The Co-operators Group Limited has published an annual “integrated” report, which not only looks back at its performance in 2021, but also reveals what the insurer has accomplished in terms of inclusion and diversity, sustainability, climate resilience, and serving the needs of both its employees and customers in this time of pandemic.
For 2021, The Co-operators reported “strong, stable financial performance,” posting net income after taxes of $475 million. The company also posted a 14.2% return on members' equity, and 22.6% revenue generated from sustainable products and services.
The company posted $2.31 billion in retail wealth client assets under management, and shared that it had invested $2.64 billion into impact investments that provide positive environmental and social impact – equivalent to 21.2% of its total invested assets.
The Co-operators also reported that for 2021, it had paid $1.89 billion in claims and benefits to clients. The insurer noted that there are nearly 670,000 households covered by its Comprehensive Water product – Canada's only flood insurance product to cover those at the highest flood risk.
In addition to serving its customers, The Co-operators has been supporting its own employees. The company was named a Kincentric Best Employer in Canada for the 18th year, ranking in the top quartile at 80%. The Co-operators’ employee mental index also scored 80%, and its inclusion, diversity, equity, and accessibility score hit 83% for 2021.
In terms of its commitment to climate solutions, The Co-operators reported that it has secured 100% carbon neutral equivalent. It has also set net-zero targets for its operations and investments units by 2040 and 2050, respectively. The insurer also invested $1.96 billion in projects and initiatives in support of climate solutions. The Co-operators also noted that its investments have helped generate 237 million MWh of renewable energy – enough to power more than 9 million homes for a year.
The Co-operators was pleased to report that currently it has 36% representation of women on the 22-member board of directors, and that it hopes to hit 50% by the end of 2025.
"In the face of rapidly changing risks, we're focused on improving our clients' holistic financial well-being and strengthening the resilience of Canadian communities," said Co-operators president and CEO Rob Wesseling. "Our fundamental commitment to our mission compels us to deliver solutions that meet the evolving needs of our members and clients, while also helping to build a better, more sustainable future for all Canadians."
