Co-operators General Insurance Co. Notes Q2 Profit of $25.3M

August 21, 2003

Canada-based Co-operators General Insurance Company announced its financial results for the quarter ended June 30, noting consolidated after-tax net income of $25.3 million, compared to the $7 million earned during the same period in 2002.

Gross written premium in the second quarter increased 15.1 percent to $545 million, compared to $473 million in the second quarter of 2002. The claims ratio for the quarter was 70.7 percent, compared to 79.2 percent during the comparable period last year. The combined ratio of claims and operating expenses was 97.8 percent, compared to 108.1 percent for the second quarter of 2002.

Gross written premium on a year-to-date basis was $922 million, reflecting an increase of 14 percent over last year. Earned premium growth was 11.8 percent above the previous year. Net income was $19.4 million, compared to a profit of $4.7 million for the six months ended June 30, 2002. Investment income at $65.1 million decreased 1.7 percent from the $66.3 million reported for 2002.

Earnings per common share were $1.12 for the second quarter compared to $0.20 for the same period last year. Year-to-date earnings per common share were $0.76, compared to $0.02 for the six month period ended June 30, 2002.

“We are pleased with our results in the second quarter of 2003. It signals the beginning of our recovery with a return to acceptable profit levels and adequate rates,” said Kathy Bardswick, president and CEO of The Co-operators.

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