The Co-operators announce 2010 net income of $72 million
The Co-operators Group announced its net income for the group of companies in 2010 was $72 million, an increase of more than 30 percent over 2009’s $55 million.
The company released its 2010 results at the Annual General Meeting which was held in Guelph, Ontario.
While 2010 saw an increase in claims – it paid a record $100 million in storm claims and continued to incur escalating claims costs related to auto insurance in Ontario, especially in the Greater Toronto Area – the company said it was also a year of growth.
In 2010, The Co-operators added a number of agencies in Quebec and integrated CUMIS with Co-operators Life Insurance Company. CUMIS was acquired in partnership with Central 1 Credit Union in 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.
