Co-operators General Insurance Company Q1 results
Co-operators General Insurance Company announced its consolidated financial results for the three months ended March 31, 2010.
For the first quarter, Co-operators General reported a consolidated net income of $31.8 million, compared to a net loss of $6.4 million for the same quarter in 2009. Earnings (loss) per common share was $1.41 for the first quarter compared to ($0.38) for the same period last year.
"Thanks in part to mild winter weather throughout the country and an improved investment environment, we have started 2010 with a much better three months than we experienced at the start of last year. Net claims and adjustment expenses were down 8.9 per cent compared to the first quarter of 2009, and we achieved $8.4 million more in net investment gains, primarily by taking advantage of opportunities in the bond market," said Kathy Bardswick, President and CEO of The Co-operators.
"We are also pleased to see our underwriting initiatives and our cost saving measures making a positive impact on our results."
