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News Releases


May 9, 2024

This quarterly earnings news release should be read in conjunction with our first quarter 2024 unaudited condensed consolidated interim financial statements and management's discussion and analysis (MD&A) as well as our 2023 Annual Report which are all available on SEDAR+ at Unless otherwise noted, all amounts are expressed in Canadian dollars.

GUELPH, ON, May 9, 2024 /CNW/ - Co‑operators General Insurance Company (Co‑operators General) today released consolidated financial results for the three months ended March 31, 2024. The consolidated net income was $47.2 million compared to net income of $23.2 million for the same quarter in 2023. This resulted in earnings per common share of $1.69 for the quarter, compared to earnings per common share of $0.82 in the same period last year.

"Our first quarter results continue to reflect the trends we saw last year, as strong premium growth is being offset by increasing claims resulting in an underwriting loss," said Rob Wesseling, President and CEO of Co‑operators. "Positive investment results continue to bolster our financial performance and our balance sheet remains strong, allowing us to provide the advice and solutions needed to help our clients continue to build financial security and resilience."


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


1st Quarter

1st Quarter




Key financial data


Direct written premium (DWP)



Net insurance revenue (NIR)



Net income



Total assets1



Shareholders' equity1




Key success indicators


DWP growth

12.6 %

10.1 %

NIR growth

10.3 %

6.3 %

Underwriting result - excluding discounting and risk adjustment



Earnings per common share (EPS)



Return on equity (ROE)

7.5 %

3.6 %

Combined ratio - excluding discounting and risk adjustment

106.2 %

103.3 %

Minimum Capital Test (MCT)1

235 %

236 %

1 Balance sheet data and MCT results for 2023 are as at December 31



In the first quarter, DWP increased by 12.6% to $1,119.5 million compared to the same quarter of 2023, while NIR increased by 10.3% to $1,122.5 million compared to the same quarter last year. There was an increase in DWP across all core lines of business with the auto line of business being the largest contributor with an increase of 20.6%. Similarly, DWP increased across all regions with the Ontario region being the major contributor with an increase of 16.3%. DWP and NIR growth was a result of higher average premiums, growth in vehicles and policies in force attributable to both higher retention and new business.

Co‑operators General's underwriting loss, excluding discounting and risk adjustment, for the first quarter of 2024 was $69.2 million, a decline of $35.2 million from the underwriting loss of $34.0 million in the same quarter of 2023. The decline was primarily due to an increase in the net undiscounted claims and adjustment expenses by $128.6 million which outweighed the growth in NIR of $104.9 million when compared to the first quarter of 2023.

The increase in net undiscounted claims and adjustment expenses was primarily driven by higher current year accident claims, reserve strengthening and major event activity. The increase was partially offset by improved prior year claims development. Accordingly, the combined ratio, excluding discounting and risk adjustment, increased by 2.9 percentage points from the comparative quarter.

Net investment and insurance finance income totalled $82.6 million for the quarter, an increase of $55.6 million compared to the same quarter in the prior year. The increase was primarily due to a reduction of $54.8 million in net finance expenses from insurance contracts.

Net investment income and gains was $105.6 million for the quarter, an increase of $2.3 million compared to the total net investment income and gains of $103.3 million in the comparative quarter. The increase was attributable to net gains on our equity portfolio, unrealized gains on limited partnerships, and higher interest income. These favourable movements were partially offset by unrealized bond losses and lower dividend 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. The credit quality of our portfolio remains high with 96.5% of bond portfolio considered investment grade and 82.6% rated A or higher. Our equity portfolio is 82.3% weighted to Canadian stocks.


Co-operators General's capital position remains strong, as the Minimum Capital Test for Co‑operators General was 235% as at March 31, 2024, well above internal and regulatory minimum requirements. We continue to closely monitor capital levels in response to the changing economic environment.


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 first quarter 2024 MD&A or our 2023 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 $64 billion in assets under administration. Co‑operators has been providing trusted guidance to Canadians for the past 79 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 and Chief Accountant

Media Relations

SOURCE The Co-operators Group Limited

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