Co-operators General Insurance Company has reported net income of $88.9m, or $3.5 per common share for the full year of 2013, compared to $259.3m, or $11.92 a year ago.

For the fourth quarter ended on 31 December 2013, its consolidated net income stood at $74.6m, or $3.40 per common share, against $115.8m, or $5.44 per common share during the corresponding period last fiscal.

Commenting on the financial results, Co-operators General Insurance Company president and CEO Kathy Bardswick said, "We continued to experience customer growth in all core lines of business and in all regions in the fourth quarter and our underlying financial strength remains strong.

"We will work with the government and the industry to identify further measures that help to reduce those costs, enabling us to deliver an efficient product that provides consumers with appropriate protection that is accessible and affordable."

The company said that its fourth quarter Direct written premium (DWP) increased to $542.6m compared to $518.7m during the same period last fiscal. The increase was due to growth in the auto and home lines of business in both the Ontario and Western regions.

The combined ratio, excluding the market yield adjustment (MYA) for the fourth quarter stood at 94.0% versus 93.7% during the fourth quarter of earlier year.