Co-operators General Insurance Company Amends Certain Financial Statements to Reflect Reclassification of Financial Instruments



    GUELPH, ON, May 4 /CNW/ - Co-operators General Insurance Company
("Co-operators General" or the "Company") (TSX: "CCS.PR.C") announced today
that it has filed with securities regulatory authorities restated audited
financial statements for the years ended December 31, 2008 and 2007 and
unaudited financial statements for the three and nine months ended September
30, 2008.
    The financial statements for the above periods were amended for a
reclassification between other comprehensive income and net investment gains
and a reclassification between accumulated other comprehensive income and
retained earnings. These reclassifications relate to certain financial
instruments that were classified as available-for-sale and have been
reclassified as held-for-trading as they contain embedded derivatives which
cannot be separately valued. Since this is a non-cash restatement,
shareholders' equity and comprehensive income (loss) are unchanged. As a
result of these reclassifications, net investment gains and net income for
each period have been restated, as follows:

    
    -------------------------------------------------------------------------
    ($ thousands)                                        For the nine months
                  For the year ended  For the year ended         ended
                     December 31,         December 31,       September 30,
                         2008                 2007                2008
    -------------------------------------------------------------------------
                     As      Restated     As     Restated    As      Restated
                 previously           previously          previously
                  reported             reported            reported
    -------------------------------------------------------------------------
    Net investment
     gains           58,018   48,520    39,215    27,147    74,525    55,003
    -------------------------------------------------------------------------
    Net income       62,087   55,630   148,171   140,341    80,444    66,723
    -------------------------------------------------------------------------
    

    The restatements do not result in any change to the aggregate
Shareholders' Equity. In addition, the Company's regulatory capital level
(MCT) remains unchanged at 204% as of December 31, 2008.
    The Company's Management's Discussion and Analysis for each period noted
above have been revised to reflect the restatement and the Company has refiled
the Certificates of its Chief Executive Officer and Chief Financial Officer in
respect of its restated filings.
    Copies of these documents have been posted to www.sedar.com.

    About Co-operators General Insurance Company

    With assets of more than $4.6 billion, Co-operators General is a leading
Canadian-owned multi-product insurance company.  Co-operators General
Insurance Company is part of The Co-operators Group, a national group of
companies owned by 46 Canadian co-operatives, credit union centrals and
like-minded organizations.  The Co-operators group of companies provides
insurance and investment products.  Co-operators General preference shares are
listed on the Toronto Stock Exchange under the trading symbol CCS.PR.C.





For further information:

For further information: Bruce West, Senior Vice-President and Chief
Financial Officer,  Telephone: (519) 767-3036, Fax: (519) 824-0599


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