The Co-operators Announces Strong Year-End Financial Results, New Member-Owners and $1 Million Boost to Foundation
Apr 17, 2008
GUELPH, ON, April 17 /CNW/ - The Co-operators Group Ltd. announced strong financial results, the continued expansion of its co-operative ownership base and a $1 million contribution to The Co-operators Foundation as the organization wrapped up its Annual General Meeting (AGM) in its hometown of Guelph, Ontario today. The Canadian group of companies produced net income of $154.8 million in 2007, up from $133.4 million the previous year. The strong financial performance allowed the organization to make an unprecedented contribution of more than $1 million to The Co-operators Foundation, through which it reinvests in Canadian communities. "First and foremost, our strong financial performance allows us to be there for our clients when they need us most - that's what insurance is all about," said Kathy Bardswick, president and CEO of The Co-operators. "Also, as a Canadian co-operative committed to supporting our communities, it allows us to give back in a big way. Putting $1 million into The Co-operators Foundation will help us provide meaningful financial support to improve the quality of life in our communities for years and decades to come." This is the largest single commitment of funding the organization has ever put into The Co-operators Foundation, through which financial assistance is provided to social economy enterprises and other worthy causes in Canada. The balance of the Foundation now stands at nearly $6 million. The Co-operators also announced an expansion of its ownership base as the Okanagan North Growers Co-operative and the Regina Community Clinic became the co-operative's newest member-owners. The Okanagan North Growers Co-operative represents 180 tree fruit growers in British Columbia's Okanagan Valley. The Regina Community Clinic, established in 1962, is a health care co-op that provides comprehensive health, social and educational services to its 14,000 members, as well as non-members, in Saskatchewan's capital and outlying rural areas. The Co-operators Annual Reports and Sustainability Report were also released during the AGM. Both are available at www.cooperators.ca. About The Co-operators: The Co-operators group of companies includes property and casualty insurers Co-operators General Insurance Company, the Sovereign General Insurance Company, l'Union Canadienne, COSECO Insurance Company, and The Equitable General Insurance Company; life insurer Co-operators Life Insurance Company and its subsidiary TIC Travel Insurance Co-ordinators Ltd.; and Co-operators Investment Counselling. Collectively, the companies provide insurance protection to 845,000 homes, 1.1 million vehicles, 600,000 lives, 44,000 farms, and 132,000 businesses. It provides travel insurance to more than 1 million Canadians and visitors to Canada, and insures 300,000 employees through group benefit plans.
For further information: Leonard Sharman, The Co-operators, 1-877-795-7272, ext. 2707