EGI Financial reports drop in Q3 income

EGI Financial Holdings Inc. (TSX: EFH) reported a net income of Cdn$3.026 million in 2008 Q3, marking a 32.2% decrease from the Cdn$4.462 million reported in the same period of last year.
Underwriting income fell 57.2% quarter over quarter from Cdn$3.536 million in 2007, to Cdn$1.514 million, a company statement says.
The combined ratio for Q3 of 2008 increased to 95.7%, compared with 88.5% for the same period last year.
The loss ratio in 2008 Q3 was 64.0%, an increase over 2007 Q3’s loss ratio of 58.2%.
In its personal lines division, EGI’s underwriting income decreased to Cdn$1.3 million from Cdn$2.9 million in 2007. The combined ratio increased to 95% compared with 87.3% for the 2007 period.
The underwriting income of its niche products segment increased to Cdn$1 million from Cdn$700,000 million in 2007. Its combined ratio in the segment improved to 85.8% from 87.3%.
EGI’s international division saw its underwriting loss increase to Cdn$300,000 million in the quarter, compared to break even in the same period of 2007. The segment’s combined ratio climbed to 110.0% from 2007 Q3’s 98.7%.