The Co-operators increases profit by $21 million in 2007

The Co-operators Group Ltd. announced a net income of Cdn$154.8 million in 2007, up from Cdn$133.4 million the previous year.
“The strong financial performance allowed the organization to make an unprecedented contribution of more than [Cdn]$1 million to The Co-operators Foundation, through which it reinvests in Canadian communities,” the company announced in a press release.
“This is the largest single commitment of funding the organization has ever put into The Co-operators Foundation [which now sits at Cdn$6 million], through which financial assistance is provided to social economy enterprises and other worthy causes in Canada.”
Looking at the 2007 balance sheet, The Co-operators’ property and casualty segment wrote Cdn$2.11 billion in premium last year, up from Cdn$2.099 billion in 2006.
The company’s combined ratio on the property and casualty side dropped from 99.8% in 2006 to 98.3% in 2007. Return on equity (ROE) in the P&C segment in 2007 also improved, climbing to 13.5% from its 2006 total of 12%.
“In 2008, we will continue to take action to reduce our expense ratio through improved underwriting and operational efficiency,” the company reported on its Web site. “We will also expand and utilize our enterprise risk capabilities as we prepare for industry challenges related to climate change and pandemics.”