Canada's Co-Operators General Insurance swings to Q3 loss on higher claims
CCS•Co-operators General Insurance reported a C$18.8 million Q3 net loss, citing higher claims and major event activity. Its combined ratio rose to 109.7%, while direct written premiums grew 1.9%.
1. Quarterly results
Co-operators General Insurance reported a C$18.8 million net loss in the third quarter, with a loss per share of C$0.73 and return on equity of negative 2.4%. Net insurance revenue was C$1.45 billion.
2. Claims and premiums
The company said increased current accident year claims, significant major event activity and unfavourable prior-year claims development drove underwriting losses. Its combined ratio rose to 109.7%. Direct written premiums grew 1.9%, mainly as higher average premiums lifted home and auto premiums.
3. Investment income and capital
Lower net investment income was mainly due to bond portfolio losses and reduced gains on common shares. The company said it is closely monitoring capital levels amid a changing economic environment, while its capital position remains strong and above internal targets.
