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Quarterly Results
Co-operators General Insurance Company reports fourth quarter 2007 profit of $60.8 million
GUELPH - Co-operators General Insurance Company ("CGIC") announced its consolidated financial results for the three months and year ended December 31, 2007. For the fourth quarter, CGIC reported consolidated net income of $60.8 million, compared to $18.5 million for the same quarter in 2006. The improvement was due to favourable automobile claims development, higher investment returns and tax recoveries. Earnings per common share were $2.88 for the fourth quarter compared to $0.78 for the same period last year.
Net income for the year amounted to $148.2 million, compared to
$118.1 million for the same period last year, resulting in earnings per common
share of $6.95 in 2007 compared to $5.46 in 2006. Excellent claims development
experience and higher realized investment gains contributed to the increase in
the results.
"We are very pleased with our fourth quarter results, which included both
strong underwriting and investment returns," commented Kathy Bardswick,
president and CEO of The Co-operators. "Our claims development this quarter
was exceptionally favourable, contributing to a combined ratio better than our
target range, which further enhanced our strong capital position."
Co-operators General Insurance Company declares quarterly dividend on Class E, Series C Preference Shares
The Board of Directors of Co-operators General Insurance Company ("CGIC") announced a quarterly dividend of
$0.3125 per Non-Cumulative Redeemable Class E Preference Shares, Series C, payable March 31, 2008 to shareholders of record at the close of business on March 7, 2008.
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