Canadian ICMIF member The Co-operators released its 2016 Integrated Annual Report earlier this month. The report outlined the group of companies' progress and performance in 2016. In publishing its inaugural integrated report, the organisation joins a handful of pioneering Canadian companies that have adopted this emerging best practice of corporate reporting.
Integrated reporting is becoming a leading practice that provides a holistic analysis of how a company creates value for its stakeholders both in the short and long term. This approach mirrors the organisation’s strategy and decision making, says The Co-operators, taking an integrated view of its organisation and carefully manages its financial performance alongside environmental, social and governance responsibilities.
2016 saw one of the worst natural disasters in Canadian history, the Fort McMurray wildfire, a tragedy that devastated the entire community and resulted in unprecedented financial burden. Guided by the cooperative principle of concern for community, The Co-operators say that the organisation delivered on its promise to members in their time of need. Despite the significant economic impact of the wildfire, the organisation maintained a strong financial performance while continuing to make progress in areas of strategic focus—namely client engagement, cooperative identity and competitiveness.
"The world we're operating in is changing rapidly. This report critically examines how The Co-operators is grappling with emerging issues like more extreme weather, disruptive technologies, economic volatility, shifting demographics and more. Building resiliency in the midst of the complex challenges we face as a society today requires a holistic, collaborative approach," says Robert Wesseling, president and CEO of The Co-operators. "We're proud to take an integrated view of our strategy, governance and operations as we work to protect the financial security of Canadians and their communities."
The 2016 Integrated Annual Report provides a transparent and comprehensive overview of The Co-operators performance in 2016. Highlights from the report include:
- 2016 net income after tax of CAD 234.6 million.
- CAD 7.5 million in donations to Canadian non-profits, cooperatives and charities, in an effort to support community resilience.
- Strong client growth with over 990,000 retail clients, and ranked at the top of the industry in JD Power's annual study of client satisfaction for Home and Auto insurance.
- 72 per cent reduction in carbon emissions from 2010 baseline, on track to be net carbon neutral equivalent by 2020.
- Rated by employees as an Aon Best Employer for the past 14 years, earning platinum-level recognition since it was introduced in 2015.
About The Co-operators
The Co-operators Group Limited is a Canadian co-operative with more than CAD 44 billion in assets under administration. Through its group of companies it offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products. The Co-operators is well known for its community involvement and its commitment to sustainability. It was ranked #3 on Corporate Knights' Best 50 Corporate Citizens in Canada list, among the Top 50 Socially Responsible Corporations in Canada by Sustainalytics and Maclean's magazine, the Best Employers in Canada by Aon Hewitt, and it earned the Governance Professionals in Canada's Excellence in Governance: Best Practices in Sustainability and Environmental, Social and Governance award in 2016. For more information visit www.cooperators.ca.
SOURCE: The Co-operators