Co-operators General Insurance Company has reported a consolidated net income of $25.8m, or $1.11 per common share for the first quarter of 2011, compared to $31.8m, or $1.39 earnings per common share for the same quarter in 2010.
Net earned premium for the first quarter of 2011 was $529.1m, compared to $510.5m in the corresponding quarter of 2010.
Net investment income, which is comprised of interest and dividends less investment expenses, increased by $1.3m versus the prior year.
The Co-operators president and CEO Kathy Bardswick said 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.
"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," Bardswick said.