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
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:
For further information: Leonard Sharman, The Co-operators,
1-877-795-7272, ext. 2707