Co-operators reports net income of $58.1 million for Q1

The Co-operators General Insurance Co. has released its financial results for the first quarter of the year, reporting a consolidated net income of $58.1 million, down from $66.5 million for the same quarter in 2012.

“We are pleased with our first quarter results, and with the client growth we experienced in our core product lines,” Kathy Bardswick, the insurer’s president and CEO noted in a statement on the financial results (for the three months ending March 31).

“Net income was down $8.4 million compared to the same period last year, during which we benefitted from unusually mild winter weather,” she noted. “Winter weather returned this year, but our results remained strong as the company earned net income of $58.1 million and maintained a strong and stable balance sheet.”

The company reported direct written premium for Q1 of $447.2 million, versus $439.1 million for the same quarter last year. That improvement is attributable to “vehicle and policy count growth mainly in the auto and commercial lines of business,” the insurer said.

It’s net earned premium also improved, from $488.5 million last year’s quarter to $500.1 million this past quarter, and the increase was across all the company’s core lines of business, its statement said.

The combined ratio, excluding the market yield adjustment for the quarter was 95.4%, compared to 91.3% for Q1 in 2012.