GUELPH, ON, April 14 /CNW/ - Today, 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 (AGM), which wrapped up today 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
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
For more information, including the Annual Reports which were released
during the AGM, visit www.cooperators.ca.
About The Co-operators:
The Co-operators Group Limited is a Canadian-owned co-operative with
more than $42 billion in assets under administration. Through its group
of companies, it offers home, auto, life, group, travel, commercial and
farm insurance, as well as investment products. The Co-operators is
well known for its community involvement and its commitment to creating
a more sustainable tomorrow. In 2010, The Co-operators was ranked #2
among the 50 Best Corporate Citizens in Canada and listed among the 50
Best Employers in Canada. For more information visit www.cooperators.ca.
SOURCE The Co-operators
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