2007 Q2 profit for The Co-operators dips slightly

Co-operators General Insurance Company announced its 2007 Q2 net income was down marginally, dropping from Cdn$49.6 million in 2006 Q2 to Cdn$48.9 million in 2007 Q2.
The companys 2007 Q2 gross written premium decreased 0.7% to Cdn$$598.6, compared to Cdn$602.8 million in 2006 Q2.
At the same time, the companys loss and combined ratios were both down for the quarter.
The 2007 Q2 loss ratio dipped to 61.8%, compared to 63.1% during the comparable period last year. And the 2007 Q2 combined ratio of claims and operating expenses was 92.5%, compared to 93.8% for 2006 Q2.
“Following a challenging first quarter of 2007, we are pleased that our results improved in the second quarter and are very consistent with the same period last year,” The Co-operators president and CEO Kathy Bardswick said in a press release. Net investment income is down compared to last year, but our underwriting results are an improvement over the same quarter last year and the organization’s financial strength remains solid.”
Net earned premium growth was 2.3% from the previous year. Net investment income and realized gains totalled Cdn$39 million, a decrease of 13.3% from the Cdn$45 million reported for 2006.