(November 15 – 17:00 ET) – Co-operators General Insurance Company announced its financial results for the quarter ended September 30, 1999. For the quarter, the Company reported a consolidated net loss of $5.5 million compared to a loss of $1.8 million sustained during the same period in 1998.
Gross written premiums in the third quarter at $360 million was 3.5% over the comparable quarter in 1998. The claims ratio for the third quarter was 85.2% compared to 84.9% during the same period in 1998. The combined ratio, of claims and operating expenses, was 115.3% compared to 115.1% for the third quarter of 1998. Investment income of $35.3 million was down from the $40.7 million recorded during the same quarter in 1998.
On a year-to-date basis gross written premium of $1 billion showed a 2.2% increase over last year with net income of $24.2 million compared to $40.2 million for the nine months ended September 30, 1998. Investment income at $107.5 million showed a decrease from the $152.3 million for the comparable nine-month period in 1998.
The loss per common share was $0.34 for the quarter, compared to the loss of $0.18 for the same period last year. Year-to-date earnings per common share were $0.92 compared to $1.71 for the nine-month period ended September 30, 1998.
-IE Staff
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