Co-operators report fourth quarter results

For the fourth quarter, Co-operators General Insurance Company reported consolidated after-tax net income of Cnd$19 million, compared to the
Cnd$39 million profit for the same period in 2005.
Gross written premium in the fourth quarter increased 6.7% to Cnd$519 million, compared to $486 million in the fourth quarter of 2005. The loss ratio for the quarter was 68.3%, compared to 63.1% during the comparable period last year. The combined ratio of claims and operating expenses was 99.0%, compared to 97.0% for the fourth quarter of 2005.
Investment income and realized gains totalled Cnd$40 million a decrease of 11.2% from the Cnd$45 million reported for 2005. Earnings per common share were $0.78 for the fourth quarter compared to $1.81 for the same period last year.
“This brings to a close another very successful year for The Co-operators property and casualty operations, which is good news for our clients and for The Co-operators 34 Canadian member-owners,” said Kathy Bardswick, president and CEO of The Co-operators. “While major storm losses decreased this year, we did experience increased claims severity leading to a slight deterioration of underwriting results, but this was offset by strong investment r