Co-operators still fighting poor results

Reorganization at Co-operators General Insurance Company (TSE: CCS.PR.A) has not yet begun to pay off in early 2001 results. The company, which has seen dismal results in the past several quarters, reports premiums are up, although the effect has yet to be seen on the bottom line.Net income is down for the second quarter of 2001 as compared with the same period last year, dropping to $11.5 million from $15.7 million. Investment income was a factor, falling to $30.6 million for the period from $37.4 million last year.The year-to-date results are similarly disappointing, with a net loss of $8.5 million reported for the first six months of the year, as compared with net income of $17.7 reported last year.Earnings per share are $0.43 for the quarter, down from $0.63 for the same period in 2000. And year-to-date the loss per common share is $0.64 compared with earnings of $0.66.The period did signal something of a rebound for the company, as both gross written and net earned premiums rose. Gross written premiums are up 7.3% for the quarter, to $445 million from $415 million last year. For the half-year, written premiums are up 5% over last year, to $766 million. Earned premiums tally at $315.3 million, compared with $296 million last year. The company also managed to improve its combined ratio, shaving it down to 103% from 103.7% in second-quarter 2000.