This quarterly earnings news release should be read in conjunction with our second quarter 2024 unaudited condensed consolidated interim financial statements and management’s discussion and analysis (MD&A) as well as our 2023 Annual Report which are all available on SEDAR+ at www.sedarplus.com. Unless otherwise noted, all amounts are expressed in Canadian dollars.
GUELPH, ON, July 30, 2024 /CNW/ – Co‑operators General Insurance Company (Co-operators General) today released consolidated financial results for the three months ended June 30, 2024. The consolidated net income was $95.7 million compared to $29.9 million for the same quarter in 2023. This resulted in earnings per common share of $3.36 for the quarter, compared to $0.94 in the same period last year.
“Our continued focus on disciplined growth and an improved claims experience during the second quarter resulted in an underwriting gain,” said Rob Wesseling, President and CEO of Co‑operators. “This result, coupled with another strong quarter of investment results, helps ensure our overall capital position remains strong and allows us to continue supporting our clients while investing in a resilient and sustainable society.”
CO-OPERATORS GENERAL’S SECOND QUARTER FINANCIAL HIGHLIGHTS
($ in millions, except for earnings per common share and ratios)
2nd quarter
2nd quarter
YTD
YTD
2024
2023
2024
2023
Key financial data
Direct written premium (DWP)
1,516.3
1,321.4
2,635.7
2,315.5
Net insurance revenue (NIR)
1,186.8
1,045.4
2,309.5
2,063.0
Net income
95.7
29.9
142.9
53.1
Net investment income and gains
63.9
39.9
169.6
143.3
Total assets1
7,839.9
7,695.7
7,839.9
7,695.7
Shareholders’ equity1
2,648.1