Co-operators General Insurance Company reports Q1 2011 results

Co-operators General Insurance Company released consolidated financial results for the three months ended March 31, 2011.  Consolidated net income was$25.8 million compared to $31.8 million for the same quarter in 2010. This resulted in earnings per common share of $1.11 for the quarter compared to $1.39 in the same period last year.

“Earnings in the first quarter were positively impacted by strong results in the home insurance portfolio and improving claims experience related to the Ontario auto insurance market. Six months after the implementation of the Ontario auto reforms, we have seen a decline in the volume of claims; however we remain concerned about a potential increase in bodily injury claims.  We applaud the recognition of the lingering problems related to fraud in the recent Ontario Budget, but we still remain guarded about the long-term impact of the reforms”, said Kathy Bardswick, President and Chief Executive Officer of The Co-operators. “We were challenged in this quarter by large losses in the commercial portfolio in Western Canada and farm business losses in Quebec.  Net earned premium grew by 3.6% and our capital position remains very strong.”

CO-OPERATORS GENERAL’S FIRST QUARTER FINANCIAL HIGHLIGHTS
($ in millions, except for earnings per share and ratios)

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