(May 19 – 15:15 ET) – Co-operators General Insurance Company reported weaker financial results for the quarter ended March 31, 2000. For the first quarter, consolidated after-tax net income dropped more than $5 million to $2 million, compared to the $7.6 million earned during the same period in 1999. Gross written premiums in the first quarter at $315 million were up slightly compared to the $313 million a year ago.
The claims ratio for the first quarter was 80.7%, versus 78.9% during the comparable period last year. Investment income of $39.1 million was up from the $38.6 million recorded during the same quarter in 1999.
Earnings per common share were 3¢ for the first quarter, down from the 31¢ for the comparable quarter in 1999. “Higher claims ratios are normally expected in the first quarter and are not an indication of expected year-end results,” said Terry Squire, president and CEO. He added, “The weak investment marketscontinue to limit the opportunity for improvement in investment returns.”
http://www.newswire.ca/releases/May2000/19/c6541.html