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Co-operators Reports Decrease In Q3 Net Income

Reported a net loss of $16.1m compared to a net income of $22.2m for Q3 in 2008

Co-operators General Insurance has announced its consolidated financial results for the three months ended September 30, 2009.

For the third quarter, Co-operators General has reported a consolidated net loss of $16.1m, compared to net income of $22.2m for the same quarter in 2008. The earnings (loss) per common share were ($1.01) for the third quarter compared to $1.05 for the same period last year.

On a year-to-date basis, the net loss was $8.7m (2008 – net income of $67.2 million) and earnings (loss) per common share were ($0.85) (2008 – $3.08)

Kathy Bardswick, President and CEO of The Co-operators, said: We are pleased to be sustaining growth in net earned premium across all our core product lines in every region of the country during the economic downturn. Our capital levels remain strong, and our solid financial footing positions the company well for the future.

The gross written premium in the third quarter increased 2.1% to $601.9m compared to $589.3m in the third quarter of 2008. The net earned premium growth for the quarter was 3.3% over the previous year.

Third quarter net investment income from interest, dividends and real estate rose to $36.5m in 2009, up from $36.1m in 2008. The net investment gains of $5.9m were achieved in the quarter, down from $6.0m in the same period in 2008 where we had taken advantage of market opportunities that existed at the time and recorded gains on sale of a portion of our real estate portfolio.

The combined ratio of claims and operating expenses for the quarter was 113.2%, compared to 103.5% for the third quarter of 2008. Our loss ratio for the third quarter of 2009 increased to 82.3% from 71.3% in the third quarter of 2008.