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Nov 2, 2023

As a result of new accounting standards for insurance contracts (IFRS 17) and financial instruments (IFRS 9) being applied for the first time in the current fiscal year, 2023 results have been presented under the new standards and 2022 results have been restated where possible. This quarterly earnings news release should be read in conjunction with our third quarter 2023 unaudited condensed consolidated interim financial statements and management's discussion and analysis (MD&A), which include more information on the new accounting standards and the resulting changes, as well as our 2022 Annual Report which are all available on SEDAR at Unless otherwise noted, all amounts are expressed in Canadian dollars.

GUELPH, ON, Nov. 2, 2023 /CNW/ - Co-operators General Insurance Company (Co-operators General) today released consolidated financial results for the three months ended September 30, 2023. The consolidated net loss after tax was $0.2 million compared to a net income of $73.9 million for the same quarter in 2022. This resulted in losses per common share of $0.05 for the quarter, compared to earnings per common share of $2.71 in the same period last year.

"The insurance industry experienced significant challenges in 2023 related to increasing claims inflation, volatility in the markets, and the unprecedented rise in vehicle thefts. We see that reflected in our financial results with an underwriting loss of $44.5 million in the third quarter," said Rob Wesseling, President and CEO of Co-operators. "While the net loss we experienced in Q3 is disappointing, our balance sheet remains strong, and we continue to achieve strong premium growth. From this position of capital strength, we will continue to invest in long-term solutions that provide financial security for Canadians."


($ in millions except for earnings (loss) per common share and ratios)

3rd Quarter

3rd Quarter




2022 (Restated)


2022 (Restated)

Key financial data

Direct written premium (DWP)





Net insurance revenue





Net income





Total assets1





Shareholders' equity1





Key success indicators

DWP growth2

10.6 %

6.8 %

10.2 %

7.3 %

Net insurance revenue growth2

7.7 %


7.3 %


Underwriting result - excluding discounting and risk adjustment





Earnings (loss) per common share





Return on equity

(0.0 %)

12.9 %

2.8 %

5.1 %

Combined ratio - excluding discounting and risk adjustment

104.0 %

96.4 %

104.4 %

95.1 %

Minimum Capital Test (MCT)1,2

227 %

251 %

227 %

251 %

1 Balance sheet data and MCT results for 2022 are as at December 31

2 Comparative period ratios have not been restated or are not available due to the transition to IFRS 17 on January 1, 2023


In the third quarter, DWP increased by 10.6% to $1,314.7 million compared to the same quarter of 2022. There was an increase in DWP across all lines of business with the auto line of business being the major contributor with an increase of 14.6%. Similarly, DWP also increased across all regions with Ontario region being the major contributor with an increase of 11.2%. For the auto, commercial and farm lines of business DWP growth was a combination of policy growth, increases in average premiums and higher retention. In the home line of business higher average premiums was the main driver of the increase in DWP. DWP continued to increase in the travel and other lines of business compared with third quarter of 2022.

Co-operators General reported an underwriting loss of $44.5 million for the third quarter of 2023, a decline of $80.5 million from the underwriting income of $36.0 million in the same quarter of 2022. The result was from the increase in net undiscounted claims and adjustment expenses by $165.1 million which outweighed the growth in net insurance revenue of $77.7 million.

The increase in net undiscounted claims and adjustment expenses was primarily driven by increases in current accident year claims and unfavourable claims development in auto and commercial, particularly in Ontario and the West. The improvements in acquisition and other expenses by $9.8 million were primarily due to lower data processing expenses and overall reduction in various expenses in this quarter compared with the same quarter in previous year.

The combined ratio excluding discounting and risk adjustment increased by 7.6 percentage points from the comparative quarter, however, the ratio including discounting and risk adjustment increased by 7.9 percentage points. The change in the net impact of discounting and risk adjustment in the current quarter of $33.5 million was minimal compared to the comparative period of $33.8 million.

Net investment and insurance finance loss totalled $13.5 million for the quarter, a decrease of $53.4 million compared to the same quarter in the prior year. The decrease was an unfavourable combination of increases in both net investment losses and net finance expenses from insurance contracts. Net investment income and gains was $5.8 million for the quarter, a decrease of $19.4 million compared to the net investment income and gains of $25.2 million in the comparative quarter. The unfavourable decrease in investment income and gains is attributable to unfavourable movements on our common share portfolio, higher realized and unrealized losses on bonds, partially offset by higher net investment income.

Our balance sheet, liquidity and capital positions remain strong and enable us to continue to serve and meet the needs of our clients while also supporting our strategic areas of focus. Our investment portfolio is comprised of high quality and well diversified assets. Our investment in bonds is diversified both geographically and by sector, with a large portion invested in Canadian government debt instruments. The equity portfolio makes up $915.4 million or 15.1% of our total invested assets and consists largely of publicly traded common and preferred stocks diversified by industry sector and issuer. Our equity portfolio is 83.1% weighted to Canadian stocks.


Co-operators General's capital position remains strong, as the Minimum Capital Test for Co-operators General was 227% as at September 30, 2023, well above internal and regulatory minimum requirements.


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 risk, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking statements or information. 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. For further information, refer to our third quarter 2023 MD&A or our 2022 Annual Report.


Co-operators General is a leading Canadian multi-product insurance company and 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. The company has more than $58 billion in assets under administration. Co-operators has been providing trusted guidance to Canadians for the past 78 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


Investor Relations
Lesley Christodoulou
Vice-President, Finance, Accounting, Reporting and Chief Accountant

Media Relations

SOURCE The Co-operators Group Limited

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