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Feb 16, 2023

GUELPH, ON, Feb. 16, 2023 /CNW/ - Co-operators General Insurance Company (Co-operators General) today announced its consolidated financial results for the three months and year ended December 31, 2022.

For the fourth quarter, Co-operators General reported consolidated net income of $110.0 million, compared to $42.9 million for the same quarter in 2021. Earnings per common share was $3.90 for the fourth quarter, compared to $1.42 for the same period last year. Direct written premium was $1,107.5 million in the quarter, an increase of $75.7 million as compared to $1,031.8 million in the same quarter of 2021.

Net income for the year amounted to $375.7 million, compared to $512.4 million in 2021. This resulted in earnings per common share of $13.56 compared to $18.74 in the previous year. Direct written premium increased by 7.3% to $4,409.0 million, compared to $4,108.3 million in the prior year.

"While we continue to operate in a time of economic uncertainty, we were able to sustain positive momentum overall and delivered a profitable quarter across our portfolio," said Rob Wesseling, CEO of Co-operators. "Our performance has helped our balance sheet and capital position remain strong and enables us to stay focused on creating value for our members and clients while continuing to invest in our communities and programs to drive a more sustainable future for all Canadians."

(in millions of Canadian dollars except ROE, EPS and ratios)

4th quarter

4th quarter







Key financial data

 Direct written premium (DWP)





 Net earned premium (NEP)





 Net income





 Total assets





 Shareholders' equity





Key success indicators

 DWP growth

7.3 %

4.4 %

7.3 %

5.1 %

 NEP growth

6.5 %

1.6 %

5.1 %

5.8 %

 Underwriting income - excluding market yield adjustment (MYA)





 Earnings per share (EPS)





 Return on equity (ROE)

20.2 %

8.0 %

16.7 %

25.5 %

 Combined ratio - excluding MYA

94.7 %

99.0 %

95.2 %

89.2 %

 Combined ratio - including MYA

92.8 %

99.7 %

91.1 %

88.7 %

 Minimum Capital Test (MCT)

251 %

239 %

251 %

239 %


Fourth Quarter Review

Fourth quarter DWP increased by 7.3% or $75.7 million compared to the same quarter of 2021, while NEP increased 6.5% or $63.1 million over the same timeframe. DWP and NEP growth over the comparative quarter was seen across all business lines and regions but particularly in the home and commercial lines of business. The increase in home is primarily attributable to higher average premiums, while the increase in commercial is primarily attributable to higher policy growth and policies in force.

Our combined ratio, excluding MYA, improved by 4.3 percentage points to 94.7% compared to 99.0% in the fourth quarter of 2021. This was primarily driven by an improvement in our loss ratio of 3.1 percentage points to 57.7%. The improvement in our loss ratio can partly be attributed to the comparative period being impacted by the catastrophic flooding event in British Columbia combined with NEP growth in the current quarter. The expense ratio also contributed to the improvement, largely due to NEP growth outpacing the increase to expenses.

Net investment income and gains for the fourth quarter was $51.3 million, an increase of $6.8 million compared to the same quarter in the prior year. The increase was primarily driven by increases in net investment income resulting from higher interest rates. Unrealized preferred share losses and realized bond losses partially offset the income increase.

Our balance sheet, liquidity and capital positions remain strong and enable us to continue to serve and meet the needs of our clients and members while also supporting our strategic areas of focus. Our investment portfolio is comprised of high quality and well diversified assets. The credit quality of our portfolio remains high with 96.6% of our portfolio considered investment grade and 83.8% rated A or higher. Our equity portfolio is 84.4% weighted to Canadian stocks.

Annual Review

DWP for the year increased by 7.3% to $4,409.0 million, compared to $4,108.3 million in 2021. The increase was seen across all lines of business and geographic regions and was driven by higher average premiums across all lines of business, and policy growth in commercial and farm.

NEP increased by $193.4 million or 5.1% to $3,983.6 million as a result of growth seen across all our geographic regions and all core lines of business, and particularly in home, commercial and travel. The growth in travel was largely the result of pandemic restrictions easing in 2022.

Excluding the MYA, the combined ratio deteriorated by 6.0 percentage points from 89.2% in 2021 to 95.2% in 2022. This was largely the result of our loss ratio which deteriorated 5.9 percentage points over 2021. The deterioration in the loss ratio was primarily from catastrophic events, including the windstorm which swept across Ontario and Quebec in May of 2022 combined with Hurricane Fiona in September which impacted Atlantic Canada and parts of Quebec. The loss ratio was also impacted by increased driving activity as pandemic restrictions were lifted throughout 2022 leading to higher claims activity. Meanwhile, the expense ratio remained relatively consistent with the prior year deteriorating slightly by 0.1 percentage points, due to increasing operating expenses from strategic initiative spend and higher staffing costs, partly offset by lower commission and advisor compensation.

Net investment income and gains decreased by $123.5 million compared to the prior year as a result of unrealized losses on preferred shares due to deterioration in preferred share market valuations, combined with higher realized losses on bonds due to rising interest rates. These were partially offset by higher investment income when compared to the prior year also a result of higher interest rates.


Co-operators General's capital position remains strong, as the Minimum Capital Test for Co-operators General was 251% at December 31, 2022, well above internal and regulatory minimum requirements. We continue to closely monitor capital levels in response to the changing economic environment.

Caution Regarding Forward-looking Statements

This document may contain forward-looking statements and forward-looking information, including statements regarding the operations, objectives, strategies, financial situation and performance of Co-operators General. These statements generally can be identified by the use of forward-looking words such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "plan", "would", "should", "could", "trend", "predict", "likely", "potential" or "continue" or the negative thereof and similar variations. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking statements or information, including the impact of the COVID-19 pandemic on our investments, operations and claims negatively affecting the results of our operations and financial position. Although we believe that the expectations reflected in the forward-looking statements and information are reasonable, there can be no assurance that such expectations will prove to be correct. Consequently, we make no representation that actual results achieved will be the same in whole or in part as those set out in the forward-looking statements and information.

About Us

Co-operators General, a leading Canadian multi-product insurance company, is part of The Co-operators Group Limited (Co-operators). Co-operators is a leading Canadian financial services co-operative, offering multi-line insurance and investment products, services, and personalized advice to help Canadians build their financial strength and security. Co-operators has more than $58.2 billion in assets under administration. Co-operators has been providing trusted guidance to Canadians for the past 76 years. The organization is well known for its community involvement and its commitment to sustainability. Achieving carbon neutral equivalency in 2020, the organization is committed to net-zero emissions in its operations and investments by 2040, and 2050, respectively. Co-operators is also ranked as a Corporate Knights' Best 50 Corporate Citizen in Canada. For more information, please visit:

Co-operators General Class E, Series C Preference Shares trade under ticker symbol CCS.PR.C on the Toronto Stock Exchange (TSX). Further information can be found at

For Further Information, Please Contact:

Investor Relations
Lesley Christodoulou
Vice-President, Corporate Finance Services
Telephone: 1-888-767-3909 Ext: 302493

Media Relations

SOURCE The Co-operators Group Limited

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