Amid escalating climate challenges and economic uncertainty, this Canadian financial services and insurance co-operative is building resilience from the household to the community level.
GUELPH, ON, May 7, 2025 /CNW/ - In a year of record-breaking climate catastrophes resulting in $8.5 billion in insured losses across Canada, Co-operators 2024 Integrated Annual Report highlights its ongoing commitment to innovating and evolving its business models to help strengthen community resilience and ensure Canadians are equipped to navigate growing risks in times of uncertainty.
Operating within a challenging environment, the Canadian financial services co-operative and insurer reported a 2024 net income before tax of $463.3 million across its group of companies—backed by a strong capital position. These results were achieved despite significant headwinds – including extreme weather events, rising auto theft, increased insurance fraud and elevated repair costs due to inflation – offset largely by a strong investment performance. In its latest report, Co-operators outlines how it is harnessing this strength and stability to advance its purpose – the financial security of Canadians and our communities.
Creating a future defined by resilience and financial confidence
In addition to $3.16 billion paid in claims and benefits to its clients in 2024, Co-operators strategically leveraged a significant portion of its $13.5 billion invested assets to support a more resilient and sustainable future. By year-end, 52.6% of its investments (equating to $7.05 billion) was directed towards climate transition and impact investments. Co-operators continues to focus on creating opportunities to invest in climate adaptive infrastructure projects across Canada, working towards its target to invest 60% of its total portfolio into impact, climate transition and resilience investments by 2030.
Aligned with its vision of being a catalyst for a sustainable, resilient society, the company is reimagining traditional insurance models, embracing the principles of circularity and loss prevention. Recognizing that co-operation is essential to tackling today's complex challenges, Co-operators recently introduced TomorrowStrong™, an enhancement to insurance coverage that helps prevent future losses. The unique offering provides extra funds to upgrade homes with wind, hail, flood, and fire-resistant solutions, in addition to damage repair, after filing a claim.
"Over the years, we've been working to evolve our business to focus more on building resilience to help minimize future losses in a world where we know risks will increase. It's imperative that we – our co-operative, our industry, our external partners and the people and communities we serve – shift our thinking on what insurance is and how it operates," says Rob Wesseling, President and CEO of Co-operators. "Insurance needs to become more of a resilience business, not just an indemnity business. This shift won't happen overnight, but Co-operators is committed to this transformation, and to catalyzing others to follow suit."
Beyond insurance, Co-operators continues to expand its holistic suite of financial and investment solutions, now managing over $3.4 billion in retail wealth assets through a wide range of mutual funds and investment products tailored to the evolving needs of Canadians. In collaboration with the people it serves, the company is helping to create a future defined by resilience and financial confidence.
The Integrated Annual Report serves as Co-operators Public Accountability Statement and is made available to all members, clients and the public.
For the full report, visit integratedreport.cooperators.ca
Detailed information on climate-related milestones, governance, strategy, risk-management and targets and metrics, can be found in Co-operators Climate Report at cooperators.ca/reports
Highlights from Co-operators 2024 Integrated Annual Report
Access to financial services in times of financial volatility
$3.4 billion
in retail wealth assets under management and administration, offering a wide range of investment solutions that don't exclude lower-income Canadians.
Investments for a sustainable, climate-resilient future
$7.05 billion
invested in impact and climate transition investments.
Insurance designed for a changing climate
739,058
Canadian households are covered by Comprehensive Water, Canada's first and only product to provide access to flood insurance for all flood risk levels, including storm surge in coastal areas.
Social impact
$13.3 million
contributed to organizations building environmental resilience, enriching social wellness, creating a more inclusive economy and championing a co-operative society.
About Co-operators
Proudly Canadian since 1945, Co-operators is a leading financial services co-operative, offering multi-line insurance and investment products, services, and personalized advice to help Canadians build their financial strength and security. With more than $71 billion in assets under administration, Co-operators is well known for its community involvement and its commitment to sustainability. Currently a carbon neutral organization, Co-operators is committed to net-zero emissions in its operations and investments by 2040, and 2050, respectively. Co-operators is recognized as one of Canada's Top 100 Employers and ranked as one of Corporate Knights' Best 50 Corporate Citizens in Canada.
Media requiring further information and/or interviews, please contact:
Co-operators Media Office
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SOURCE The Co-operators Group Limited
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