and operating expenses was 97.9%, compared to 92.8% for the second quarter of 2004.
Investment income at $39.9 million increased by $12.6 million from the $27.3 million reported for the second quarter of 2004. Earnings per common share were $1.47 for the second quarter compared to $1.74 for the same period last year.
“Summer storm activity came earlier than normal this year, but our
results remain strong. Rate decreases are being implemented across the country on our auto product, but government reforms are having the desired effect, allowing for a reasonable profit level. The strong results allowed for another recent rating upgrade by Standard & Poor’s,” said Kathy Bardswick, president and CEO of The Co-operators.
- Work Safety Group Releases List of ‘Dirty Dozen’ Employers
- Florida’s Home Insurance Industry May Be Worse Than Anyone Realizes
- Jury Awards $80M to 3 Former Zurich NA Employees for Wrongful Termination
- Report: Claims Handlers Embracing Technology
- Ship Owner in Bridge Collapse Seeks to Limit Its Liability
- Report: Vehicle Complexity, Labor ‘Reshaping’ Auto Insurance and Collision Repair
- California Chiropractor Sentenced to 54 Years for $150M Workers’ Comp Scheme
- Millions of Recalled Hyundai and Kia Vehicles, With Dangerous Defect, Remain on Road