Co-Operators General Co. Notes 4thQ 2002 Loss of $2,518,000

Toronto-based Co-operators General Insurance Company announced its financial results for the quarter ended Dec. 31, 2002. For the fourth quarter, the company reported a consolidated after-tax net loss of $2.5 million, compared to the $2.6 million loss during the same period in 2001.

Gross written premium in the fourth quarter increased 5.7 percent to $442 million compared to the $418 million recorded during the fourth quarter of 2001. The claims ratio for the quarter was 78.2 percent compared to 80.7 percent during the comparable period last year. The combined ratio of claims and operating expenses was 106.4 percent, compared to 110.7 percent for the fourth quarter of 2001.

On a year-to-date basis, gross written premium of $1.7 billion marked an increase over last year of 6.2 percent. The after-tax loss for 2002 was $1.1 million, compared to the loss of $10.8 million for the 12 months ended Dec. 31, 2001. Investment income at $118.8 million was a decrease from the $142.3 million in 2001.

The loss per common share was $0.27 for the fourth quarter, identical to the value for the same period last year. Year-to-date, the loss per common share was $0.48 compared to the loss $0.97 for the 12-month period ended Dec. 31, 2001.