Co-operators report Q3 results

Co-operators General Insurance Company’s consolidated after-tax net income for the third quarter 2005 is $24.1 million, compared to $28.3 million for the same period in 2004.The Company’s Q3 gross written premium increased 0.8% to $523 million, compared to $519 million in the same period last year. The claims ratio was 71.9%, compared to 67.2% last year while the combined ratio of claims and operating expenses was 100.6%, a 3.7% increase(or 96.9%) from the same period last year.The Company’s investment income increased by $8.9 million reach $37.8 million compared to $28.9 million reported for Q3 2004.Earnings per common share for Q3 2005 were $1.13 compared to $1.34 for the same period last year.”Summer storm activity was much more frequent and severe than normal this year, but our results remain strong,” Kathy Bardswick, president and ceo of The Co-operators, says. “Auto insurance rate decreases are being implemented in a number of provinces, but government reforms are having the desired effect, allowing for a reasonable profit level. The strong results continue to add strength to our balance sheet.”