Co-operators quarterly profit increases based on auto reforms, good weather

Co-operators General Insurance Company (Co-operators General) reported its 2012 Q1 profit increased to $66.5 million from $25.8 million during the same period last year.

“Earnings in the first quarter were positively impacted by favourable claims results from the Ontario auto insurance market and the mild winter, which reduced the number of weather-related claims,” said Kathy Bardswick, president and CEO of The Co-operators. “In addition, net earned premium grew by 5.2% compared to last year across all lines of business and in every region. Loss ratios were also lower in all lines of business and our capital position remains strong.”

Direct written premium increased from $478.6 million in 2011 Q1 to $493.6 million in 2012 Q1, while its combined ratio improved from 103.4% to 92.3%.

The company’s MCT score in the first quarter stood at 272%.