August 2, 2019 09:30
Photo : Freepik
The combined ratio of the Co-operators during the second quarter of 2019 falls below the bar 100 % for the first time in two and a half years.
The insurer posted a combined ratio of 95.4 %. Aware of the same period of the previous year, it was from 107.8 %.
This result is explained by a growth in premiums and a decrease in the amount of claims. The very fact decrease in the claims ratio, ” says Co-operators in a press release.
Thus, it is the first time since the fourth quarter of 2016, the combined ratio is below 100 %. At this time, the ratio was 86.2 %.
Note that the average combined ratio from the first quarter of 2017 and 2019 is 104.6 %.
The net profit also increases
The net income of the Co-operators is also on the rise, because of $ 79.1 million. In 2018 during the second quarter, the company recorded a net loss of $ 4 million.
“An improvement in operating results combined with market returns, favourable has led to a significant increase in our net income compared to the second quarter of 2018, said Rob Wesseling, president and chief executive officer of Co-operators. We continue to focus our efforts to achieve a sustained growth in premiums and the customer, and manage all the costs related to claims proactively. “
During the six-month first months of 2019, the company generated a net profit of 100.9 million dollars, while during the first six months of 2018, the company recorded a deficit of $ 31.7 million.