Northbridge sees strong profit increase in 2007

**CORRECTION**This news item contains amendments that replace incorrect information appearing in a previous post.

Northbridge Financial Corporation (TSX: NB) reported 2007 profits of Cdn$295 million, a 76.6% increase from 2006’s net income of Cdn$167.1 million.
Underwriting profit for 2007 increased to Cdn$84.3 million, compared to Cdn$23.5 million in 2006, a company release says.
The company’s combined ratio for 2007 was 92.3%, compared to 98.0% for 2006.
Profits for 2007 Q4 were Cdn$79.5 million, a 114.4% increase from net earnings of Cdn$37.1 million for 2006 Q4, the statement says.
Underwriting results for 2007 Q4 reflected a loss of Cdn$2 million, compared to a profit of Cdn$16.9 million over the same period of 2006.
Northbridge also included financial results of its subsidiaries.
Underwriting incomes and combined ratios for 2007 were as follows (respectively):
Lombard Canada Ltd., Cdn$43.9 million, 93.7%;
Markel Insurance Company of Canada, a profit of Cdn$9.2 million; 95.2%
Commonwealth Insurance Company, a profit of Cdn$25.1 million, 77%; and
Federated Insurance Company of Canada, Cdn$6.1 million, 94.1%.