Alberta insurers see net and underwriting income tumble in 2011 Q2

A group of six Alberta incorporated property and casualty insurers reported a drop in consolidated Q2 net income, from $32.2 million in 2010 Q2 to $22.4 million in 2011 Q2.
The six insurers include:
•Alberta Motor Insurance Company;
•Canadian Farm Insurance Company;
•Fortress Insurance Company;
•Millenium Insurance Company;
•Peace Hills Insurance Company; and
•Trans Global Insurance Company.

Most of the insurers actually posted gains in net income. Canadian Farm Insurance Company saw the biggest improvement, from a net loss of $459,000 in 2010 Q2 to a net income of $221,000 in 2011 Q2.
Alberta Motor Insurance Company and Peace Hills Insurance Company each reported drops in net income. Alberta Motor saw its net income decline from $14.9 million to $9.6 million, and Peace Hills saw its net income drop from $6.9 million to $1.5 million in 2010 Q2 and 2011 Q2, respectively.
The group of six insurers also saw a dramatic drop in underwriting income, quarter-over-quarter, from $31.2 million in 2010 Q2 to $10.5 million in 2011 Q2.
Overall, the group of insurers increased its investment income from $14.2 million to $18.5 million.