La Capitale reports increase net profits

La Capitale General Insurance’s net profits in the property and casualty insurance segment reached Cdn$33.3 million in 2007, an Cdn$11-million increase compared to 2006, the company reported.This sector showed marked overall growth of 8.6%, with total sales of Cdn$473 million, La Capitale noted in a release. The auto insurance line posted excellent results, with premium volume up by Cdn$7.2 million, the company reported. The profitability of this line of business has allowed the company to lower rates so that clients can benefit from strong results.”Automobile theft remains a major problem which we continue to battle,” John Strome, president and COO of La Capitale, said in a release. “The financial consequences are significant, representing some 17% of auto insurance claims paid. The frequency of losses due to auto theft did however fall by 20% in 2007.”The company’s home insurance line posted net growth of Cdn$11.4 million. The absence of a natural disaster combined with the success of prevention initiatives contributed to a 10% decline in claims, the company reported. Commercial insurance posted a growth rate of 30.2%, with premium volume reaching Cdn$28.7 millionL’Unique, a subsidiary that offers brokerage firms a solution to the consolidation of property and casualty insurance markets, reported 16.7% growth in sales with a net profit of Cdn$5.7 million, the company reported.