The Co-operators sees growth in 2011 net income

The Co-operators General Insurance Company reported a net income of $150.3 million in 2011, an increase from its net income of $72.7 million reported in 2010.

“Significant improvements year over year can be attributed to favourable claims experience in the Ontario automobile insurance portfolio and positive net investment income, despite the volatility of the market,” said Kathy Bardswick, The Co-operators’ president and CEO. “This was offset partially by continuing underwriting losses due to the increased frequency and severity of major events like Slave Lake and the summer storms in Western Canada.”

The insurer’s combined ratio improved from 2010’s 103.4% (including market yield adjustment) to 98.7% in 2011.

Direct written premium increased 0.4%, to $2.3 billion, and net earned premium increased by 3.5% to $2.2 billion in 2011.

Net investment income increased slightly to $137 million, from $132.6 million in 2010.