Catastrophe losses affect GuideOne earnings 

GuideOne Mutual Insurance Co. today announced 2011 net income of $22.6 million, which was 43 percent less than the $39.8 million in net income it reported a year ago. GuideOne’s catastrophe losses were $41.5 million more than it anticipated, and non-catastrophe weather losses were $4.6 million greater than planned, the company said in a press release. “We are pleased with our solid results in light of the challenges we and the industry have faced,” said Jim Wallace, GuideOne chairman, president and CEO. The West Des Moines-based company, which insures churches, senior living communities, schools and colleges, autos and homes, posted a surplus of $493.8 million and a return on equity (ROE) of 4.6 percent, which is substantially higher than the 2011 industry ROE of 3.9 percent projected by A.M. Best Co., it said.

GuideOne Mutual Insurance Co. today announced 2011 net income of $22.6 million, which was 43 percent less than the $39.8 million in net income it reported a year ago. GuideOne’s catastrophe losses were $41.5 million more than it anticipated, and non-catastrophe weather losses were $4.6 million greater than planned, the company said in a press release. “We are pleased with our solid results in light of the challenges we and the industry have faced,” said Jim Wallace, GuideOne chairman, president and CEO. The West Des Moines-based company, which insures churches, senior living communities, schools and colleges, autos and homes, posted a surplus of $493.8 million and a return on equity (ROE) of 4.6 percent, which is substantially higher than the 2011 industry ROE of 3.9 percent projected by A.M. Best Co., it said.