Ratio improves in Co-operators second quarter

Co-operators General Insurance Company has released its second quarter results showing a marked improvement in its operating ratio over last year’s figures. The combined ratio of claims and operating expenses dropped to 98.5% during the second quarter of 1999 compared to 103% during the same quarter in 1998. Gross written premiums in 1999’s second quarter were $348 million, slightly off from last year’s $356 million. Mirroring the industry trend, investment income was significantly reduced from last year’s pace — $33.6 million compared to $58.2 million recorded during the same three month span in 1998.

On a year-to-date basis, gross written premiums of $661 million show a slight increase over last year with net income of $29.6 million compared to $42 million for the six month period ending June 30, 1998. The declining net income can be attributable to year-to-date investment income which dramatically dove from last year’s $111.6 million to $72.2 million. Earnings per common share were 94c for second quarter 1999 compared to $1.29 for the same period last year. Year-to-date earnings per common share were $1.27 compared to $1.88 at the six month mark of 1998.