Co-operators ends 2000 on high note

Co-operators General Insurance Co. reports a boost in income for the last quarter of 2000, with after-tax net income almost doubling over the same period in 1999, from $8.4 million to $17.3 million. At the same time, the company’s combined ratio dropped from 105.3% for Q4 1999 to 101.8%. Part of this is attributable to restructuring charges in the last quarter of 1999, including retirement and employee severance packages.

Earnings per common share were also up in the fourth quarter, to 71, compared to 27 for the same period in 1999. But year-to-date earnings were $1.13, compared with $1.14 for 1999. And while yearend figures show an 8.2% increase gross written premiums over 1999, after-tax income was up only slightly year-over-year, from $31.6 million to $31.7 million. Investment income rose from $140.3 million in 1999 to $157.4 million last year.