The Co-operators reports increased premium in 1Q 2006

Co-operators General Insurance Company has reported a consolidated after-tax net income of CD$31.9 million for 2006 1Q, compared to the CD$36.5-million profit for the same period in 2005.
Gross written premium during the first quarter increased 5.3% to CD$428 million, the company reported, compared to CD$407 million in the first quarter of 2005.
The loss ratio for the quarter was 67.9%, compared to 66.0% during the comparable period last year. The combined ratio of claims and operating expenses for 2006 1Q was 99.8%, compared to 96.9% for the first quarter of 2005.
Net earned premium growth was 6.2% above the previous year. Investment income and realized gains totaled CD$47.1 million an increase of 13.2% from the CD$41.6 million reported for 2005.
Earnings per common share were $1.53 for the first quarter compared to $1.75 for the same period last year.
“We are pleased with our strong start to 2006,” The Co-operators president and CEO Kathy Bardswick said in a press release. “Higher than expected claims costs were offset by growth in our client base and investment gains related to the strong Canadian equity market.
“As anticipated, net income is down from the same period last year, but still represents a 3.4% return on equity for the quarter and 14.2% on a twelve-month rolling basis.”