GUELPH, ON, Oct. 31, 2024 /CNW/ - Co‑operators General Insurance Company (Co‑operators General) today released consolidated financial results for the three months ended September 30, 2024. The consolidated net loss was $45.2 million compared to net loss of $0.2 million for the same quarter in 2023. This resulted in losses per common share of $1.71 for the quarter, compared to $0.05 in the same period last year.
"The third quarter of 2024 was challenging for many Canadians and our clients with four major weather events resulting in devastating impacts, with more than $7 billion in insured losses across the industry. This illustrates, once again, the critical need to broaden the traditional approach of risk protection to also prioritize risk reduction and loss prevention," said Rob Wesseling, President and CEO of Co‑operators. "These events impacted our underwriting loss in the quarter which was offset by policy growth across all lines of business and positive investment results, ensuring our overall capital position remains strong."
CO‑OPERATORS GENERAL'S THIRD QUARTER FINANCIAL HIGHLIGHTS
($ in millions except for earnings per common share and ratios)
3rd quarter
3rd quarter
YTD
YTD
2024
2023
2024
2023
Key financial data
Direct written premium (DWP)
1,514.6
1,314.7
4,150.4
3,630.2
Net insurance revenue (NIR)
1,222.4
1,090.0
3,531.8
3,153.0
Net income (loss)
(45.2)
(0.2)
144.3
52.9
Net investment income and gains
174.7
5.8
344.3
149.1
Total assets1
8,379.4
7,695.7
8,379.4
7,695.7
