The Co-operators reports increased net income in 2006 Q2

Co-operators General Insurance Company has reported a 2006 Q2 consolidated after-tax net income of CD$49.6 million, compared to the CD$32.4 million profit for the same period in 2005.Gross written premium in the second quarter increased 4.3%, to CD$602.8 million, compared to CD$577.9 million in the second quarter of 2005, the company reported in a press release. The combined ratio of claims and operating expenses was 93.8%, compared to 97.9% for the second quarter of 2005.Net earned premium growth was 7.5% above the previous year. Investment income and realized gains totaled CD$44.9 million, up 12.5% from the CD$39.9 million reported for 2005.”We are pleased with our continuing strong financial performance and we are well positioned to absorb what we expect to be an active summer storm season,” The Co-operators president and CEO Kathy Bardswick said. “Our balance sheet is strong and we note that we have now surpassed the CD$1-billion mark in total capitalization.”The Co-operators has assets of approximately CD$4.3 billion.