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Quarterly Report
Co-operators General Insurance Company reports third quarter 2008 net income of $29.3 million
GUELPH - Co-operators General Insurance Company announced its consolidated financial results for the nine months ended September 30, 2008. For the third quarter, Co-operators General reported consolidated net income of $29.3 million, compared to $30.3 million for the same quarter in 2007. Earnings per common share were $1.40 for the third quarter compared to $1.44 for the same period last year.
"Rising average claims costs have negatively impacted the Company's
results this quarter and, in particular, recent regulatory action in Alberta
related to minor injury liability caps has increased Facility Association auto
reserves. However, our net income for the third quarter is comparable to the
same period last year," commented Kathy Bardswick, president and CEO of The
Co-operators. "Revenue is up 5.3% and growth was achieved in all lines of
business, across all regions of the country. Our capital position remains
strong, and we have not been directly affected by recent U.S. liquidity and
credit events." |
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