The Co-operators reports record revenues in 2006

Consolidated revenues for The Co-operators Group Limited reached a record CD$2.7 billion in 2005 up from CD$2.6 billion the previous year. Net income was down slightly from 2004 to CD$138 million, with a return on equity (ROE) of 15.4%The Co-operators said its healthy financial position allowed it to share CD$10.6 million with its co-operative and credit union members, as well as to invest more than CD$3.4 million to support charities, emerging co-operative organizations and community safety programs.The CD$3.4 million invested in communities in 2005 included financial support for 12 emerging and expanding Canadian co-operatives and contributions to help rebuild foreign co-ops devastated by natural disasters. “Despite paying out an additional CD$55 million in claims related to catastrophic storms and reducing auto insurance rates across the country by up to 17% in 2005, our finances are in very good shape,” Kathy Bardswick, president and CEO of The Co-operators, said. “Our strong performance allows us to continue to provide financial security for Canadians and our communities.”In 2005, The Co-operators Group Limited, parent organization of the property and casualty and life insurance companies, welcomed three new members: Mountain Equipment Co-op, Access Communications Co-operative and La Fdration des coopratives du Nouveau-Qubec. The additions expanded the membership’s regional and sector diversity, bringing the number of Canadian member-owners to 32.The Co-operators became full members of the Canadian Association of Mutual Insurance Companies and Bardswick was elected chair of the International Co-operative and Mutual Insurance Federation.