The Co-operators Announces Year-End Financial Results as AGM Closes
GUELPH - The Co-operators Group Ltd. announced net income of $72 million for the group of companies in 2010, an increase of more than 30 per cent over 2009's $55 million. The organization reviewed its 2010 performance and looked ahead to the future at its Annual General Meeting, which wrapped up in its hometown of Guelph, Ontario.
The improved results reflected the organization's solid financial management and resilience during a year when it paid out a record $100 million in storm claims and continued to incur escalating claims costs related to Ontario auto insurance, particularly in the Greater Toronto Area.
2010 was a year of growth for The Co-operators. Highlights included adding a significant number of agencies in Quebec and the integration of CUMIS with Co-operators Life Insurance Company, after the former was acquired in partnership with Central 1 Credit Union in a transaction that was completed on December 31, 2009.
"Looking back on the year that was, as we have done during the AGM, we are pleased with our accomplishments and our financial performance," said Kathy Bardswick, President and CEO of The Co-operators. "But we spend more time looking forward, and from that perspective, we see an organization on a solid footing, focused and well positioned to build upon our successes in the years and decades ahead."
A key objective of The Co-operators Group Ltd., a Canadian-owned co-operative, is to support the Canadian co-operative and credit union sector through its insurance and financial security products and services. In 2010, it increased its volume of business with Canadian co-ops to more than $414 million in direct written premium. Business with its member-owners amounted to $169 million for the year.
Two new directors, selected by their respective regions' delegates, joined the Board of Directors at the close of the AGM. John Harvie, representing the Atlantic region, replaces Jim McConnell; and Jim Laverick replaces Don Fluney as a director representing the Alberta region.