Co-operators General Insurance Company, the largest Canadian-owned private sector property and casualty insurer, has announced a 14% dip in Q2 profits to $32.4 million caused by lower insurance rates and early summer storms.

The results showed a significant decrease on profits of £38 million for the same period in 2004 and drove earning per share down to $1.47 for the second quarter, compared to $1.74 for the same period last year.

Summer storm activity came earlier than normal this year, but our results remain strong, said Kathy Bardswick, president and CEO of the company.

Rate decreases are being implemented across the country on our auto product, but government reforms are having the desired effect, allowing for a reasonable profit level.

A multi-line insurance company, Co-operators General Insurance Company operates within the home, auto, life, business, farm and travel sectors. The company has approximately $4 billion worth of assets.